01 September 2016
Visit dh.com

Co-op CIO Coleman quits embattled bank

10 April 2014  |  3090 views  |  0 The Coop bank branch entrance

Pete Coleman, chief information officer of the Co-op Bank, has quit his role after just a year in the job at the troubled UK bank.

The news of Coleman's departure coincides with the dramatic exit from the bank of former City minister Lord Myners, an independent director brought in last December to help reform the business.

Co-op had to come up with a rescue for its bank after the discovery of a £1.5bn hole in its balance sheet, caused by bad loans and the 2009 merger with Britannia building society.

As part of the rescue, a consortium of hedge funds bought majority control of the bank and tasked Coleman with devising an IT strategy to update its ageing technology infrastructure.

Under the plans, the bank committed to spend £500 million on re-engineering its IT backbone, shrinking the branch network and slashing 1000 jobs.

The bank has yet to confirm news of Coleman's departure, but his LinkedIn profile has been updated to say he is now "looking for CIO roles in the UK or worldwide".

KeywordsPEOPLE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank IT systems come under regulatory spotlight

Bank IT systems come under regulatory spotlight

31 March 2014  |  9434 views  |  3 comments | 18 tweets | 15 linkedin
Co-op to slash jobs and branch network in £500 million IT overhaul

Co-op to slash jobs and branch network in £500 million IT overhaul

04 November 2013  |  4829 views  |  0 comments | 7 tweets | 1 linkedin
Co-op writes off £148 million in IT costs as losses widen

Co-op writes off £148 million in IT costs as losses widen

29 August 2013  |  7345 views  |  0 comments | 3 tweets | 5 linkedin
Co-Op Bank tweets taxpayer bailout denial

Co-Op Bank tweets taxpayer bailout denial

10 May 2013  |  4233 views  |  2 comments | 3 tweets | 1 linkedin
Lloyds plans IPO for TSB branch network after Co-op pulls out of deal

Lloyds plans IPO for TSB branch network after Co-op pulls out of deal

24 April 2013  |  5202 views  |  0 comments | 2 tweets | 4 linkedin
Co-op may be forced into £200 million IT write-off if Lloyds deal goes ahead

Co-op may be forced into £200 million IT write-off if Lloyds deal goes ahead

23 January 2013  |  5000 views  |  0 comments | 5 tweets
Lloyds Banking Group and Co-op customers hit by systems glitches

Lloyds Banking Group and Co-op customers hit by systems glitches

05 October 2012  |  7762 views  |  0 comments
Lloyds to run IT for Co-op branch network

Lloyds to run IT for Co-op branch network

19 July 2012  |  5543 views  |  0 comments
Co-op taps Clear2Pay for payments overhaul

Co-op taps Clear2Pay for payments overhaul

20 October 2010  |  10005 views  |  0 comments
Co-op to replace online business banking system after customer complaints

Co-op to replace online business banking system after customer complaints

16 November 2009  |  5253 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit www.abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
9866 views comments | 23 tweets | 26 linkedin
Cultural change crucial in digital transformationCultural change crucial in digital transfo...
7535 views comments | 11 tweets | 10 linkedin
Mondo becomes MonzoMondo becomes Monzo
6695 views comments | 14 tweets | 9 linkedin
hands typing furiouslyBlockchain: Some Remarkable Announcements!
6622 views 0 | 5 tweets | 15 linkedin
Global Fintech Hubs Federation launchesGlobal Fintech Hubs Federation launches
5859 views comments | 19 tweets | 5 linkedin

Featured job

Find your next job