Co-op Bank hires John Worth as finance chief

Co-op Bank

The Co-operative Bank has hired John Worth as chief financial offer.

Worth is currently interim finance chief at Hiscox, but has also worked at Barclays and Ernst & Young.

He will join the lender at the beginning of September.

Worth’s appointment follows the announcement of a new deputy chief executive in April. Ex-RBS director Liam Coleman is expected to take over as chief executive of the bank at the end of the year. Chief executive Niall Booker resigned in March.

The bank came close to collapse in 2013, and had to raise £400m in capital the following year, but its core business moved back into profit the first three months of this year.

John Baines, the current finance chief, who joined in the aftermath of the scandal, is stepping down at the beginning of October.

Chairman Dennis Holt welcomed Worth to the business and said: “I would also like to thank John Baines for his significant contribution over the last three years. John joined the Bank in 2013 and initially helped lead the Bank through its recapitalisation in 2013 and subsequent £400m capital raise in 2014.

“As a director and key member of the executive management team, he has played a leading role in the continuing transformation of the Bank and has overseen a substantial reduction in costs. It has always been John’s intention to move on during 2016 to undertake non-executive roles and we wish him well in his future endeavours.”