Co-operative Bank of Britain slashes losses despite pandemic crisis
LONDON (UK) – The Co-operative Bank of the UK slashed its annual losses last year in spite of a 22 million pound ($31.15 million) hit from loan defaults triggered by the pandemic crisis.
The self-proclaimed ethical bank has reported pretax losses of 103.7 million pounds for the year, which is down from 152.1 million pounds the previous year.
The bank has been struggling to turn around its finances ever since its near-collapse and rescue by a group of US hedge funds in 2017.
Negotiations between the supporters of the bank and a potential buyer, rumoured to be Cerberus investment firm, ended in a fiasco in December.
The bank said on Thursday that it hoped to return to “sustainable profitability” from this year onwards.
The financial institution slashed around 350 jobs and shut down 18 branches in 2020 in a bid to reduce costs.