Co-op Bank's head resigns after credit downgrade

May 10, 2013, 10:32 AM EDT
A sign is seen outside a branch of the Co-operative Bank in central London May 10, 2013.
REUTERS/Toby Melville

Barry Tootell, chief executive of the U.K.'s Co-operative Bank, resigned after ratings agency Moody’s downgraded the mutual lender’s credit worthiness over concerns that it could need a bailout from the government. The resignation also follows the bank's failed bid last month to take over 632 branches from Lloyds Bank.