Bank set to report £1.2bn loss next month
The Co-operative Bank is set to reveal a £1.2bn loss next month and needs to raise a further £400m to pay customer compensation for a raft of mis-selling activities.
The bank last week delayed publication of its annual results from this Wednesday until 17 April after group chief executive Euan Sutherland resigned, branding the group “ungovernable”.
A review of the business by its new management had revealed breaches in the consumer credit act, PPI mis-selling, interest rate swaps and compensation for third-party insurance that was sold with its current accounts.
The bank said it needed to raise £400m to pay the “conduct and legal documentation” charges.