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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 Dennis Stevenson are also to stand down from their posts.HBOS chief executive Andy Hornby and chairman Lord Dennis 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.
It will count as perhaps the most extraordinary day in British banking history Robert PestonBBC business editor UK banks' £37bn bail-out unveiled It will count as perhaps the most extraordinary day in British banking history Robert PestonBBC business editor UK banks' £37bn bail-out unveiled
The HBOS merger with Lloyds TSB is to go ahead but the terms are to be revised, meaning HBOS shareholders will get a poorer deal.The HBOS merger with Lloyds TSB is to go ahead but the terms are to be revised, meaning HBOS shareholders will get a poorer deal.
BBC business editor Robert Peston said the move would change the way banks operated.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."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.""That's what has been announced by the Treasury, in what will count as perhaps the most extraordinary day in British banking history."
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.He is currently the chief executive of British Land, and he joined the RBS board as a non-executive director during the summer.
The move was widely seen as a precursor to Sir Fred Goodwin's departure.The move was widely seen as a precursor to Sir Fred Goodwin's departure.
Sir Fred Goodwin was nicknamed "Fred the Shred" for transforming banks through aggressive deals which resulted in staff losses.
His position had been under scrutiny after heavy losses as a result of the credit crunch and since its £12bn rights issue earlier this year.
Previous careersPrevious careers
Sir Fred Goodwin, 50, 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 Fred Goodwin, 50, 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.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.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.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 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.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.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.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.