British, Chinese Bank Chiefs Taking Extra-Long Weekends

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Barry Tootell and Yang Kaisheng have had quite enough.

The Co-operative Bank ruled out government support on Friday, after a warning from ratings agency Moody's that it might need taxpayers' money to plug a capital shortfall prompted its chief executive to resign….

The Co-op said Barry Tootell would step down as chief executive of its bank and that Rod Bulmer, who has held a number of senior positions at the bank, would step into the role until a permanent replacement is found.

A source familiar with the situation said Tootell had planned to leave following the collapse of the Lloyds deal, but the Moody's report accelerated the process.

Yang Kaisheng, 64 years old, will retire from his post as president of Industrial & Commercial Bank of China Ltd., while a vice president at the bank, Yi Huiman, will succeed him, according to the people.

The appointment of top executives at China's major state-owned banks, such as ICBC, is mainly decided by the ruling Communist Party. The decision to remove Mr. Yang, who joined ICBC in 1985 and has worked his way up, comes at a challenging time for big Chinese banks as they face slowing profit growth and the potential for a rise in bad loans.

Co-op Bank rules out state help after capital warning [Reuters]
ICBC President to Step Down [WSJ]

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