Goeltz quits NatWest for top post at Amex in US
Tuesday 13 August 1996
Mr Goeltz, 53, joined NatWest in February 1992 from Seaman, the entertainment conglomerate, in New York.
He arrived at a time when the bank was suffering badly from the effects of recession in the UK. Its American retail arm, NatWest Bancorp, lost over pounds 150m in the two years to 1992 while the UK high street operation lost over pounds 100m in that year alone.
Mr Goeltz's tenure has seen the American arm move back to profit and sold off for pounds 2.3bn, while the UK side has also recovered strongly.
NatWest Markets, the investment banking arm formerly known as County NatWest, was threatened with closure by the bank about the time Mr Goeltz arrived. Under new chief executive Martin Owen it now forms a main plank of the group's expansion plans.
Lord Alexander, chairman of NatWest, paid tribute to Mr Goeltz's role in rebuilding the group's fortunes in a difficult period: "I would like to thank Richard for his valued contribution to the group over the past four years."
At American Express Mr Goeltz will replace Michael Monaco, who quit in April following a dispute with his boss, executive chairman Harvey Golub, over the assignments of several senior people.
Mr Goeltz will report to Mr Golub, who said the company had broadened the finance director's role to include serving as a member of the chief executive's office.
That means Mr Goeltz will share responsibility with vice-chairmen Ken Chenault, Jon Linen and Chuck Farr for reviewing business strategies and handling issues that affect more than one business unit, Mr. Golub said.
Diary, page 18
- 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...