Co-op Group posts £559m losses
The Co-operative Group has recorded pre-tax losses of £559 million for the first six months of the year. Its banking arm lost £709.4m, wiping out profits from its supermarkets.
Co-op Bank losses are latest in a string of misfortunes
The Co-Op Bank has suffered a string of problems, contributing to more than £709 million in losses in the first half of this year and a £1.5 billion capital hole in its balance sheet.
- In 2009, it merged with Britannia Building Society which brought millions of pounds worth of bad loans onto its books
- In April, it abandoned plans to take on 632 former branches of Lloyds due to the "current economic climate"
- In May, Moody's credit ratings agency downgraded the bank to "junk" status, followed quickly by the resignation of its chief executive
- In June, the bank announced a so-called 'bail in' whereby investors had their money swapped for shares
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