Britain Co-op Bank posts huge loss

Britain's crisis-hit Co-operative Bank posted a vast annual loss and axed bonuses for former executives who had left prior to its near-collapse. Operating losses ballooned to £1.28 billion ($2.15 billion, 1.54 billion euros) in 2013, from £674.9 million in 2012, hit by rising bad debts and charges related to misconduct and legal issues, Co-op Bank said in a results statement. Net losses grew to £748.9 million from £509.1 million last time around, but the 2013 figure was skewed by an accounting gain stemming from its rescue deal. The company added it will not pay £4.97 million in deferred bonuses to former employees as performance measures had not been met. Co-op Bank expressed confidence that investors would inject another £400 million of capital, despite warning it would not make a profit in 2014 or 2015. Chief executive Niall Booker, who was appointed in June to help turn the lender around, apologised to customers and investors for its past failings that had placed the future of the business seriously at risk, according to a news agency.