Co-op Bank makes a loss... for the THIRD year running

What happened at the Co-op Bank?

The Co-op Bank has suffered its third year of losses in a row after customers ditched the struggling financial institution.

The bank made a pre-tax loss of £264m in the 12 months to December 2014. While it’s not a healthy figure, it compares favourably to the previous year where it was £633m in the red.

Last year, following negative publicity and rules making bank switching easier, 50,000 customers ditched the bank.

Chief executive Niall Booker said: “The Co-operative Bank is stronger than a year ago and we end the year with a strengthened capital position, ahead of schedule in the reduction of non-core assets and having made progress reducing underlying costs and improving the day-to-day management and governance.”

“However, we are in the early stages of the turnaround and there is still much to do to transform the organisation into a sustainable business.”

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