Co-op Bank reports loss of £75.8m

The troubled Co-operative Bank has reported a pre-tax loss of £75.8m for the first half of 2014, down from £845m a year ago.

It has also cut staff numbers by 13% in the first six months of the year.

The bank was rescued in 2013 after discovering a £1.5bn capital shortfall.

"Considering the scale of the challenge we faced a year ago we are encouraged by the progress made to ensure the stability of the bank," said chief executive Niall Booker.

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