Resolution's Cowdery may yet take helm

Clive Cowdery, the Resolution boss who last week walked away from his attempted bailout deal for Bradford & Bingley, could still be called upon by shareholders to take over the running of the bank.

His plan had been to inject £400 million into B&B and use it as a platform to buy up other struggling UK banks.

It had the support of the shareholders who backed last night's extended rights issue. Analysts said they will still be looking for new management, and clearly hold the Resolution team in high regard.

But the Moody's downgrade would make it harder for Cowdery to achieve his business model.