The pain of the credit crunch hit expanded to the Co-op yesterday as the organisation's financial arm was forced to cut the value of a structured investment vehicle.
Co-operative Financial Services booked a £32m writedown in its accounts, as it revealed that pre-tax profit in its banking division for the year ended 31 December 2007 was £50.4m, down on the £76m it earned last year.





Comments
Have your say on this article