Co-op Bank’s Bulmer to quit

ROD Bulmer, who was placed in temporary charge of the Co-operative Bank as its capital crisis unfolded this summer, has announced his departure from the lender.

Mr Bulmer, who has been with the bank since 2007, stepped up after the departure of Barry Tootell in May after the bank’s credit rating was downgraded to ‘junk status’ weeks after the collapse of the Project Verde deal to buy more than 600 branches from Lloyds.

In recent months the Co-operative Group has strengthened its executive team, with ex HSBC veteran Niall Booker brought in to run the bank – which is shoring-up its balance sheet with a £1.5bn fundraising.

Mr Bulmer has been working on the turnaround of the bank, which has been split into a core and non-core entity.

In a brief statement the Co-operative said: “Rod Bulmer, deputy CEO of The Co-operative Banking Group, has announced his intention to leave the business and step down from the board of the Co-operative Banking Group in 2014.  

“Up until his departure Rod will continue to play a crucial role in the running of the business and in particular the detailed work being undertaken by The Co-operative Bank and The Co-operative Group, in relation to the ongoing Capital Management Exercise.”

Mr Bulmer has held several senior executive roles within the banking. Prior to his move to the Co-op, he led UK retail distribution for Santander.