Co-operative Bank 'in a better place'
The Co-operative Bank is not where it needs to be yet, but it is getting there, chief executive Niall Booker has said.
The Co-operative Bank is on its way to recovery and is in a stronger position than it was a year ago, its chief executive has said.
Niall Booker said that the bank has seen a great deal of progress since its troubles of recent years, even though it would currently still struggle to meet the Bank of England stress tests.
He stated that particular piece of news would “come as no surprise”, noting: "Almost 70 per cent of our customer assets are residential mortgages and it has always been clear to ourselves and the regulator that we are vulnerable to these tests at this point in our turnaround.”
However, Mr Booker announced, that turnaround is in progress and this has included the raising of more than £1.9 billion of capital. It may not be required to raise more in the short term as it is working to an agreement with the Bank of England over a five-year recovery plan.
The chief executive stated that the bank is likely to start making a profit again in 2016 as it continues to rationalise its branch network and staffing levels.
However, beyond that the bank may find itself in a considerably healthier state, not just in terms of meeting the stress test, but in its subsequent capacity to gain new business, expand its services and take on more staff.
Financial sector workers may find they have a lot of opportunities as the bank continues its long-term process of developing non-branch services. This has been going on since the 1990s, when it followed the opening of one call centre in Skelmersdale with a second in Stockport. The latter base also housed its internet-only bank Smile.
Regular stress-testing of UK banks was introduced by the Bank of England last year, on the recommendations of the Financial Policy Committee.
The aim is to ensure not that each and every bank is in perfect health all the time, but to reduce the chances of a systemic failure when several institutions are vulnerable to a financial sector shock, as was the case in 2008.
Signup to receive the latest discipline specific articles
Related articles
Teaser
GovernanceContent Type
General
25/10/24
Summary
The Labour government have described it as a “once in a generation” change. Deputy Prime Minister Angela Rayner emphasised that this bill represents the most significant upgrade to worker
by
Jamie Miller
Teaser
Executive SearchContent Type
General
22/10/24
Summary
We recently reviewed Pitchbook’s latest Healthcare Funds Report the trends in the market. In the first half of 2024, a distinct divide has emerged between Private Equity (PE) and Venture Capital
by
Tracey Alper
Teaser
Change & TransformationContent Type
Market Insight Reports
22/10/24
Summary
Salaries and contractor rates remain steady across both temporary and permanent roles. The current salary ranges echo 2023, revealing a drop from the unsustainable heights of the previou
by
Oliver Bradley
Related jobs
Salary:
£40,000 - £50,000 per annum + bonus + generous package
Location:
Leeds, West Yorkshire
Industry
FinTech
Qualification
Finalist / Newly qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
I am delighted to be partnering with a household name in the Financial Services Industry on their search for an FP&A Analyst to join their team.
Reference
182478
Expiry Date
01/01/01
Author
Laura GunbyAuthor
Laura GunbySalary:
£120,000 - £150,000 per annum + Additional Benefits Package
Location:
Widnes, Cheshire
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£125,000 - £175,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
PE backed on-line retail organisation looking for a CFO based near Widnes paying up to £150,000 with bonus.
Reference
BBBH182213
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
£50,000 - £55,000 per annum
Location:
Manchester, Greater Manchester
Industry
Consumer & Retail
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
Management Accountant | Manchester | Up to £55k | 6 month FTC
Reference
BBBH182491
Expiry Date
01/01/01
Author
Conor BrooksAuthor
Conor BrooksSalary:
£45,000 - £55,000 per annum
Location:
Inverness, Highlands
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£50,000 - £60,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH181631
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£44,000 - £50,000 per annum
Location:
Bury, Greater Manchester
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£50,000 - £60,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH180466
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£40,000 - £50,000 per annum
Location:
Sheffield, South Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£50,000 - £60,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH181789
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£28,000 - £33,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£30,000 - £35,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH181795
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£29,000 - £33,000 per annum
Location:
Swindon, Wiltshire
Industry
Professional Services
Qualification
None specified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Italian speaking Accounts Payable specialist needed in Swindon - 29-33k - Office based until probation is completed (3 months)
Reference
BBBH182227
Expiry Date
01/01/01
Author
Ali ArslanAuthor
Ali ArslanSalary:
Up to £45,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH181969
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
Up to £45,000 per annum
Location:
Birmingham, West Midlands
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH181972
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra Taranovskaja