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, 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.
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