The Business Week In Review: Antonio Horta-Osario to return and the FSA report on RBS
Sunday 18 December 2011
Antonio Horta-Osario, the stressed-out chief executive of Lloyds Banking Group, confirmed that he would be back at work in the new year.
Hugely well-regarded, particularly over his handling of the payment protection insurance fiasco a matter of weeks after taking the reins in March, investors were stunned when Horta-Osario took a leave of absence over health concerns last month. Few thought he could return because shareholders would worry that he could end up back in the Priory, where he spent some time during his absence.
But the 47-year-old Portuguese has opted for a more delegated structure that should help him avoid fatigue and he has impressed with his frankness over his problems.
Canadian bank Cannaccord scored a bit of a coup with the £253m acquisition of mid-cap UK stockbroker Collins Stewart Hawkpoint. The move shocked most Collins Stewart staff, who described the move as a "bolt from the blue".
There was finally some good news for BP boss Bob Dudley, after Cameron International agreed to pay the oil giant $250m over its role in the Gulf of Mexico Deepwater Horizon disaster. Cameron made the blow-out preventer that proved ineffective on the rig.
...at a loss
Royal Bank of Scotland's decision-making was "defective" when former chief executive Sir Fred Goodwin pushed through the disastrous £45.5bn takeover of ABN Amro in 2007. A Financial Services Authority report reached this view on Monday, though critics felt it could have been even harsher on RBS's old management team.
Thomas Cook's stand-in chief executive, Sam Weihagen, was forced into the rather horrible decision of shutting 200 of the travel agency's shops, 125 more than previously announced. Around 660 staff are likely to go. The group has been in desperate trouble, having admitted to a £398m loss in the year to September. The share price collapsed and the group had to secure £200m in fresh funding last month to ensure it had a future.
The bad news coming out of Japanese camera maker Olympus never seems to end. Last week, it admitted to a £420m hole in its balance sheet after 13 years of fraud at the company. Despite bringing the practices of Olympus to the world's attention, sacked boss Michael Woodford is facing difficulties in his campaign to be reinstated. Some Japanese institutional shareholders are concerned that the Briton would not win back the trust of the employees.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Food banks: One million Britons will soon be using them, according to Trussell Trust
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...