Its credit rating has been downgraded by Moody's to "not prime" (a euphemism for junk) and it's losing its chief executive, Barry Tootell.

BBC: What does Moody's downgrade of Co-op bank mean?

In a way, what is most interesting is that, as I understand it, Mr Tootell's departure announcement was brought forward a bit, because the Co-op felt it needed to be doing something, in the wake of the rather dour assessment of its bank's prospects by Moody's.

BBC: What does Moody's downgrade of Co-op bank mean?

Well I am told that Mr Tootell had been planning to leave for some time - in part because the big part of his job, preparing for the massive expansion of the bank through the takeover of 631 branches from Lloyds, is no longer happening.

BBC: What does Moody's downgrade of Co-op bank mean?