His resignation will be followed by the departure of fellow director David Davies on 12 June.

The bank also announced a restructure of its management team with the appointment of Richard Pennycook as group finance director and Richard Pym as chairman of the Co-operative Banking Group and the Co-operative Bank.

Pennycook joins the group after nearly eight years as group finance director at WM Morrison Supermarkets.

Pym will join the bank with immediate effect. In his new role he will act as an independent non-executive chairman.