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Bank charges: Co-op bosses see bonuses clawed back

Former executives at the Co-operative Bank could be seeing their bonuses clawed back following its downgrade last week.

Major credit agency Moody's downgraded Co-op to junk status as it claimed that the bank could be at risk of losses from loans.

According to the Telegraph, directors of the company have been looking at ways to take action against the management of its banking division as a result of this.

One of the people that they are planning to take action against is the bank's ex-chief executive Neville Richardson, who stepped down in 2011.

Upon his departure from Co-op bank, Mr Richardson took away £4.6 million, including a £1.4 million payment for losing his office and £1.39 million in compensation for leaving the bank.

When Moody's announced the downgrade, chief executive Barry Tootell also stepped down. This was after the bank's plan to secure more branches from Lloyds Banking Group fell through.

Mr Tootell is due to be replaced by Rod Bulmer.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801584324-ADNFCR



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