Outlook: Just who is taking over whom?
Saturday 04 September 1999
But the job of making the merger work, that of head of retail operations including retail banking as well as retail financial sales, will go to David Prosser of Legal & General. Fund management will also go to an L&G man, David Rough, marginalising NatWest's Paul Myners.
In an attempt to ensure that entrenched vested interest among the bankers doesn't bury Mr Prosser alive, in the way it did Martin Taylor at Barclays, L&G has demanded and received agreement for a slimmed-down board, and for Mr Prosser to be endowed with sufficient power to defeat the banking baronies should they prove in any way troublesome.
It is a tribute to Sir David Rowland, new in the job and unencumbered by the traditions and baggage of NatWest's past, that he has been able to agree these things, crucial as they are if the bank is ever to derive more than the anticipated pounds 120m of annual cost savings from the takeover. Even so, there's plainly plenty of scope for conflict and grief in a setup of this sort. Let's hope Mr Prosser has the stomach for it.
- 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 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
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
Earthworms rain down from skies over Norway, puzzling scientists
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
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
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
General Election 2015: Polish prince challenges Nigel Farage to a duel over immigration question
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...