Anthony Hilton: Bean-counters' retirement plans highlight problem facing bank boardrooms
Saturday 03 August 2013
Three people I met this week who work in the upper echelons of Big Four accounting firms said they intended to retire soon and thereafter find a role as a non-executive director somewhere. They don't much mind what kind of business – provided it is not a bank.
It underlines the challenge facing Royal Bank of Scotland. The bank has of course just appointed a new chief executive to replace Stephen Hester. But once Ross McEwan is settled in, it will have to think about finding a replacement for Sir Philip Hampton, the chairman. Given the attitude of those mentioned above to serving on bank boards, it will be no easy task.
It is significant that Lloyds, which is in much better shape than RBS, is still looking for a chairman to replace Sir Win Bischoff, who goes by next May. The search is being led by Tony Watson, the senior independent director. Though notable as one of the City's nice guys, even he has not been overwhelmed by top quality candidates.
Sir Philip has not announced that he plans to leave just yet, but the next big challenge for the chairman will be to lead the selling off of the Government's 80 per cent holding. Investors look for continuity in management and respected though Sir Philip is, having done five years he is unlikely to serve another five. But the sale will need to be handled by someone the City believes will stick around. That strongly suggests that next year RBS will also be looking for a new chair.
- 1 Which country would be hardest to invade?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 Floyd Mayweather's mouthguard costs $25,000 - enough to fly to Las Vegas and back 18 times
- 5 Royal baby girl born: Duchess of Cambridge's second child will be a princess thanks to Queen
Which country would be hardest to invade?
Morgan Freeman on the riot-focused coverage of the Baltimore protests: 'F**k the media'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
The man who filmed the Freddie Gray video has been arrested at gunpoint
Nepal earthquake: Many survivors receiving no help despite relief effort
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
Indonesia executions live: 'Hysterical' families heard prisoners being shot dead by firing squad
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
EU exit would hit UK economy much harder than neighbouring countries, study finds
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...