The shattered Co-op Bank slashed its losses by more than half last year

The Co-operative Bank managed to dramatically reduce its losses in 2014 despite paying out compensation for payment protection insurance mis-selling, investing in its IT infrastructure and repairing the £1.5 billion ($2.2 billion) capital black hole in its balance sheet. The embattled bank confirmed in its results statement for the full year ending December 31, 2014, that its statutory loss before tax hit £264.2 million, which is "considerably better" than the £632.8 million it lost in 2013...