Bank’s fortunes plummeted following Britannia merger in 2009, leading to record £1.3bn loss, and investigations by regulators continue
August 2009 After almost a year of talks, the Co-operative bank and the building society Britannia agree a merger. The former Britannia boss Neville Richardson takes over as the chief executive of Co-operative Financial Services (CFS) and says the deal marks the “next step in the renaissance of the co-operative and mutual sector”.
July 2011 Richardson quits following a restructuring that leads to the loss of 670 financial adviser jobs. He takes away a package worth £4.6m. The bank’s finance director, Barry Tootell, takes the reins.
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Source: The Guardian Circular Economy RSS