Is It Time To Abandon The Co-op Bank?

brettcta

ColdIron wrote: »

We knew it was bad but not this bad

The Co-op has been undermined by "reckless" dealmaking, "shocking" levels of debt and governance standards far worse than even the banks before the credit crunch, according to Lord Myners, the group's senior independent director who was charged with overhauling the boardroom.

"What I think I have exposed is that the Co-op is not a democratic organisation and has a deeply flawed governance structure, and if it doesn't address these issues the pace of decline will simply increase.

The reality is that the Co-op has been in decline for 60 years."
The organisation had "the worst governance I have ever witnessed" and "shocking" levels of debt, some of which was hidden by complex property deals, he said

http://www.theguardian.com/business/2014/mar/14/extent-co-op-shambles-laid-bare-by-lord-myners?CMP=twt_gu

again, as said before, it's the co-op group, not the co-op bank - they have their own CEO, their own board and their own management since the break-off last year

ColdIron

Co-op Bank says it needs a further £400m

http://www.cityam.com/blog/1395646686/co-op-bank-says-it-needs-further-400m

Jennifer_Jane

My finances are pretty spread around. But I have just closed my Co-op Account (it was my main account). This was partly because of all the problems, the awful (previous) Chief Executive, and then the bonuses and huge salaries - and also for a small incentive with another bank. The fact that the new CEO has just resigned saying the Bank was ungovernable doesn't help.

Archi_Bald

Jennifer_Jane wrote: »

The fact that the new CEO has just resigned saying the Bank was ungovernable doesn't help.

It wasn't the Coop Bank CEO who resigned. Unless you have an unconfirmed rumour?

p00hsticks

Jennifer_Jane wrote: »

My finances are pretty spread around. But I have just closed my Co-op Account (it was my main account).

Out of interest, can I ask who you've switched to (that you think is going to be any better !) ?

GingerFurball_2

p00hsticks wrote: »

Out of interest, can I ask who you've switched to (that you think is going to be any better !) ?

Literally every other UK bank would be better.

GingerFurball_2

Archi_Bald wrote: »

Would be interesting to hear what he said specifically about the bank. My guess would be that by now they are one of the better managed businesses but I could be wrong.

Yeah, no.

The reason the TSB exists is because the Co-op had a £1.5bn hole in their finances.

jbuchanangb

Hello Woodruffsdad

http://www.reliancebankltd.com/

is an ethical bank. I changed there from smile. Does everything except credit cards.

innovate

I am sorry but I just have to have a prolonged RFLMAO moment - people still talking about "ethical" banks is just so exceedingly funny.

antrobus

jbuchanangb wrote: »

Hello Woodruffsdad

http://www.reliancebankltd.com/

is an ethical bank. I changed there from smile. Does everything except credit cards.

Formerly known as the Salvation Army Bank. It is 'ethical' to the extent that you share the ethics of the Salvation Army. Which is why it doesn't 'do' credit cards; the Salvation Army does not approve of credit cards.

Ethical is a very flexible concept.:)