Co-op chair Len Wardle resigns amid bank chaos November 19, 2013 Co-operative chair Len Wardle has announced that he will be resigning with immediate effect. Wardle had planned to retire next year, in May. He will be replaced by Ursula Lidbetter, who is currently group deputy chair and chief executive of the Lincolnshire Co-operative Society. The past week has seen former Co-op bank chairman Reverend Paul [...]
Co-op launches board inquiry November 18, 2013 CO-OP bosses are looking for evidence of drug taking at the group’s banking arm, the group said yesterday, after evidence emerged of former chairman Reverend Paul Flowers taking drugs including cocaine, crystal meth and ketamine. The board will also look at whether it is still practical for local members to be elevated to the board [...]
There is nothing worse than self-righteousness in business November 18, 2013 REMEMBER the righteous folk telling us that the problem with banking was all those nasty, profit making global corporations, with their horrid shareholders and especially those awful hedge funds? And that the answer was to encourage small, regional co-operatives, with their senior management drawn from a broader cross-section of the community to boost corporate governance? [...]
Co-op Bank’s ex-chairman exposed as crystal methodist November 18, 2013 THE CO-OP Bank’s former chairman was yesterday suspended from his position as a Methodist minister after being exposed buying crystal meth and cocaine. Reverend Paul Flowers chaired the self-styled ethical lender until June this year when he resigned as the bank’s £1.5bn capital hole became clear. He appeared before the Treasury Committee of MPs last [...]
Green: The colour of money? November 14, 2013 WHAT’S more important for a struggling lender: being seen to be green or actually running a bank in a viable and profitable way? The Queen certainly recognised the green credentials of the Co-operative Bank yesterday as she toured its new head office in Manchester. While dealing with financial woes and a £1.5bn capital shortfall, it [...]
Co-op Energy ups pressure over green tax November 13, 2013 INDEPENDENT energy provider Co-operative Energy put further pressure on the government yesterday by reducing its planned price increase, on the expectation that green levies will be removed from customers’ bills. Last month the firm announced a 4.5 per cent increase to customers’ energy bills, which it has now cut to 2.5 per cent. The government [...]
Bank capital rules are holding back a credit binge – but also our recovery November 11, 2013 THE RECENT run of better-than-expected economic data and the government’s Help to Buy scheme have sparked talk of a return to credit-fuelled boom and bust. Some have joined renowned monetary policy hawk Andrew Sentance, a former member of the Bank of England’s Monetary Policy Committee, in calling for interest rates to rise sooner rather than [...]
Co-op slashes Labour donation and dividend November 11, 2013 THE TROUBLED Co-operative Group has cuts its donations to the Labour Party as part of wider plans to cut costs in the wake of its banking arm’s capital problems. Its members voted for a cap of £1m on donations this year, down from £1.2m previously. And bosses could choose not to give anything to the [...]
Claims ministers backed Co-op merger spree November 6, 2013 THE CO-OPERATIVE bank’s ill-fated expansion plan was quietly endorsed by senior ministers, the bank’s ex-chairman claimed yesterday. Reverend Paul Flowers, chair of Co-op Bank from 2009 until this summer, said Ed Balls, Mark Hoban and Vince Cable had all given “considerable nods and winks” about moves to takeover rival lenders during its four year acquisition [...]
Premier Foods seeks out new bread investor November 5, 2013 PREMIER Foods has hired advisers to review options for its troubled bread division, including a possible sale. The owner of Hovis and Mother’s Pride bread has asked financial advisory firm Ondra Partners to explore options including attracting a new investor, a source confirmed last night. Premier Foods’ bread business, which also produces own-label ranges for [...]