Co-op Bank boss receives £3.9 million payment despite record losses...

Losses at the Co-op Bank have more than doubled as the crisis-torn lender struggles to move on from its troubled past.

Chief executive Niall Booker, a turnaround expert brought in to clean up the mess left by previous management, is widely expected to quit by the end of the year.

He was paid nearly £4million last year despite the heavy losses.

Analysts said the bank continues to be weighed down by its past as losses widened from £264.2million in 2014 to £610.6million last year.

Booker may have presided over a further plunge into the red but his pay packet surged 25 per cent to £3.9million. This included a salary of £1.3million, benefits including life and health insurance worth £32,000 and a £201,000 pension payment.

He also picked up a £502,000 bonus for what the board called ‘exceptional progress’ in improving the bank’s capital position and separating it from the Co-operative Group, its former owner.

In addition Booker picked up £576,000 under a long-term bonus scheme and £1.3million in a ‘role-based allowance’ payment.

This is typical of big business. They employ these 'experts' who are nothing of the sort. This man ought only ever have been employed on a paid by results basis. No improvement, no pay! That would rapidly sort out those than talk a good job from those that can deliver. It would also curtail the 'old boys' club.

As regards the board, they are simply beneath contempt. - "Exceptional progress" my ar$e.

The whole Co-Op organisation has been run that way for the past few years.