Goodbye Cooperative Bank, it was nice knowing you
My bank is in trouble, the great and noble Cooperative Bank has fallen foul of something or someone and turn itself from a mutual into yet another plc, floated on the stock exchange and only 30% controlled by the original owners. A sad day. I've read many stories and many stupid comments but how a US hedge fund managed to be the driving force behind this is beyond me. A blame game has begun, was it the takeover of the struggling Britannia BS, or the attempts at buying over 600 branches of Lloyds Bank or , as many believe, something more sinister? We will never know unless there is a major investigation by the financial authorities (which I doubt will happen). As a mutual , Cooperative Bank, had to put customers first, this didn't always work but it certainly won't now. How can company directors at a plc put their shareholders 2nd, or 3rd. This won't work. What puzzles me more is they believe their own lies. I received an email (as all customers did) from Eu...