Co-op Bank hires ex-Shawbrook CFO to lead restructure

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The Co-operative Bank has hired former Shawbrook chief financial officer Tom Wood to help restructure the lender.

Wood has taken up the newly-created role of chief restructuring officer at the bank, which made losses of £477m in 2016 and £611m in 2015.

A Co-op spokesman says Wood will be responsible for “driving through further transformation as the bank continues to process on its turnaround”.

The appointment is subject to regulatory approval.

The future of the Co-op was uncertain earlier in the year, as the business failed to find a buyer.

However, late last month the firm secured £700m of funding to meet regulatory capital requirements, staving off any sale.

The lender got the money from a group of existing investors.