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Sir Fred Goodwin blamed for Royal Bank of Scotland woes

While just two years ago Sir Fred Goodwin was renowned as the sharpest mind in the UK banking sector he today stands accused of losing Royal Bank of Scotland £28 billion over the last two years. Despite being a regular visitor to Gordon Brown at 11 Downing Street it would appear that the whole banking community and political scene have turned against Sir Fred.

Over the last few years he has built the Royal Bank of Scotland into a worldwide business with a number of quality operations and significant exposure to the US market. It would appear that this exposure to the US market was the catalyst for the significant downturn in the business which has led to the share price collapse and the UK government pumping over £30 billion into the business over the last few months.

The story of Sir Fred Goodwin is one showing how somebody started at the bottom and worked his way up to the very pinnacle of the UK banking sector only to come unstuck during the credit crunch and subsequent economic downturn. There are many who believe Sir Fred Goodwin will never return to the banking sector in the UK as his image has been severely tarnished over the last few months.

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