Co-op posts £2.5bn loss after ‘disastrous' year

The Co-operative group has reported a record loss of £2.5bn after a "disastrous year" during which its banking division and the wider group came close to collapse.

Coming soon after the surprise departures of chief executive Euan Sutherland and board director Lord Myners, the group's annual results revealed a £2.1bn loss on the discontinued operations of its banking arm. The vast majority of that loss came from trading losses sustained when the group lost majority control of the bank as part of its moves to recapitalise last December. The group said the findings of an independent review into the bank's capital action plan will be reported at the end of April, with the outcome of a strategy review to be announced at the group's 17 May AGM. Cha...