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Co-op Bank yet to claw back bosses’ bonuses

The Co-op Bank has not yet clawed back millions of pounds paid out as bonuses to senior executives Neville Richardson and Barry Tootell, who were in charge of the company as it revealed a £1.5bn hole in its accounts.

The bank will this week publish its annual report and is expected to admit to losses of around £1.3bn, The Sunday Times reports.

In response to the losses, the bank has said it would claw back bonuses paid to former chief executive Richardson and former chief financial officer Tootell.

However, it is reported no such claw back has yet been made.

The bank announced last month that it plans to award significant pay rises to senior staff over the next two years, despite the losses announced within its banking arm.

Co-op Bank has also admitted it requires a further £400m in new capital to settle claims of past misselling of payment protection insurance and interest rate swaps.

The bank owes £263m from a previous capital injection and plans to obtain the funds through the sale of its farms and pharmacy chain.

Chief executive Euan Sutherland, who joined the company in May 2013 but has since described the company as “unmanageable”, announced his resignation in March.

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