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Bank charges: New boss appointed for troubled Co-Op

A new chief executive officer (CEO) has been appointed for the Co-Operative bank, which is suffering from unstable capital conditions

The ex-head of HSBC's North American operations, Niall Booker, will be taking over from the former CEO Barry Tootell.

Mr Tootell resigned his position shortly after the bank was downgraded to 'junk' status by the credit agency Moody's.

It received the downgrade as questions arose whether the bank would make losses on bad loans.

Currently, Co-Op faces a shortfall of £1.8 billion and has entered talks with the Prudential Regulation Authority on how much capital it needs to gain and how it will do this.

News of the bank's shortfall, coupled with a deal with Lloyds Banking Group to buy more bank branches falling through, comes as a disappointment to the government. It had hoped to improve Co-Op's standing on the high street to encourage competition in the financial sector and see better deals offered to consumers.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801590940-ADNFCR

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