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Co-op Bank's deputy CEO stepping down

North West-based Co-operative Bank has confirmed that its deputy chief executive Rod Bulmer is to step down next year.

In a brief statement, the bank said that Mr Bulmer has announced his intention to leave the business.

He will also step down from the boards of both the Co-operative Banking Group and The Co-operative Bank.

The mutual, which has drawn up a rescue plan to plug a £1.5 billion black hole in its balance sheet, said Bulmer would “continue to play a crucial role in the running of the business” until his departure.

Mr Bulmer has been with the Co-op for six years and held several senior executive roles, including a spell as acting chief executive of the bank earlier this year. He was previously head of UK retail distribution for Santander.

The bank last month admitted it would take several years to return to profit after slumping to a loss of £709.4 million in the first half of the year, is putting the finishing touches to plans that will see bondholders take heavy losses as it seeks to address the shortfall in its finances.

This was posted in Bdaily's Members' News section by Simon Malia .