COVENTRY MESSAGE BOARD

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.