Title: Co-op Bank apologises and confirms £1.3bn losses - BBC News
Headings: Co-op Bank apologises and confirms £1.3bn losses
Co-op Bank apologises and confirms £1.3bn losses
The Co-operative Bank has confirmed it made a loss of £1.3bn for 2013.
Rescue
'Breathtakingly destructive'

Content: Earlier in March, details of his basic salary of £1.5m, including a retention bonus of another £1.5m, were leaked to the press. On Wednesday, it emerged that former Labour City minister Lord Myners, who had been drafted in by the Co-op Group in December to lead a review of the business, had resigned his position on the board of directors. Lord Myners was appointed as an independent director by Co-op Group chair Ursula Lidbetter in December to undertake a full review of the entire business. 'Breathtakingly destructive'
His initial findings showed the group's elected directors had overseen "breathtakingly value-destructive" decisions, among which were the Co-op's takeovers of Britannia building society and supermarket chain Somerfield. He also found its three-tier system of elected member representation - made up of area committees, regional boards and the group board - had "consistently produced governors without the necessary qualifications and experience to provide effective board leadership". Too many directors, he said, did not have any serious business experience and were therefore not qualified to keep senior managers in check. Instead, he recommended new group board directors should be appointed according to clear criteria of skills and experience. But some of the Co-op's most influential members are worried that the changes could damage the group's values.