And yet another Great British institution of many years standing teters on the edge before crashing into the ground........
What is going on?
Too many executives with dellusions of grandeur?
The Co-op Bank has lost its chief information officer about a year after he took up the role. Pete Coleman will leave at the end of April, a bank spokesperson told The Reg. Coleman’s LinkedIn profile says that he’s already gone and looking for other CIO roles. The spokesperson did not explain why Coleman had ejected from the …
It looks like the bane of the banks (that is the Co-op bank) with ethical investment policy going back years (it did not invest in apartheid regimes when other banks filled their profit bellies with profits from slavery and slave labour?) has become the target of speculators.
Flower actions, Coleman's vitriolic backlash of words to a gentle, weakened giant designed to cause maximal disruption and now this ...
I only hope that unlike UK Labour Party the Co-op has rediscovered its roots.
it's a great shame when an institution standing for integrity gets trashed like this
I fear that integrity does not equate to having leadership with good business sense. From all I pick up, there appear to be many involved who don't want to change their approach to business, even though the company seems to be sinking quicker than Malaysian flight MH370.
There is a way to work things with a better commercial focus, John Lewis being but one example, but now they're 70% owned by people whose main interest must be money, I'm not sure they will be allowed the breathing space to get a new model developed and in place and stop disastrous decisions. From the people I have seen bailing out (including their former chairman), there seems to be little hope disaster can be averted. That's a shame.
I've been banking with the Co-operative since the 1990s, but in recent years although the ethical stance still keeps me a customer, the uncompetitive products have has time and again seen me defecting bit by bit. Then with all the revelations of incompetent management I fear it's just a long slow slide down to oblivion...
Dave Fishwick and his "Bank of Dave".
He had to chang it to "Bank On Dave" because of the ludicrous hoops required to open a 'proper bank' . and trading as https://www.burnleysavingsandloans.co.uk/
Reminds me of Goucho Marx
"I DON'T WANT TO BELONG TO ANY CLUB THAT WILL ACCEPT PEOPLE LIKE ME AS A MEMBER"
Considering the stellar perfomance of 'proper banks' Dave is probably best as he is for now.
IOW "Co-Operative" in name only now.
Yout might also note their CEO turned out to be a Ketamine popping (among other things) Methodist minister with a liking for hookers of both sexes.
Unfortunatley he also turned out to know f**k all about banking (but people thought he was a nice guy).
When you take the "Co-operative" out of "Co-operative Bank" you're not left with much.
"Yout might also note their CEO turned out to be a Ketamine popping (among other things) Methodist minister with a liking for hookers of both sexes."
Flowers was the chair not CEO. His expertise was supposed to be liaising and cajoling the myriad of independent co-ops and labyrinth processes. For all his failings he was more successful at it than the banker's banker!
Horses for courses.
But it is an awful shame they have screwed up so badly and the management lacks the guts to sort themselves out. As ever its the employees and members who will suffer most. That's why i'm keeping my money in the Bank at the moment. The staff have been great, they don't deserve this.
"But it is an awful shame they have screwed up so badly and the management lacks the guts to sort themselves out. As ever its the employees and members who will suffer most. That's why i'm keeping my money in the Bank at the moment. The staff have been great, they don't deserve this."
I think the business of the mass sacking of the Co-op's insurance sales arm, when it turned out they were taking advantage of a software bug known to senior management for years.
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