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’Snap news
The latest on Wednesday,
- HBOS says sale of Australian business will result in immediate funding benefit of around £8bn – statement
- RBS to replace Chairman McKillop and CEO Goodwin – Telegraph
- Euro Stoxx 50 futures down 4.4%;
Three wisemen come bearing gifts to RBS
The going rate for a £12bn rights issue humiliation is three new directors it seems. In RBS world, that is. By that measure Bradford & Bingley should be getting one tenth of a new non-exec any day now.
A double up-grade for RBS
Shredded Sir Fred Goodwin may feel as though, on entering the aircraft, he’s been asked to turn left when he was very much expecting to turn right.
From Morgan Stanley’s UK bank watcher Michael Helsby to clients on Wednesday:
Save Fred campaign (an occasional and reluctant series)
Step forward Simon Pilkington, who heads the banks research team at JPMorgan Cazenove – although we should state at the outset that there’s a risk of damning with faint praise here.
Royal Bank of Scotland has fallen out of sync with its UK peers,
Pressure grows on RBS, Goodwin
Sir Fred Goodwin faced demands from key investors to step down as chief executive of Royal Bank of Scotland within a year, after the bank on Tuesday launched a £12bn rights issue. Several large RBS shareholders said they would push for a succession plan for Sir Fred,
: a board rejig and that scrip divi
This is a breeze for the RBS team. In fact, Sir Fred Goodwin almost shouted “Bring it on!”
Almost. Instead he’s getting some repetitive questions on asset sales – and job losses – which he’s having to bat off with standard pre-cooked replies.
:the resignation question
The conference is in full swing and Sir Fred Goodwin is almost sounding confident. Does he feel under pressure?
“Given that we are in the thick of a global financial crisis here, all of my colleagues feel under pressure.”
:Blogging the conference call
We’re on hold.
Kick off time was 7.30 for the press conference call following news on Tuesday that Royal Bank of Scotland is raising £12bn at the shockingly discounted price of 200p a share on an 11-for-18 basis.
Save Fred campaign gets underway
From the dynamic Exane BNP Paribas banking duo, James Eden and Ian Gordon:
Under a different scenario, it seemed impossible that Sir Fred could survive a rights issue. However, the world moves on and any rights issue would be driven by political expediency rather than a specific business requirement.
Sir Fred Goodwin 2001-2008
The former chief executive of Royal Bank of Scotland rose to the ranks of the global banking elite in the early years of the century on the back of a reckless acquisitions spree, stretching from the initially profitable takeover of NatWest to the cavalier and costly acquisition of ABN Amro.
Lombard: slashing costs is first step at Abbey
When Jamie Dimon took the helm at Chicago’s Bank One in 2000 he found that the legacy of the bank’s acquisition binge included no fewer than seven different deposit computer systems that needed integrating.
Goodwin sounded out over Citi post
Sir Fred Goodwin, the chief executive of Royal Bank of Scotland, is understood to have been informally approached by Citigroup about taking on the chief executive’s role at the world’s largest bank, reported The Sunday Telegraph.
RBS not ‘actively pursuing’ BofA over LaSalle
Sir Fred Goodwin, chief executive of Royal Bank of Scotland, said he was not “actively pursuing” Bank of America in an attempt to restart stalled negotiations over the future of LaSalle, the US subsidiary of ABN Amro.
Gapper: “RBS culture is closer to private equity…”
John Gapper, assessing the prospect of Sir Fred Goodwin getting his hands on ABN Amro, first takes a trip down memory lane in his weekly FT column.
“When George Mathewson, the bank’s then chief executive,