Simon English: Did Goodwin have to get hostile with NatWest?
Thursday 18 October 2012
Outlook Perhaps Fred Goodwin doesn't need another nail in the coffin that is his professional and personal reputation. But I have one.
Mr Goodwin's supposedly finest hour, the deal on which his early claim to greatness was based, was the £21bn takeover of NatWest that transformed RBS from some-Scottish-bank to a serious player. Audacious. Bold. Everyone said so at the time, possibly including me.
A banker who worked on that deal offered a different take.
He says that if Mr Goodwin hadn't been so monumentally impossible, so bullying, so arrogant, he could have got the bank for far less without having to make a hostile bid.
The NatWest advisers and the board would have recommended a takeover if only they didn't find that every meeting with the RBS chief executive left them somewhere between baffled and furious.
Perhaps the truth about Mr Goodwin is that he was an awkward fellow who rose to prominence by complete accident.
In the end the deal went through because NatWest's beleaguered investors thought Mr Goodwin couldn't possibly be worse than incumbent chief executive, Derek Wanless.
Mr Wanless is dead, but might be deserving of a posthumous apology.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits record low as popularity suffers in wake of Ukip sex scandal
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Germany sees 'visible rise' in support for far-right extremism in response to perceived 'Islamisation' of the West
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...