In the Spotlight: Former RBS executive faces action from City regulator

Johnny Cameron
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The Independent Online

Johnny Cameron, Royal Bank of Scotland's head of global banking and markets until the bank's near-collapse in 2008, had no choice but to stand down from his post after the financial crisis forced RBS to turn to the Government for a bailout. It was the huge investments made by his division that threatened to blow up the bank.

Almost two years later, the Financial Services Authority is also seeking to hold him to account. It emerged yesterday that the regulator is close to announcing a bar on Mr Cameron taking another senior position in the City – not that any such appointment was imminent.

Still, unlike some of the prominent scalps taken by the crisis – not least Mr Cameron's boss, Sir Fred Goodwin – the departure of the former Kleinwort Benson banker was not celebrated by many.

Mr Cameron, who joined RBS in 1998, just in time to help it swallow up NatWest, was well-liked by staff at the bank and in the wider City environment in which he operated.

A Scottish aristocrat, Mr Cameron also had as much reason as many to mourn the humbling of one his native country's most august institutions. Still, neither the fondness with which he was regarded, nor his profound sadness at RBS's fate, would save him from opprobrium in the wake of the bank's capitulation to the credit crisis.

He has since been foiled in two separate attempts to restart his career, with the FSA effectively stopping him joining a private equity firm and the Government nixing a job at a top City headhunter with public sector contracts.