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Bank charges: Co-Op gets downgraded

Co-Operative bank has been downgraded by the major credit agency Moody's.

It now has 'junk' status, which has sparked fears over the bank's debts.

Moody's claimed that it downgraded the bank because it could face potential losses on loans.

Shortly after this news, chief executive Barry Tootell stepped down and is due to be replaced by Rod Bulmer.

Co-Operative bank recently disappointed both consumers and the government when it decided not to go ahead with the acquisition of a number of bank branches from Lloyds Banking Group, the plan for which had been lead by Mr Tootell.

It was hoped that using these extra branches, which would expand the Co-Operative's reach, the bank would become more competitive.

The government has been aiming to increase competition recently among the retail arms of the financial sector as it feels that many banks are too confident in their customer base to offer the best deals they can.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801583786-ADNFCR



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