News

The Co-operative Bank's disgraced former chairman, Paul Flowers, apparently won the job because he beat his rivals' psychometric test scores, MPs on the Treasury Committee have been told.

Former chairman of the Co-operative Bank, Paul Flowers

Disgraced Paul Flowers won Co-op job thanks to 'psychometric tests' results

Paul Flowers — the Methodist minister filmed allegedly buying drugs — beat experienced bankers to the post of chairman of the Co-operative Bank because he scored highest on psychometric tests, it emerged today.

The Business Matrix: Tuesday 14 January 2014

Benefits rising for ‘Bake Off’ maker

Watchdog defends approval of former Co-op chair Paul Flowers

The man who approved the appointment of Paul Flowers as chairman of the Co-op told MPs he “stands by the decision”.

The Business Matrix: Tuesday 7 January 2014

Entrepreneurs pray for wealth

Retirement rental hotspots in England and Wales

Homeowners selling their properties in order to turn their equity into cash to boost their retirement incomes

Mr Tomlinson said that many of the new cases also related to RBS and its Global Restructuring Group (GRG)

‘Horror stories’ pile up as another 450 firms complain about banks

Lawrence Tomlinson, author of the inquiry which cited evidence that RBS had deliberately destroyed companies to make a profit, said on Thursday he has received another 450 cases since his report was published at the end of November. Mr Tomlinson, entrepreneur in residence at the Department for Business, Innovation and Skills, added that many of the new cases also related to RBS and its Global Restructuring Group (GRG).

Standard Chartered takes a hit as finance director is stripped of risk role

Finance director Richard Meddings is set to hand over responsibility for risk to chief executive Peter Sands

Staff turnover at financial regulator doubles since split

Staff have been quitting Britain's financial watchdogs at nearly twice the rate since they were split into two bodies this year, data seen by Reuters shows, at a time when experts warn of a regulatory brain drain in Europe's biggest financial hub.

Banks braced for tough new regime of annual stress tests

UK banks will face annual stress tests for the first time to see if they could survive a major collapse in financial markets or the economy, the Bank of England said today.

The Co-operative Bank reported pre-tax losses of £709.4m in the six months to the end of June

Accept £1bn plan or we go bust, warns Co-op Bank as losses see group go almost £560m into the red

Co-operative Bank reports pre-tax losses of £709m in six months to end of June, wiping out profits from its supermarkets

Business week in review

In profit...

Pru warns capital rules are a threat to UK jobs and growth

Prudential’s chief executive Tidjane Thiam has described new capital rules from Brussels as “one of the biggest threats to UK jobs and growth”.

James Moore: We'd better not rush headlong into a party as Carney goes for growth

Outlook Mark Carney seems determined to make a noise, and despite an economic backdrop which appears to give him and his colleagues on the Bank of England's Monetary Policy Committee only limited room for manoeuvre, he's surely done it.

Retired renters pay the price for selling up

Retirees turning their back on the housing market in the pursuit of ready cash to settle debts are paying the price in accommodation costs, the latest figures suggest.

Retired renters increasingly stepping off the property ladder

More than 40% of retired renters are former property owners and pay £423 a month in rent on average

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