Co-op Bank cancels bonuses for former bosses after £1.3bn loss

The banking arm of the Co-op made a £1.3bn loss last year, the organisation has revealed.

The troubled bank said it also expects to make a loss this year and in 2015 as there were “significant issues” that needed to be resolved.

A total of £5m in deferred bonuses will not be made to former executives who left the bank just before its collapse.

Chief executive Niall Booker, who was paid £1.7m last year, said the bank was being kept alive during 2013. He plans to reduce costs in the business and return the bank to its roots in focusing on retail and small and medium-sized business customers in order to simplify the organisation.

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