'Ethics and values more embedded into heart of Co-op'

The chief executive of Co-operative Group has been addressing concerns that the Co-op Bank may change direction under its rescue plan, which would see several hedge funds end up with 70% of the bank.

Euan Sutherland told BBC business editor Robert Peston the Group's ethics and values were "embedded into the heart of the bank, in the constitution".

"If the bank decides that they're not going to adhere by the values and ethics then they're not allowed to use the Co-operative name."

The Co-op Bank plans to cut its branch network by at least 15% by the end of next year - Mr Sutherland said: "My commitment is that we will go to every colleague first and we will work that through individually with them."