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Co-op Group announces £2.5bn losses
THE Co-operative Group has announced losses of £2.5bn for 2013, marking the worst losses in the group's 150-year history.
The Group said most of the losses came from discontinued operations of its banking arm, which amounted to £2.1bn.
That included a trading loss of £1.44bn for the year to December when the Group lost control of Co-op bank to US Hedge Funds.
Chief executive Richard Pennycook said 2013 had been a "disastrous" year.
Mr Pennycook added: "These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are.
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