NatWest hires pensions chief to take charge of restructuring
Saturday 13 November 1999
Mr Lyons joins the bank on Monday as director of corporate projects. He will not join the board and will report to Ron Sandler, NatWest's new chief operating officer. His task will be to manage the group's transition from 13 business units into five, devoted to retail banking, corporate banking, global financial markets, cards and private banking.
The senior appointment is the second since Bank of Scotland launched its bid and comes after the chairman, David Rowland replaced Derek Wanless, the chief executive, with Mr Sandler.
Mr Rowland's strategy of bringing in people from outside NatWest to defend it against BoS's hostile bid has attracted criticism from some analysts. Mr Rowland said: "Bringing in new people frees things up and we're finding great ideas have been thought of already. NatWest is very good at planning. What it's not good at is decision-making and implementing. Mr Lyons' background is in savings and life assurance, an area that needs lots more attention, especially in how well sell our products,"
There would be further senior appointments, he said. However, none were in the pipeline as yet.
Meanwhile, the Bank of Scotland said it would not be responding to questions put to it by NatWest seeking to clarify its bid. "They're of no consequence," said a spokesman. "If you apply our cost-income ratio to their cost base you get a billion pounds of savings before you even get into synergy benefits. Admittedly, it's an academic formula."
NatWest's final defence document would contain more information to help shareholders evaluate BoS's bid, Mr Rowland said. "It will amplify what shareholders already have," he said.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 3 The ten most unequal developed countries in the world
- 4 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 5 Toddler throws a tantrum at the White House – in front of Barack Obama
JK Rowling horrified by Harry Potter actor Matthew Lewis's raunchy photoshoot
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...