Co-operative Bank warns of risks after losing £1.3 billion in 2013
The troubled UK bank admits control weaknesses and warns of continuing losses for the next two years
In its delayed annual report, the UK-based Co-operative Bank today revealed significant losses of £1.3 billion in the year to December 2013; meanwhile a number of regulatory investigations are forcing executives to focus on restructuring the bank.
In addition, the bank does not expect to make a profit in 2014 or 2015.
The key risks the Co-op Bank identifies are: the bank's underlying business and financial systems are dated; the bank's control systems are weak; it will take time to embed the new
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