Rehabilitation for Britain's disgraced bankers too

America is is not alone in successfully rehabilitating those who have been painted as the villains of the credit crunch: if anything, Britain has been quicker to give once-vilified bankers a second chance.

Tomorrow marks the first anniversary of one of the set-piece events of the financial crisis: the appearance of Sir Fred Goodwin and Sir Tom McKillop of Royal Bank of Scotland and Andy Hornby and Lord Stevenson of HBOS in front of the Treasury Select Committee. A year after MPs grilled them about the credit crisis they were accused of engineering, all four have left the banks behind them, but are not short of gainful employment.

Even the former RBS chief executive Sir Fred, who fled to France in the aftermath of the crisis, has got a new job. He was taken on as a consultant last month by the Scottish architectural consultancy RMJM. Meanwhile, his old boss Sir Tom kept lucrative non-executive directorships for a period and then secured a new post at a Belgian pharmaceutical company.

Andy Hornby is doing even better. The last chief executive of HBOS before it had to be rescued by a Lloyds takeover, Mr Hornby is now the chief executive of Alliance Boots, the privately owned chemists' chain. Were it to be publicly quoted, the company would easily be a member of the FTSE 100 index – it is certainly a bigger business than HBOS these days. Lord Stevenson, the HBOS chairman until its demise, also has a string of interests.

Other failed bankers have been fortunate, too. You might think that Adam Applegarth, the chief executive of Northern Rock, the first bank in Britain in living memory to see a run on its assets, would be unemployable. Apparently not: he now works as an adviser to the private equity group Apollo, advising on, of all things, investments in distressed loans.

There is work for the parole board to do yet, however. Johnny Cameron, a prominent RBS investment banker, had to step down from a new role at the recruitment consultancy Odgers Berndtson last autumn after it lost a contract with UK Financial Investments, the government agency that runs the taxpayers' stakes in our failed banks. No doubt he will be back.

PROMOTED VIDEO
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Accounts Payable

£12 - £15 per hour: Cameron Kennedy Recruitment: Excellent opportunity to join...

Technical BA - Banking - Bristol - £400pd

£400 per hour: Orgtel: Technical Business Analyst - Banking - Bristol - £400pd...

Account Management Strategy Manager

£38000 - £42000 per annum + competitive: Real Staffing: Required skills:Previo...

Business Analyst Consultant (Financial Services)

£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...

Day In a Page

A History of the First World War in 100 Moments: Peace without magnanimity - the summit in a railway siding that ended the fighting

A History of the First World War in 100 Moments

Peace without magnanimity - the summit in a railway siding that ended the fighting
Scottish independence: How the Commonwealth Games could swing the vote

Scottish independence: How the Commonwealth Games could swing the vote

In the final part of our series, Chris Green arrives in Glasgow - a host city struggling to keep the politics out of its celebration of sport
Out in the cold: A writer spends a night on the streets and hears the stories of the homeless

A writer spends a night on the streets

Rough sleepers - the homeless, the destitute and the drunk - exist in every city. Will Nicoll meets those whose luck has run out
Striking new stations, high-speed links and (whisper it) better services - the UK's railways are entering a new golden age

UK's railways are entering a new golden age

New stations are opening across the country and our railways appear to be entering an era not seen in Britain since the early 1950s
Conchita Wurst becomes a 'bride' on the Paris catwalk - and proves there is life after Eurovision

Conchita becomes a 'bride' on Paris catwalk

Alexander Fury salutes the Eurovision Song Contest winner's latest triumph
Pétanque World Championship in Marseilles hit by

Pétanque 'world cup' hit by death threats

This year's most acrimonious sporting event took place in France, not Brazil. How did pétanque get so passionate?
Whelks are healthy, versatile and sustainable - so why did we stop eating them in the UK?

Why did we stop eating whelks?

Whelks were the Victorian equivalent of the donor kebab and our stocks are abundant. So why do we now export them all to the Far East?
10 best women's sunglasses

In the shade: 10 best women's sunglasses

From luxury bespoke eyewear to fun festival sunnies, we round up the shades to be seen in this summer
Germany vs Argentina World Cup 2014: Lionel Messi? Javier Mascherano is key for Argentina...

World Cup final: Messi? Mascherano is key for Argentina...

No 10 is always centre of attention but Barça team-mate is just as crucial to finalists’ hopes
Siobhan-Marie O’Connor: Swimmer knows she needs Glasgow joy on road to Rio

Siobhan-Marie O’Connor: Swimmer needs Glasgow joy on road to Rio

18-year-old says this month’s Commonwealth Games are a key staging post in her career before time slips away
The true Gaza back-story that the Israelis aren’t telling this week

The true Gaza back-story that the Israelis aren’t telling this week

A future Palestine state will have no borders and be an enclave within Israel, surrounded on all sides by Israeli-held territory, says Robert Fisk
A History of the First World War in 100 Moments: The German people demand an end to the fighting

A History of the First World War in 100 Moments

The German people demand an end to the fighting
New play by Oscar Wilde's grandson reveals what the Irish wit said at his trials

New play reveals what Oscar Wilde said at trials

For a century, what Wilde actually said at his trials was a mystery. But the recent discovery of shorthand notes changed that. Now his grandson Merlin Holland has turned them into a play
Can scientists save the world's sea life from

Can scientists save our sea life?

By the end of the century, the only living things left in our oceans could be plankton and jellyfish. Alex Renton meets the scientists who are trying to turn the tide
Richard III, Trafalgar Studios, review: Martin Freeman gives highly intelligent performance

Richard III review

Martin Freeman’s psychotic monarch is big on mockery but wanting in malice