Sir Fred Goodwin's former deputy returns to RBS
Gordon Pell, the former deputy to Sir Fred Goodwin at Royal Bank of Scotland, has today returned to the group after being appointed deputy chairman of the Coutts banking subsidiary. This comes despite the fact that he left Royal Bank of Scotland with a £580,000 pension after the clearout at the top of the management chain at RBS.
It is believed that Gordon Pell will receive a salary in the region of £30,000-£40,000 although sources close to the company are suggesting this will be donated to charity. It is ironic that one of the former leading lights in Royal Bank of Scotland is returning to the company after taking a large pension. This will do nothing to reduce the anger amongst UK taxpayers who are still reeling from the cost of the banking bailout despite the fact that many banking companies have quickly returned to a bonus culture which was prevalent prior to the credit crunch.
The return of such a high-profile figure from the past of Royal Bank of Scotland also prompts the question as to whether the UK authorities were too quick in clearing out many of the leading figures at the bank from years gone by.
Share this..
Related stories
Who would benefit from a shakeup of the UK banking industry?
The Independent Commission on Banking is looking at ways to reduce the risk from banking to the overall UK economy and also to improve services. However, if the Independent Commission on Banking does take the controversial decision to split up investment banking and retail banking operations who would benefit? It is difficult to see how the consumer on the streets and businesses in the UK wou...
Read MoreSavers question the wisdom of Building Societies
As the dust starts to settle on the takeover the Cheshire and Derbyshire building societies by the much larger Nationwide Building Society it seems that all is not well with customers of the two smaller societies. Left with no choice they will now see their investments merged with Nationwide but unfortunately many will see the amount guaranteed by the Financial Service Protection Scheme (FSPS) fa...
Read MoreWhat is happening at the Dunfermline Building Society?
While the very basis on which the UK building society sector is run should in many ways reduce the possibility of a banking style crisis, it would appear from reports in the weekend press that the Dunfermline building society is in serious financial trouble. If the reports are correct it appears as though the society is on the brink of collapse after a number of investments "went bad" leaving what...
Read MoreBank card insurance holders can claim compensation
18/08/2015 People who have been sold unnecessary insurance for their bank cards will be able to claim compensation under new rules from the Financial Conduct Authority (FCA). The FCA has announced that forms will be sent to people who might have been sold the insurance later this month. Customers affected would have paid out £25 a year to protect themselves in case their cards were lost or...
Read MoreIs there a gap in the market for a long-term state-controlled bank?
While you could argue that the likes of Royal Bank of Scotland, Northern Rock and Lloyds Bank are effectively state-controlled at this moment in time, although they will be sold off in due close, an interesting discussion is formulating in the investment arena. With the mainstream UK banks unwilling at this moment in time to increase liquidity, especially for the small business arena, is there a g...
Read More