Co-Operative Bank Withholds Bonuses as Full-Year Loss Widens
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Co-Operative Bank Plc, the British lender whose chairman resigned amid a drugs scandal, said it will withhold almost 5 million pounds ($8.4 million) of executive bonuses as its annual operating loss almost doubled.
The loss widened to 1.3 billion pounds in 2013 from 674.9 million pounds the previous year as it set aside more money for souring loans and customer compensation, the lender said in a statement today. The bank doesn’t expect to report a profit in 2014 or 2015.