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| Co-op Group announces £2.5bn losses for year | Co-op Group announces £2.5bn losses for year |
| (35 minutes later) | |
| The Co-operative Group has announced losses of £2.5bn for 2013, marking the worst losses in the group's 150-year history. | |
| The group said most of the losses came from discontinued operations of its banking arm, which amounted to £2.1bn. | |
| That included a trading loss of £1.44bn for the year to December, when the group lost control of Co-op bank to US hedge funds. | |
| Chief executive Richard Pennycook said 2013 had been a "disastrous" year. | Chief executive Richard Pennycook said 2013 had been a "disastrous" year. |
| Mr Pennycook added: "These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are." | |
| In addition to the trading losses at the bank, the group took another charge of £625m when it handed over 70% of the bank's shares to bond investors. | |
| The company also wrote down the value of the Somerfield store chain by £226m. |