Co-op Group announces £2.5bn losses

The Northern Echo: Co-op Group announces "disastrous" £2.5bn losses Co-op Group announces "disastrous" £2.5bn losses

THE Co-operative Group has announced losses of £2.5bn for 2013, marking the worst losses in the group's 150-year history.

The Group said most of the losses came from discontinued operations of its banking arm, which amounted to £2.1bn.

That included a trading loss of £1.44bn for the year to December when the Group lost control of Co-op bank to US Hedge Funds.

Chief executive Richard Pennycook said 2013 had been a "disastrous" year.

Mr Pennycook added: "These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are.

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1:41am Fri 18 Apr 14

Voice-of-reality says...

Once more a socialist model is shown to be bankrupt - please may the firm wither and die.
Once more a socialist model is shown to be bankrupt - please may the firm wither and die. Voice-of-reality
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