Richard Pennycook
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Richard Pennycook: Co-op results 'a disaster'

The Co-operative Group has announced losses of £2.5bn for 2013, marking the worst results in the group's 150-year history.

The group said most of the losses stemmed from the Co-operative Bank, which amounted to £2.1bn.

Speaking to the BBC's Kamal Ahmed, Chief executive Richard Pennycook said that the results were "a disaster".

Mr Pennycook, who is temporarily in charge following Euan Sutherland's resignation, said that the organisation had become bloated, lost direction and was "in need of wholesale reform".

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