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Former HSBC US chief Niall Booker to head Co-op Bank

The Co-operative Group has appointed former HSBC US chief executive Niall Booker as chief executive of the Co-operative Bank. 

Earlier this month, ratings agency Moody’s warned the lender may be forced to seek “external support” due to low levels of capital compared with its peers and large losses on its commercial loan portfolio, estimated to be worth over £1bn.

The ratings agency downgraded Co-op to junk status and said would need to boost its capital reserves to meet regulatory requirements. 

The Co-operative Group chief executive Barry Tootell subsequently quit and was replaced by former Kingfisher chief operating officer Euan Sutherland, who has launched a strategic review to solve the mutual’s capital hole.

The Financial Times reports finance director Steve Humes will stand down this week, with Sutherland already close to appointing a replacement.

In April, the Co-op pulled out of a deal with Lloyds Banking Group to buy 632 Lloyds branches.



FCA seeks to ban and fine non-exec £154k over conflicts of interest

The Financial Conduct Authority is looking to ban and fine a non-executive director £154,800 for failing to disclose conflicts of interest. The regulator has published a decision notice against Angela Burns for failing to act with integrity as a non-executive director at two mutual societies. Burns has referred the matter to the Upper Tribunal. She also […]


Ukip to push for flat-rate income tax and £13K transferable personal allowance

The UK Independence Party is considering proposing a radical shake-up of personal taxation by scrapping all National Insurance contributions while introducing a transferable personal allowance and a flat-rate income tax of 25 per cent. However, experts warn the plans could cost £100bn and are based on “back-of-the-envelope” figures. University of Georgia economics professor David Kamerschen […]

Brexit Commentary from Natixis Global Asset Management

By David F Lafferty, CFA, SVP – Chief Market Strategist Thursday’s historic Leave vote in the UK will have both immediate and long-term consequences for the global economy and financial markets. The initial flight-to-quality reaction across asset classes has been exacerbated by the market’s misplaced confidence in a Remain victory leading up to the vote. Stock markets […]


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