Former RBS boss Johnny Cameron 'will not fight FSA City job ban'
Monday 17 May 2010
The former boss of the Royal Bank of Scotland's investment banking arm Johnny Cameron will be formally banned from taking any more top jobs in the City this week.
The Financial Services Authority (FSA) launched an inquiry into RBS's global markets and banking division in April last year and is expected to publish its findings tomorrow. Mr Cameron ran the business for seven years, and was one of disgraced former chief executive Fred Goodwin's key lieutenants.
Mr Cameron is understood not to be planning an appeal against the FSA decision that he should not be allowed to apply for further managerial roles which require the watchdog's authorisation.
He left RBS in January 2009 as the bank reeled in the aftermath of the financial crisis and was bailed out with more than £45bn of taxpayers' money.
Mr Cameron has since made two abortive efforts to return to work in the City. He stepped down from an advisory role at recruitment group Odgers Berndtson after a matter of weeks. Richard Boggis-Rolfe, the managing partner of the prestigious headhunter, said that the company had not "correctly read the public mood with regard to former senior executives of RBS" after UK Financial Investments, the body charged with overseeing the government's stakes in the banks, withdrew its contract to find a new chief executive.
And Mr Cameron gave later attempts to join boutique adviser Greenhill, in April 2009, afte hints that the FSA, which has a right to vet senior City appointments on the basis of whether the candidate is "fit and proper", might veto the move.
Although the ban affects permanent employment in the City, Mr Cameron will be allowed to take on short-term consultancy jobs, provided he has FSA approval.
Alongside the FSA's investigation into business practices in the RBS investment banking operation run by Mr Cameron, the watchdog is also looking into RBS's disastrous acquisition of Dutch rival ABN Amro and the £12bn rights issue to help meet the exigencies of the credit crunch.
Mr Cameron is not the only banker to suffer the wrath of the FSA. David Baker, formerly of Northern Rock, has been banned from the City and fined £500,000. And another Rock executive, Richard Barclay, was fined £140,000.
- 1 Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
- 2 #NotGuilty: Second Oxford student writes of brutal rape by two men who then threw her in a bin as part of campaign against victim blaming
- 4 Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
- 5 How the language you speak changes your view of the world
Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
How the language you speak changes your view of the world
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
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
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
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, ...