Knight stepping down as face of UK banking
Tuesday 03 April 2012
The woman who has been the public face of banking in the UK throughout the financial crisis is to step down.
Angela Knight announced yesterday that she was quitting as chief executive of the British Bankers' Association (BBA), five years after taking up the role. That was only months before the first run on a British bank in more than a century, which resulted in the nationalisation of Northern Rock.
Since then Ms Knight, pictured, has defended the banking industry as two of the major players had to be bailed out by taxpayers to the tune of £65bn, bankers' bonuses became the target of politicians' and the public's ire, and the sector was found to have indulged in mis-selling of insurance products which cost it £7bn in compensation payments to victims.
Asked about the widespread loathing of bankers and their bonuses, Ms Knight said: "Events have overtaken the perception of bankers. The whole business of the financial crisis overwhelmed the fact that we have a fantastic industry in this country which punches above its weight globally."
She is leaving at a time when the BBA is coming under increasing pressure to change the way Libor, the key interest rate that banks charge for lending to each other, is calculated. Financial regulators around the globe are investigating allegations that banks and traders colluded to fix the rate to hide their true cost of borrowing.
Ms Knight believes she has set out a framework for a new, open way to calculate Libor. She said: "The issues of the past are for the authorities. What we can do is something about the future."
Headhunters began the search for her replacement yesterday, and she will stay on until that person has been found. She said: "I joined the BBA on April Fool's Day 2007 and have been here at a time of extraordinary difficulty and during a crisis of a magnitude that few, if any, have seen before or expected. More or less anything that could have happened did happen.
"The BBA has played a strong part throughout this challenging period and has helped the industry it represents with the significant changes to regulation and legislation required."
Marcus Agius, the chairman of the BBA and Barclays, said: "Angela has been instrumental in overseeing the BBA's development as the key voice in the debate on the future of the banking sector."
A former Conservative Treasury minister who went on to run the Association of Private Client Investment Managers and Stockbrokers, Ms Knight, 61, said: "I've got another big job in me although I have no irons in the fire."
Asked if she might return to politics she said: "I'm ducking any political questions. All I will say is that I eat sausage rolls rather than pasties because they have less pastry on them."
The Microsoft mogul told fans a few home truths during his Reddit AMA
First full-length look is finally here
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Ball pool for adults opens in London
- 4 Baldness could soon be treated using stem cells, scientists hope
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...