Co-op chief executive Barry Tootell has announced his resignation following the bank’s downgrading by Moody’s Investor Services.

Moody’s Investors Services¬†downgraded the Co-op’s deposit and senior debt ratings on Thursday, due to what it felt was the bank’s vulnerability to losses from an insufficient level of provisions held against its lending portfolio.

The retail bank recently pulled out of a deal with Lloyds Banking Group to buy 630 highstreet banking branches.

Co-op admitted that it needed to strengthen its capital position and plans to sell its general insurance and life insurance businesses.

Co-op Bank made a loss of £674 million last year.

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