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Co-operative Bank which owns former Britannia Building Society has reported £76 million loss for the first half of the year

By Leek Post and Times  |  Posted: August 31, 2014

By Post & Times reporter

Staffordshire Moorlands MP Karen Bradley.

Staffordshire Moorlands MP Karen Bradley.

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STAFFORDSHIRE Moorlands MP Karen Bradley has said The Co-operative Bank is "moving in the right direction" after the business cut its losses.

The bank, which took control of the Britannia Building Society in Leek in 2009, has reported a £76 million loss for the first half of the year.

This marks a significant improvement on the same period last year, when the bank reported an £845 million loss.

The announcement comes as The Co-operative Bank consolidates all its Leek operations within one building of the two it owns in Cheadle Road.

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Mrs Bradley said: "I am very pleased that the results show The Co-operative Bank does seem to be moving in right direction.

"I hope that certainty can be given to staff in Leek as soon as possible."

The latest figures show that over the six months to June 30, staff numbers year on year at the bank have fallen by 21 per cent to 5,860.

The bank, which now employs around 900 staff at the former Britannia Building Society headquarters in Leek, is currently in the process of reviewing its branch network, with a number of outlets in North Staffordshire due to close.

It was rescued in 2013 after a £1.5 billion capital shortfall was discovered.

Much of the loss was blamed on the bank's takeover of the Britannia Building Society.

Chief executive Niall Booker said: "The performance of the core bank has undoubtedly been impacted by the continuing uncertainty the bank has faced over the last six months.

"However, despite the negative publicity surrounding reviews into past failings and the need to raise additional capital, on a net basis our total current account customers have reduced by less than two per cent.

"Progress has been made on addressing the cost base in the core bank as we continue our work to reshape the bank as a smaller and more agile organisation serving our individual and small to medium business customers."

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