An analyst has urged the government not to start a witch-hunt against FDs of
some of the UK’s biggest banks following the departures of RBS’s Sir Fred
Goodwin and HBOS’s Andy Hornby from their chief executive jobs.
The banking expert warned against putting Guy Whittaker of RBS and Mike Ellis
of HBOS in the firing line if the banks were to have any hope of meeting the
challenges they face in reviving their battered balance sheets.
‘Looking for a scapegoat is wrong. How the banks manage themselves over the
next year with increased capital requirements during quite a significant
downturn is vital. The last thing the banks need is a revolving door policy [for
the FDs],’ the analyst said.
‘I think there are already too many people seeking to identify groups to
blame. Somebody in the government wanted a change,’ added the analyst in
relation to the Goodwin and Hornby exits.
The environment for bank executives has become much more hostile since the
government bail-out with public vitriol intensifying.
Government figures are believed to have insisted on boardroom changes as a
condition of granting the £37bn bail-out.
The Treasury denied putting pressure on companies to ditch chief executives
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed