U.S. Markets closed

Co-op Bank deputy CEO Bulmer to step down

LONDON (Reuters) - Co-operative Bank (LSE:CPBB), the troubled British customer-owned lender, said on Friday that its deputy Chief Executive Rod Bulmer would step down next year.

Co-op, which is negotiating with bondholders over plans to plug a 1.5 billion pound ($2.4 billion) capital shortfall, said Bulmer would continue to play a crucial role in that process and in the running of the business.

Bulmer has been with the Co-op for six years and held several senior executive roles including a spell as acting chief executive of the bank earlier this year. He was previously head of UK retail distribution for Santander (SAN.MC).

(Reporting by Matt Scuffham; Editing by Laura Noonan)