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Bank chiefs quit after rescue bid Bank chiefs quit after rescue bid
(20 minutes later)
The men at the top of Scotland's two big banks are to go after the government announced a £37bn bail-out.The men at the top of Scotland's two big banks are to go after the government announced a £37bn bail-out.
RBS chief executive Fred Goodwin has stepped down and RBS chairman Tom McKillop is to retire.RBS chief executive Fred Goodwin has stepped down and RBS chairman Tom McKillop is to retire.
HBOS chief executive Andy Hornby and chairman Lord Stevenson are also to stand down from their posts.HBOS chief executive Andy Hornby and chairman Lord Stevenson are also to stand down from their posts.
The news came as the government revealed plans to provide a £20bn bail-out of RBS and a £17bn investment of new capital in HBOS.The news came as the government revealed plans to provide a £20bn bail-out of RBS and a £17bn investment of new capital in HBOS.
The new chief executive of RBS will be Stephen Hester.The new chief executive of RBS will be Stephen Hester.
He is currently the chief executive of British Land, and he joined the RBS board as a non-executive director during the summer.
It will count as perhaps the most extraordinary day in British banking history Robert PestonBBC business editor UK banks' £37bn bail-out unveiled
The move was widely seen as a precursor to Sir Fred Goodwin's departure.
BBC business editor Robert Peston said the move would change the way banks operated.
"Taxpayers would end up owning about 60% of Royal Bank of Scotland and about 40% of a super retail bank formed by Lloyds TSB buying HBOS.
"That's what has been announced by the Treasury, in what will count as perhaps the most extraordinary day in British banking history."
On Sunday, a senior Conservative MP called on leading bankers responsible for the financial crisis to resign.
John Maples, a deputy Chairman of the Conservative Party, told the BBC it was "unbelievable" not one banking boss had resigned or been fired.
Previous career
Sir Fred Goodwin attended a grammar school in Paisley before studying law at Glasgow University, working as an accountant with Touche Ross, Clydesdale Bank and Yorkshire Bank. He was knighted for services to banking in 2004.
Sir Tom McKillop meanwhile has spent most of his career in pharmaceuticals, latterly as chief executive of AstraZeneca. He joined Zeneca as a chemistry research assistant in 1969 when it was the drugs arm of ICI and rose to become chief executive after the merger with Astra, of Sweden.
He became one of the most highly placed non-executive directors RBoS and combined the chairmanship of Royal Bank of Scotland with a board seat at BP.
Oxford graduate Andy Hornby topped his MBA class at Harvard Business School and became chief executive of HBOS in 2006 aged 39.
He began his career at Blue Circle, the cement company, before moving to Asda, where he worked alongside Allan Leighton, chairman of Royal Mail, and Justin King, chief executive of J Sainsbury.
He also launched George, Asda's successful clothing brand, before moving to Halifax, which later merged with Bank of Scotland.
Dennis Stevenson, now Lord Stevenson of Coddenham, has been described as the ultimate eminence grise of British business.
He was chairman of consultants SRU before becoming chairman of Halifax, later HBOS, and of Pearson Group. He is also a director of The Economist.