George Osborne is about to take a decision that will help determine his legacy. While the fastest growth since 2010 is boosting voter confidence in his stewardship of the U.K. economy, his ruling on the future of Royal Bank of Scotland Group Plc may yet mar that achievement.
The British government’s decision to strip former Royal Bank of Scotland Group Plc Chief Executive Officer Fred Goodwin of his knighthood reflects a turning point for bankers as politicians and voters step up criticism of pay and performance.
Fred Goodwin, Royal Bank of Scotland Group Plc’s former chief executive officer, was stripped of his knighthood by the U.K. authorities after he led the 285-year-old lender into the world’s biggest bank bailout.
The U.K.’s Financial Services Authority refused to release questions it asked former Royal Bank of Scotland Group Plc Chief Executive Officer Fred Goodwin, regarding the bank’s near collapse, saying it’s his own personal information and may deter others from cooperating.
A report on Royal Bank of Scotland Group Plc’s near-collapse was changed to remove a section that said Fred Goodwin, the lender’s former chief executive officer, “lacked the experience to run an international bank.”
Five years after giving Royal Bank of Scotland Group Plc a record banking bailout, the British government is making it harder to recoup its money by sowing confusion over the firm’s structure and future profitability.
Fred Goodwin , the former chief executive officer of Royal Bank of Scotland Group Plc , will be questioned by the U.K.’s financial regulator, which has at least three open investigations into the bank, according to two people familiar with the matter.