- 5 updates
ITV News Business Editor Joel Hills tweeted after speaking to Co-op Group chief executive Richard Pennycook:
In response to Sir Christopher Kelly's report, current Co-op Bank chief executive Niall Booker apologised for "past failings" and said it had been "working diligently" to address them.
The bank also revealed it was appointing new auditors, Ernst & Young, ending a 40-year relationship with KPMG amid a regulatory investigation into the Co-op's past accounts in the years leading up to the end of 2012.
Sir Christopher Kelly's review into the shortfall of the Co-operative Bank has concluded the roots of the bank's problems lies with the merger of the bank and the Britannia Building Society.
The Co-Op Bank was guilty of "woefully inadequate" business practices and appointing senior staff without any experience of the banking sector, a major new report has said.
The bank was on the verge of possible collapse last year after a £1.5bn black hole was revealed in its balance sheet.
The chair of the Committee on Standards in Public Life, Sir Christopher Kelly, pinpointed the decision to acquire the Britannia building society as the bank's single biggest mistake.
He also says the structure of the bank's senior leadership made some sort of failure "almost inevitable"
Latest ITV News reports
A report into what went wrong at the Co-operative Bank paints a picture of weak leadership and calamitous misjudgments.