Co-op Bank Chairman Defends Niall Booker’s £4m Pay After Loss

The chairman of the Co-operative Bank has defended his chief executive’s pay package after Niall Booker was handed almost £4m for a year in which losses more than doubled to £611m. The bank’s pre-tax loss for 2015 widened from £264m a year earlier as it suffered £121m in losses on unwanted assets and costs for compensating customers mis-sold payment protection insurance (PPI) and consumer loans rose by more than £100m.