The Co-operative Bank has hired a new chief financial officer

Emma Haslett
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Branches Of Co-operative Bank To Be Cut By 15 Percent
The Co-op has been through a period of turmoil (Source: Getty)

The Co-operative Bank has hired John Worth as its new chief financial offer.

Barclays and Ernst & Young veteran Worth, currently interim finance chief at Hiscox, will take the reins at the lender at the beginning of September.

It's not an easy time to join the Co-op: not only did chief executive Niall Booker hand in his notice in March, but the lender is still recovering from that time it discovered a £1bn black hole in its finances, and it had to ask investors to inject £500m in an attempt to plug it.

John Baines, the current finance boss (who joined in the wake of the scandal), will step down at the beginning of October.

Today Dennis Holt, the lender's chairman, said he was delighted Worth had decided to join.

"I would also like to thank John Baines for his significant contribution over the last three years. John joined the Bank in 2013 and initially helped lead the Bank through its recapitalisation in 2013 and subsequent £400m capital raise in 2014.

"As a director and key member of the executive management team, he has played a leading role in the continuing transformation of the Bank and has overseen a substantial reduction in costs. It has always been John's intention to move on during 2016 to undertake non-executive roles and we wish him well in his future endeavours."

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