The new chief executive of Co-operative Group is to carry out a strategic review of the business in the wake of is bank being downgraded by Moody's last week.
Euan Sutherland, who took over from outgoing Peter Marks at the mutual’s annual general meeting this weekend, is to assess each of its main businesses to determine which to sell off and which to keep.
The Telegraph reports the outcome could be released as soon as August, when the business is due to publish its half-year results.
The paper said the financial health of its banking operation will be high on the review’s agenda.
Moody’s downgraded the bank’s debt from A3 to Ba3 after capital concerns last week. The agency said the Co-op Bank might need “external support”. It pulled out of a deal to buy 632 Lloyds Banking Group branches last month.
Co-op Bank chief executive Barry Tootell resigned over the failed deal.
