The Co-operative Bank has unveiled a £1.3bn loss and apologised to customers in advance after it forecasted not making any profits until 2016.
The bank, which is one of UK's smallest lenders with 6.5 million customers and a 1.5% share of the current account market, said that it is still dealing with the £1.5bn capital black hole and the need to work out the details of its £400m capital raising plan.
Co-op Bank CEO Niall Booker apologised to customers and stakeholders for past failings, thanking them for their continued loyalty and commitment during such a difficult time.
Former CEO Euan Sutherland resigned last month after in a letter deeming the bank "ungovernable".
Sutherland offered to leave, as the bank tries to overhaul its structure and strategy after near financial collapse and a sex and drugs scandal involving its former chairman Paul Flowers.