I am very glad that the Co-op is back in profit. That must have happened before the very recent changes to its management structure.
The problem with the Co-op Bank was precisely that it was not a mutual, but was merely owned by one.
I have a profound feeling that the Co-op will rue the day that it decided to give up so much of what had always made it distinctive.
Especially since it turns out that it had already been back in profit without having done so.
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