Royal Bank of Scotland will today clear out its boardroom as part of a shake-up, demanded by Government, for a state-assisted re-capitalisation of the bank, reports The Telegraph.
Chief executive Sir Fred Goodwin and chairman Sir Tom McKillop are out. They are to be replaced by Stephen Hester, formerly of the Abbey, and Sir Philip Hampton, currently chairman of Sainsbury's. As part of the deal with Government, there will be a future cap on executive pay and shareholder dividends. The departure of RBS's top management comes the day after shares in the UK's second biggest bank fell 39pc over funding shortfall fears. BEN BERNANKE, CHAIRMAN OF THE Federal Reserve, paved the way last night for an imminent cut in US interest rates as he sounded a warning that world...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
