Embattled Co-op reports £1.3bn loss

Press Association
File photo dated 07/08/13 of a Co-operative Bank branch sign as the business has reported a �1.3 billion annual loss today as it warned its legacy issues will continue to hit its financial performance for some time. PRESS ASSOCIATION Photo. Issue date: Friday April 11, 2014. See PA story CITY Coop. Photo credit should read: John Stillwell/PA Wire
File photo dated 07/08/13 of a Co-operative Bank branch sign as the business has reported a �1.3 billion annual loss today as it warned its legacy issues will continue to hit its financial performance for some time. PRESS ASSOCIATION Photo. Issue date: Friday April 11, 2014. See PA story CITY Coop. Photo credit should read: John Stillwell/PA Wire

%VIRTUAL-SkimlinksPromo%The Co-op banking arm reported a £1.3 billion annual loss today as it warned its legacy issues will continue to hit its financial performance for some time.

The business, which is now under the control of bondholders following a refinancing to fill a £1.5 billion hole in its balance sheet, said it expects to make losses during this year and in 2015.