Co-op CIO Coleman quits embattled bank

Co-op CIO Coleman quits embattled bank

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".

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