Edited by Christine A. Mallin
Chapter 2: The Co-operative Bank: what went wrong?
AbstractIn 2013 the Co-operative Bank made the headlines for all the wrong reasons. The failings at the bank were multifaceted and nearly brought the Co-operative Group to its knees. Its governance failings included a board of directors which was overly large and whose members did not generally possess the required depth of knowledge of banking and banking products in the modern age. This contributed to poor strategic planning and to weaknesses in the risk management aspects of the business. Furthermore, following the financial crisis of 2007_2008, there were increased capital requirements on banks which clearly impacted on the Co-operative Bank. The merger with the Britannia Building Society in 2009 and the subsequent failure to manage capital adequately only aggravated the situation.
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