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| Co-op boss Euan Sutherland offers his resignation | |
| (35 minutes later) | |
| Co-op Group chief executive Euan Sutherland has offered his resignation, the BBC's Robert Peston has learned. | |
| Mr Sutherland says in the letter he believes the group is "ungovernable". | Mr Sutherland says in the letter he believes the group is "ungovernable". |
| Mr Sutherland, who joined last May, said last month that 2013 had been "perhaps the worst year" in the Co-op's long history and it had "lost its way". | Mr Sutherland, who joined last May, said last month that 2013 had been "perhaps the worst year" in the Co-op's long history and it had "lost its way". |
| His resignation offer comes after the bank's financial problems, and the departure of former chairman Paul Flowers after alleged drugs offences. | |
| Mr Sutherland is thought to be "demoralised and fed-up," according to the BBC's business editor. | |
| The resignation letter is broadly a "back-me-or-sack-me move" but he "still may well resign," the BBC understands. | |
| Co-op Bank was rescued last year under a deal with its bondholders after it emerged that it faced a £1.5bn black hole. | |
| Later that year the company was hit by a fresh scandal when Mr Flowers was arrested in connection with a drugs supply investigation. He remains on police bail. | |
| The Co-op last month launched a nationwide poll - open until 24 March - to ask people for their views on its future. | |
| The results will be published at the group's annual meeting in May. |