Co-operative puts mortgage arm up for sale
The tough times seem to keep coming for the Co-operative Bank. The Times has reported that the embattled bank is looking for buyers for their mortgage arm, Western Mortgage Services, which has £11bn in loans under administration and 350 employees.
This follows the recent departure of the banks Chief Executive, Moody’s downgrades of their debt status as well as the banks decision to pull out of a deal to buy 632 branches from Lloyds Banking Group.
Despite attempts to reassure customers concerns mount about the Group’s capital position.
According to The Times the Group is currently looking into whether it can get back bonuses handed out to former senior executives including Neville Richardson who left with £4.6m.
Richardson joined the bank in 2009 when it acquired Britannia Building Society and left in 2012 having been the bank’s chief executive.