Subprime lender sees boss depart

The chief executive of subprime lender Provident Financial has left as the firm warned of heavy losses following a period of “substantial under-performance”.

As part of another dire trading update, Provident yesterday said Peter Crook has decided to step down with immediate effect and Manjit Wolstenholme will assume the role of executive chairman. Provident has 2.5 million customers.