Euan Sutherland, the chief executive of The Co-operative Group - which owns 30% of the Co-operative Bank - resigned on 11 March. His resignation was accepted. This follows the row about pay which started following revelations on 9 March.
News of a proposal to pay big salary increases and bonuses for senior staff at The Co-operative Group has dismayed Save Our Bank supporters.
Customers of The Co-operative Bank will have recieved the following message by email or by post over the last week. We at Save Our Bank are pleased to see the bank finally communicating with its customers directly about the difficulties it has gone through, and pleased to see the organisation's values and ethics given some prominence.
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The bank responds to your emails
Keep the bank’s Ethical Policy strong
Over the next few weeks The Co-operative Bank will be deciding how it plans to proceed with its Ethical Policy.
On 20 December the Co-operative Group and Co-operative Bank announced that the 'liability management exercise' - the first part of the re-capitilisation plan - was complete. New shares have been issued to bondholders resulting in £1bn increase in equity (replacing debt).
This week the Save Our Bank campaign put our supporters' demands to the Co-op Group Chief Executive. We're keeping the pressure on to ensure the Bank's ethics stay strong, and are shown to stay strong. Here's our latest update on where we stand.