Co-op Bank triples bonus pot after turning first profit since 2011
The Guardian says The Co-operative Bank has more than tripled its bonus pot for bankers after a “milestone year” that resulted in its first profit in a decade.
The ethical lender, which has struggled to turn a profit since 2011, announced it was paying bankers a total of £13.3m in bonuses for 2021, compared with a £4.2m bonus pot shared among its more than 3,200 staff in 2020.
Its chief executive, Nick Slape, who is the sixth boss to run the bank over the past nine years, said the payouts were “completely appropriate” given the lender’s return to profit. “There’s been a huge amount of effort 24/7 to make this happen, so I think is appropriate,” he said. “The bar has been set for 2022, and if we don’t deliver … then that won’t be the sort of number you see [next year].”
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