Co-op pioneers would not be amused by bank crisis Financial services, at least the provision of them, was never on their agenda. But their 21st century successors are expected to face criticism about the crisis facing the group's banking business at the annual meeting of the Co-operative Group in Manchester on Saturday. The event was scheduled to be a relatively calm affair, with the retirement of Peter Marks, the chief executive credited with revitalising the Co-op brand. Len Wardle, Co-operative Group chairman, has described him as a "strategic leader, a visionary businessman and a transformation catalyst." The arrival of the supermarket was painful and the dilution or disappearance of the dividend was a shock to the legions of families who had relied on the regular distribution as an important addition to household finances. For years, the movement was labelled the "sleeping giant of the high street" as the food market upstarts in the shape of Tesco, Sainsbury and Asda brought a new dimension to the business and left the Co-op looking the poor relation. Attempts by managers to produce change often fell foul of political in-fighting but mergers among Co-op retail societies and the disappearance of some of them provided the vehicle for change and a recognition that more vigorous leadership was needed. There were blunders and naivety along the way before Tony Blair provided the catalyst for change through the Co-operative Commission. Now a more competitive Co-op Group has been making up for lost time, at least in the food business. Sales through more than 5,000 stores last year topped £13.5bn but banking losses cut underlying operating profit from £526m to £54m. The dividend payment to members fell from £142m to £104m.