David Prosser: Banks' changing of the guard gathers pace
Thursday 23 September 2010
Outlook Europe's bank bosses are dropping like flies. In the space of a fortnight, we've seen the departures announced of John Varley and Eric Daniels from Barclays and Lloyds respectively. Yesterday it was the turn of Alessandro Profumo, chief executive of UniCredit, Italy's biggest bank, to walk the plank.
The climax of the credit crisis two years ago prompted the immediate departures of bank bosses whose institutions were holed below the water line – the likes of Sir Fred Goodwin at RBS and HBOS's Andy Hornby – but it has taken longer for a more widespread shake-out to take place.
The trigger for Mr Profumo's departure was a row over Libyan shareholdings in UniCredit, but he has for some time been undermined by shareholders' disquiet over the bank's exposure to the problems of Eastern Europe, which came courtesy of a big deal their chief executive pulled off five years ago. Similarly, Mr Daniels has never quite put the hostility of investors towards Lloyds' takeover of HBOS behind him.
Mr Varley is not quite in the same boat. Still, even he belongs to an old guard of bankers associated with the financial crisis. The changing of this guard suggests the world may at last be moving on.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
The Hubble Space Telescope's amazing journey 25 years on
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a white stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Russian warships in English Channel 'to conduct anti-aircraft and anti-submarine military drills'
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...