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Profile: Sir Fred Goodwin Profile: Sir Fred Goodwin
(42 minutes later)
Sir Fred was known in the City as a ruthless cost cutterSir Fred was known in the City as a ruthless cost cutter
The global financial meltdown has claimed a major scalp. As part of the government's rescue of the faltering Royal Bank of Scotland Sir Fred Goodwin has vacated the chief executive's chair.The global financial meltdown has claimed a major scalp. As part of the government's rescue of the faltering Royal Bank of Scotland Sir Fred Goodwin has vacated the chief executive's chair.
He has revelled in his nickname of Fred the Shred for cutting costs and jobs. Commonly described as the most charismatic and also most abrasive of the banking bosses, Sir Fred's position seems to have become untenable as the bank was propped up with £20bn of public money.He has revelled in his nickname of Fred the Shred for cutting costs and jobs. Commonly described as the most charismatic and also most abrasive of the banking bosses, Sir Fred's position seems to have become untenable as the bank was propped up with £20bn of public money.
Sir Fred was in charge at RBS for nine years and steered it from being a bit-part player to global icon as one of the world's top five banks.Sir Fred was in charge at RBS for nine years and steered it from being a bit-part player to global icon as one of the world's top five banks.
He grew the bank with acquisition after acquisition - NatWest, Coutts, Adam & Co, Direct Line, Ulster Bank, Churchill and Citizens Bank in the US - and then ruthlessly cut costs through staff reductions to generate bigger profits.He grew the bank with acquisition after acquisition - NatWest, Coutts, Adam & Co, Direct Line, Ulster Bank, Churchill and Citizens Bank in the US - and then ruthlessly cut costs through staff reductions to generate bigger profits.
But the wheels started to come off with the acquisition of ABN Amro as part of a consortium at the height of the boom a year ago.But the wheels started to come off with the acquisition of ABN Amro as part of a consortium at the height of the boom a year ago.
Vintage carsVintage cars
Even before the crisis of recent weeks Sir Fred was under fire because of heavy losses and a £12bn rights issue to raise more money for the RBS.Even before the crisis of recent weeks Sir Fred was under fire because of heavy losses and a £12bn rights issue to raise more money for the RBS.
Sir Fred split his time between the City of London and the new RBS headquarters on the edge of Edinburgh.Sir Fred split his time between the City of London and the new RBS headquarters on the edge of Edinburgh.
He is married to Joyce and has two children, but he has worked hard to protect his family's privacy.He is married to Joyce and has two children, but he has worked hard to protect his family's privacy.
Sir Fred likes to restore vintage cars and the Royal Bank of Scotland's long association with Formula One may be in part due to his passion for cars.Sir Fred likes to restore vintage cars and the Royal Bank of Scotland's long association with Formula One may be in part due to his passion for cars.
He plays golf, and is a fan of rugby - again the bank is heavily involved as a sponsor of the Six Nations.He plays golf, and is a fan of rugby - again the bank is heavily involved as a sponsor of the Six Nations.
The RBS became one of the world's top five banksThe RBS became one of the world's top five banks
Sir Fred was a regular visitor to No 11 Downing Street when Gordon Brown was chancellor and there is certain similarity in their backgrounds, having both studied at Glasgow University. Sir Fred was a regular visitor to No 11 Downing Street when Gordon Brown was chancellor.
Sir Fred attended grammar school in Paisley and then went onto study law. Sir Fred attended grammar school in Paisley and then went onto Glasgow University.
He became a chartered accountant in 1983 rising to partner at Touche Ross five years later. He studied law and later became a chartered accountant in 1983 rising to partner at Touche Ross five years later.
Sir Fred led the team handling the liquidation of the Bank of Credit and Commerce International and his subsequent banking career took him to top positions at the Clydesdale Bank and Yorkshire Bank after which he joined the board of RBS in 1998.Sir Fred led the team handling the liquidation of the Bank of Credit and Commerce International and his subsequent banking career took him to top positions at the Clydesdale Bank and Yorkshire Bank after which he joined the board of RBS in 1998.
He was knighted for his services to banking in 2004 and Sir Fred has been chairman of the Prince's Trust charity for a number of years.He was knighted for his services to banking in 2004 and Sir Fred has been chairman of the Prince's Trust charity for a number of years.
The chief executive has agreed to waive a pay-off, which includes the right to a year's salary - £1.29m last year. Including his £2.86m bonus, last year he was paid a total of £4.2m.The chief executive has agreed to waive a pay-off, which includes the right to a year's salary - £1.29m last year. Including his £2.86m bonus, last year he was paid a total of £4.2m.
The 50-year-old has an £8.37m pension pot that will pay him £579,000 when he reaches the bank's retirement age.The 50-year-old has an £8.37m pension pot that will pay him £579,000 when he reaches the bank's retirement age.