View Full Version : Cooperative Bank

11th Apr 2014, 20:52
How can a bank lose 1.3bn - and have 'no chance of becoming profitable for two more years'?

BBC News - Co-op Bank apologises and confirms 1.3bn losses (http://www.bbc.co.uk/news/business-26967020)

11th Apr 2014, 21:48
it's not their money

11th Apr 2014, 21:57
No, some of it's mine! (at least only me current a/c, thank heaven.) And I don't propose to try to move it... just keep it to the min necessary to keep going. Such a mess when I transferred everything to the Co-op a few years back... convincing utilities I wasn't a 'bad debt' 'cos that Spanish lot who were buying up half the world at that time lost all my direct debits.

12th Apr 2014, 19:26
The 'top brass' at the Co-op Bank does not appear to be capable of running a whelk stall.

12th Apr 2014, 19:39

I don't mind them making a loss as such... sometimes stuff hits the fan and you report a loss in the accounts. I suspect the root cause of the loss stems from the legacy antics of 2008 etc.

What I do mind is the management team still insisting on drawing salaries denominated in millions. They should come back to five figure sums until such time as the bank is profitable again, at which point they should go to six figure sums. I don't think anybody, banker, footballer or otherwise.... ever needs to be paid seven figures (or more) !

12th Apr 2014, 20:04
Their head office was known by their staff, some 20 years ago, as The Great House of Correction". :hmm:

13th Apr 2014, 20:02
A couple of months ago on JB I said I would not be surprised if the whole Co-op setup were to follow Woolies and others down the pan this year.

The whole structure appears to be stuck in another century, and not necessarily the last.

e.g. what seems to be their idea of whizzy advertising is to stick "The Co-operative Truly Irresistible" in front of most descriptions, even if it's not something they made, like rhe Gala apples that got the TCTI treatment lately.