Canary wharf (4)

Two former Co-op Bank bosses have been lifetime banned from holding senior positions in the City.

Former chief executive Barry Tootell and the head of its corporate banking arm, Keith Alderson, were handed bans by the Bank of England's supervisory department, the Prudential Regulation Authority.

The PRA said Mr Tootell, who has been fined £173,802, "was centrally involved" in the bank's culture of focusing on short-term finances, which had a hugely negative effect on its long-term capital.

Mr Alderson, the PRA said, failed to take due skill, care and diligence in key responsibilities of his position. He has been fined £88,890.

The Co-op Bank neared collapse in 2013 after a £1.5 billion black hole was discovered in its finances. Many have attributed the bank's purchase of troubled Britannia building society in 2009 as one of the main reasons for its troubles. The PRA said Mr Alderson failed to ensure the Co-op assessed the risks related to Britanna's corporate loan book.