Anyone still bank with the COOP?

[Lord Bracknell]

I can't begin to express my anger about what has happened to the Co-op Bank in the last decade or so.

A bit of personal background to start with ...

My dad (who died in 1982) was head of domestic banking in the organisation and led the bank through a very successful period of expansion and growth that was accompanied by the development of ethical banking that enhanced the reputation of the organisation and set it up for all sorts of positive things that made the bank special.

What has gone wrong is that the bank lost sight of the fact that its strength and USP was always that it provided a straightforward, ethical domestic banking service - uncluttered with any of the fancy notions that characterise the world of speculative investment banking, staffed by over-paid, bonus-focused gamblers, motivated only by the extent to which they personally can get rich.

As a senior executive of the bank, my dad earned a good salary, with no bonuses. His colleagues were committed, skilful people who built up a successful organisation, because they believed in the principles of the Co-operative movement.

All that has gone. And now we have a struggling shambles of a bank that is chasing around trying to correct the mistakes that have been made over the past 15 years or so. It looks quite likely that this struggle will not succeed.

In the meantime, I remain a customer and am very satisfied with the basic domestic banking service that I get. If only they had just kept to that remit.

 

[happypig]

I've got a co-op account as a secondary account. Keep a couple of hundred in it for emergencies.

I often shop at the local co-op; I've always liked them as I had my first job there (saturday boy at the one opposite the Grenadier in Hove from 1978-1979).

 

[vegster]

you do know how they got in this mess right? greed got the better of them and they were being run by people who didn't know anything about banking but a lot about the city "entertainment" lifestyle. Coop bank is the reminder to us that alternatives to "big banks" didnt work too well either.

Ah but the big boys were bailed out as they were deemed " Too Big To Fail ". The main banks just seem to lurch from one scandal to another and just keep putting the QE money aside to cover the next tranche of fines and repayments. Not so the Co-op

 

[Sajerz]

I have a student account with them and a big overdraft, does this mean there is a chance I won't have to pay it back. Wishful thinking

 

[Paul Reids Sock]

Well food wise it is generally overpriced and often poor quality, apart from that as you say, why not?

This has just reminded me, we used to have a Co-Op opposite my student house. I got some chocolate muffins from their as a lady was coming over and I wanted to show I had pushed the boat out. Took one bite and they were up there with the mist bile things I have ever eaten. It was burnt and tasted of soap absolutely horrendous. As a result I stopped shopping there. Whether this is a fair reflection of their quality as a whole or even just their muffins, I do not know.

All I do know is that the girl married me anyway

 

[glasfryn]

I can't begin to express my anger about what has happened to the Co-op Bank in the last decade or so.

A bit of personal background to start with ...

My dad (who died in 1982) was head of domestic banking in the organisation and led the bank through a very successful period of expansion and growth that was accompanied by the development of ethical banking that enhanced the reputation of the organisation and set it up for all sorts of positive things that made the bank special.

What has gone wrong is that the bank lost sight of the fact that its strength and USP was always that it provided a straightforward, ethical domestic banking service - uncluttered with any of the fancy notions that characterise the world of speculative investment banking, staffed by over-paid, bonus-focused gamblers, motivated only by the extent to which they personally can get rich.

As a senior executive of the bank, my dad earned a good salary, with no bonuses. His colleagues were committed, skilful people who built up a successful organisation, because they believed in the principles of the Co-operative movement.

All that has gone. And now we have a struggling shambles of a bank that is chasing around trying to correct the mistakes that have been made over the past 15 years or so. It looks quite likely that this struggle will not succeed.

In the meantime, I remain a customer and am very satisfied with the basic domestic banking service that I get. If only they had just kept to that remit.

always banked with them because they were ethical.............but if all the other bits are going to stop working what do you do
we have been looking at the rest ......................... and at the moment the Spanish bank looks OK

 

[ManOfSussex]

The Co-Operative Bank has put itself up for sale this morning.

https://www.ft.com/content/f7e79888-f1c0-11e6-8758-6876151821a6

http://www.bbc.co.uk/news/business-38954115

 

[ditchy]

The Co-Operative Bank has put itself up for sale this morning.

https://www.ft.com/content/f7e79888-f1c0-11e6-8758-6876151821a6

http://www.bbc.co.uk/news/business-38954115

I knew the end was near but didnt think it was going to be this soon . Sadly i can see it being broken up ,not that there is much worth salvaging . the prime bit is the 4 mill a/c holders who would be good to have in a start up bank like Metro or virgin .

 

[Lord Bracknell]

A take-over by the TSB would be worth considering, provided it allowed the retention of co-operative principles and ethical banking. I remember the establishment of the TSB, as a merger of a number of savings banks, such as the old Birmingham Municipal Bank, which was a model of how sensibly controlled banking could be developed to serve the interests of customers rather than shareholders.

 

[CheeseRolls]

The Co-Operative Bank has put itself up for sale this morning.

https://www.ft.com/content/f7e79888-f1c0-11e6-8758-6876151821a6

http://www.bbc.co.uk/news/business-38954115

Not entirely sure what this is signalling to be honest. Given that the Coop only owns 20% of the bank and the other 80% is hedge fund owned, change of ownership has already happened. Also bearing in mind the Coop Bank can trace its problems back to the takeover of Brittania, who would want to take on this integration?

I am personally up for helping them out. I have just over a year to run on a five year fixed rate mortgage and would be more than happy with a penalty free early release if that helps.

 

[Bigtomfu]

Fresh bread is decent enough, and our local one is half a mile away so use it fairly regularly when I can't be arsed to go any further. It's completely fine for basic stuff.

Used to use French flour in all their in store baked range which gives the baguettes an extra satisfying taste and smell.

Quite expensive for most other items I've found.

 

[Wrong-Direction]

Don't use them for a funeral , watched a programme a while back where they stacked bodies in the back of a transit van!

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[Cheshire Cat]

A take-over by the TSB would be worth considering, provided it allowed the retention of co-operative principles and ethical banking. I remember the establishment of the TSB, as a merger of a number of savings banks, such as the old Birmingham Municipal Bank, which was a model of how sensibly controlled banking could be developed to serve the interests of customers rather than shareholders.

Until it was taken over by Lloyds.

Whatever happened to Williams and Glynn?

 

[Super Steve Earle]

Until it was taken over by Lloyds.

TSB has emerged as an early favourite to acquire Co-operative Bank, which has put itself up for sale after failing to secure its finances.

Whatever happened to Williams and Glynn?

Williams & Glyn Update from RBS: You may have seen our announcement last year regarding changes to the launch of Williams & Glyn and its separation from RBS. The plan for Williams & Glyn is still under discussion and we are looking at alternative ways of meeting our divestment commitment to the European Commission. So still part of RBS.

 

[Springal]

Their IT is massively under-funded and way behind the times. Big outsource happening to IBM at the moment too

 

[LamieRobertson]

Don't use them for a funeral , watched a programme a while back where they stacked bodies in the back of a transit van!

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Back of a Merc do?

 

[Hotchilidog]

Don't use them for a funeral , watched a programme a while back where they stacked bodies in the back of a transit van!

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Used them for my mums funeral, they were great.

 

[Wrong-Direction]

Used them for my mums funeral, they were great.

That's what people thought on this show

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[dazzer6666]

Until it was taken over by Lloyds.

Whatever happened to Williams and Glynn?

I was working for Lloyds at the time of the TSB merger in Head Office - felt very much like a TSB takeover of Lloyds once Elwood got the CEO role.....and that was not a good thing at all. It was the start of Lloyds' deterioration.

Williams & Glyn Update from RBS: You may have seen our announcement last year regarding changes to the launch of Williams & Glyn and its separation from RBS. The plan for Williams & Glyn is still under discussion and we are looking at alternative ways of meeting our divestment commitment to the European Commission. So still part of RBS.

Pal of mine was working on the W&G 'project' until late summer last year, when they summarily exited 1200 people as the project was 'killed' (word is they'd already spent £2-3 billion on it)