Co-op Bank cuts its losses to £174.4m
Losses at the Co-operative Bank were down to £174.4m in 2017 from £477.1m in the prior year thanks to big reductions in operating expenditure and its chief executive is now targeting transition into profitability.
The Manchester-based bank cut its staff costs by £35.1m and non-staff costs were reduced by £20.5m in the year to December 31.
Total expenditure fell from £309.5m in 2016 to £88.3m.
Liam Coleman, Chief Executive Officer, said the completion of the recapitalisation of the bank in September had transformed its c... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
