Co-op Bank turns to former Shawbrook finance director in bid to reverse fortunes

Mr Wood has been advising and investing in FTSE 250 companies since January, according to his Linkedin profile, and is understood to have worked closely with Co-op Bank’s investors ahead of last month’s proposals. 

His recruitment is subject to regulatory approval, although staff at Co-op Bank have been told about the appointment.

The appointment, first reported by Sky News, follows a tough period for the 145-year-old lender, which risked being wound-down had it not secured a rescue package or been sold. It lost £477m in 2016, its fifth year in the red. 

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