From The Guardian:
"We are now in a position where the government can begin to prepare for privatising RBS. While leading that process would be the end of an incredible chapter for me, ideally for the company it should be led by someone at the beginning of their journey. I will therefore step down at the end of this year to allow a new CEO to lead the group in this next stage," Hester said.Update The Indie is currently running:
Hester, describing the role as "bruising and difficult" added "it is a sensible thing for the board to look forward to privatisation and I can completely understand that a fresh face with an ability to commit many years into the future may be a good thing for privatisation"...
Hester's resignation comes amid speculation that the chancellor will use next week's Mansion House speech to signal a privatisation plan for both RBS and Lloyds Banking Group.
Hester la vista: RBS chief forced to go as Chancellor paves way for bank sell-off
George Osborne to fire starting gun on privatisation after the forced departure of Stephen Hester
"Mr Hester, who is in-line for a £1.6m pay-off, was asked to step down by the RBS board following consultations with the Treasury. He will leave the bank later this year clearing the way for his successor to oversee a “British Gas style” public sell off."
7 comments:
There were about 1.6 million things he wasn't saying, before tax and Employee's NIC.
MW - that is why I asked for a translator, I stupidly thought it might be "I want to get out and be free to trade in all the RBS shares I've accumulated whilst in this job for the maximum possible and well before some idiot goes live with a 'cunning plan that allows us to sell off stupidly cheaply the taxpayers' 81% holding and still pretend we've recouped the taxpayer investment'" ...
True, that's another four million reasons.
It will be interesting to see 1. just how little of the original "investment" the government manages to recoup and 2. just how much money the purchasers of the RBS shares make in the first year. Anyone prepared to take me up on 25% and 100%?
B. Yes. And remarkable considering that IMHO RBS is still bust.
B. Yes. And remarkable considering that IMHO RBS is still bust.
an Tweet:
Robert Peston @Peston
In interview with me, Hester volunteered he thinks Treasury can get £45bn from privatisation - the cash we put in, not lower sum in accounts
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