Co-operative Bank reports £610.6m pre-tax losses for 2015


Troubled lender the Co-operative Bank said its annual pre-tax losses have more than doubled to £610.6 million due to tough market conditions.

The bank saw its losses spiral in the year to the end of December from £264.2 million a year ago, as it suffered from volatile global markets and low interest rates.

However, chief executive Niall Booker saw his pay jump by a quarter in the same period to £3.8 million, as he benefited from long-term incentive awards.

The bank also lost 329,000 retail current account holders in the period as customers were tempted away from the business, which prides itself on its ethical stance. It now has 3.8 million retail current account holders.

The lender said its losses stem from the previous management when it nearly collapsed in 2013 after a £1.5 billion black hole was discovered in its balance sheet.

Since Mr Booker joined the lender almost three years ago, it has sold off risky assets and slashed branches in a bid to get the business back in shape.