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Hester Resigns

Community Veteran
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Registered: 12-08-2007

Hester Resigns

Stephen Hester is stepping down as CEO of RBS.  He's done a good job turning RBS round since he's been there.
Hester Resigns
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Community Veteran
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Re: Hester Resigns

Quite possibly had enough of political interference/uncertainty/prevarication/stupidity etc. and wants to get on with his life?  Roll eyes
Community Veteran
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Re: Hester Resigns

........and he leaves with a total payout of £5m+ Cool  Nice work if you can get it.
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Re: Hester Resigns

Certainly is!
Where do i apply?  Cheesy
I need a new signature... i'm bored of the old one!
Community Veteran
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Re: Hester Resigns

Can't imagine you'd get through the interview Wink Wink
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Re: Hester Resigns

Methinks this is all a bit rushed, there is a lot more going on that is unannounced.
Hester's plan/remit was 'to shrink the balance sheet' (down from £2.2tn to £700bn in 5 years) this is counter intuitive to the getting the maximum value return for the taxpayer at resale. All he has been doing is selling off valuable assets (insurance groups, the aviation unit, it's 11 Hilton hotels and so on)
RBS still  have £bn's of toxic debt to deal with? including £31bn in overvalued commercial real-estate.
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Re: Hester Resigns

Quote from: artmo
Can't imagine you'd get through the interview Wink Wink

LOL
To think.. I have to survive on a budget, keep things running, get things done.. all on peanuts! Unlike these people who are used to wasting endless millions I reckon I'd be ideal  Grin
I need a new signature... i'm bored of the old one!
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Re: Hester Resigns

He resigned "at the suggestion of the Board" apparently, wasn't his idea. He disagrees with George Osborne's plans to split RBS into two, a "good" Bank and a "bad" Bank.
Community Veteran
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Re: Hester Resigns

He seems to have disagreed with the timing of plans to privatise the bank.
I don't think he disagreed with splitting the retail and investment sides of the bank as he was already doing this.
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Re: Hester Resigns

Not retail and investment sides, so-called "toxic" investments from sound ones. He had already said he didn't want to do this.
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Re: Hester Resigns

As much as I hate to say it, I actually think it's a shame that he's going.
He's the one banker who under pressure will do the right thing such as giving up his bonus. He's also been through one interview after another and you just don't get that from any other high profile banker.
I don't see why he should resign really. He's clearly better than a lot of them out there and has more common sense than many and will also explain his actions to the public unlike so many bankers.
I need a new signature... i'm bored of the old one!
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Re: Hester Resigns

Quote from: nozzer
Not retail and investment sides, so-called "toxic" investments from sound ones. He had already said he didn't want to do this.

But he has already got rid of some toxic debt:
Toxic Debt
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Re: Hester Resigns

Noooooo...  he is against splitting RBS into two Banks, one containing good debts, the other containing bad debts. I'm not saying he hasn't already got rid of some bad debts, I'm saying he's against hiving off bad debts at all, which is what Osborne wants. The fact that he's already done a lot backs up his claim that the split off isn't necessary.
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Re: Hester Resigns

Quote from: Sprite
As much as I hate to say it, I actually think it's a shame that he's going.

Think he will go to the co-op, (or is that task to big)?
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Re: Hester Resigns

I have friends at RBS some in senior positions and they tell me Hester has been working on splitting the bank up almost since he arrived. He told staff it is the only viable route for RBS.
It is likely that the government controlled UK Asset Resolution would take the toxic debt.

Resolution