"of £1 million each in bonuses. Consequently, former CEO Fred Goodwin was stripped of his knighthood in mid-January, and newly appointed CEO Stephen Hester renounced his £1 million bonus after complaints over the bank's performance. 82 percent of Royal Bank of Scotland's shares are now owned by the UK government, which bought Royal Bank of Scotland stock for £42 billion, representing 50 pence per share. In 2011, the shares were worth 19 pence, representing a taxpayer book loss of £26 billion. Historically, the Royal Bank of Scotland stock price went from a high of over 6,900 pence in early 2007"
"Goodwin, former chief executive of Royal Bank of Scotland, was stripped of his knighthood this year. The former HBOS manager also said he did not think he would be granted permission to run a bank again. His successor Andy Hornby, who was at the helm of HBOS when it nearly collapsed in 2008, reiterated in a separate testimony at the commission his 'heartfelt apologies for what had happened at HBOS'. The two former chief executives’ grilling came as Andy Haldane, the Bank of England’s executive director in charge of financial stability, said the impact of the banking crisis was 'as"
"role in the bank's near-collapse in 2008 and Sir James Crosby, the former Chief Executive of HBOS. Debasement (knighthood) Debasement is the formal term for removal of a knighthood or other honour. The last knight to be publicly debased was Sir Francis Mitchell. More recent examples include Sir Roger Casement, whose knighthood was canceled for treason during the First World War, and Sir Anthony Blunt, whose knighthood was withdrawn in 1979. The most recent debasements centre on the fallout from the banking crisis at the end of the first decade of the twenty-first century. Examples include Sir Fred Goodwin, the"
"the time of its collapse in 2008 the Royal Bank of Scotland was the world's fifth largest bank by market capitalisation. CEO Fred ""the Shred"" Goodwin was known for taking excessive risks and showing little concern for his mismanagement, which led to the bank's collapse. Goodwin's demeanour toward colleagues was unpredictable and he is said to have lived a luxury lifestyle while fostering a culture of fear, such that ""colleagues suspected he was a psychopath"". Renowned psychotherapist Professor Manfred F. R. Kets de Vries singled out Goodwin and former Barclays CEO Bob Diamond as exhibiting psychopathic behaviours in his working"
"James Crosby (banker) James Robert Crosby (born 14 March 1956) was Deputy Chairman of the Financial Services Authority from January 2004 until he resigned on 11 February 2009. He had previously been the chief executive of Halifax Bank until its merger with Bank of Scotland to form HBOS, of which he was Chief Executive until 2006. On 3 December 2012 Crosby was required to appear before Britain's Parliamentary Commission on Banking Standards. Crosby was knighted for services to the financial industry in 2006, but offered to renounce his knighthood in 2013 following the official report into the collapse of HBOS."
"Fred Goodwin Frederick Anderson Goodwin, FRSE, FCIBS (born 17 August 1958) is a Scottish chartered accountant and former banker who was Chief Executive Officer (CEO) of the Royal Bank of Scotland Group (RBS) between 2001 and 2009. From 2000 to 2008, he presided over RBS's rapid rise to global prominence as the world's largest company by assets (£1.9 trillion), and fifth-largest bank by stock market value and its even more rapid fall as RBS was forced into effective nationalisation in 2008. On 11 October 2008, Goodwin officially announced his resignation as chief executive and an early retirement, effective from 31"
"the value of the bank's shares fell below a quarter of their level in early 2007. Following criticism from the press for the takeover of ABN AMRO and the UK government having to bail out the bank, McKillop announced his early retirement as Chairman of the Royal Bank of Scotland on 13 October 2008. At a meeting of the Treasury Select Committee of the House of Commons on 10 February 2009, he admitted to having no qualifications in banking. Like the retired bankers present, he apologised for the bankruptcy for RBS. McKillop married Elizabeth Kettle in 1966 and has three"
"January 2009 – a month before RBS announced that its 2008 loss totalled £24.1 billion, the largest annual loss in UK corporate history. From January 2010, he was employed as a senior adviser to RMJM, an international architecture firm. He left the position after less than a year. Goodwin was knighted in 2004 for his services to banking, but in a highly unusual move the honour was annulled by the Queen on 1 February 2012. The Cabinet Office explained ""The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case."" Born in"
"In addition, the Queen and Prince Charles were sympathetic to Goodwin and concerned about the implications of the annulment, as Goodwin had been a good custodian of their charities and served quietly after his departure from RBS. Other awards received by Goodwin include: Fred Goodwin Frederick Anderson Goodwin, FRSE, FCIBS (born 17 August 1958) is a Scottish chartered accountant and former banker who was Chief Executive Officer (CEO) of the Royal Bank of Scotland Group (RBS) between 2001 and 2009. From 2000 to 2008, he presided over RBS's rapid rise to global prominence as the world's largest company by assets"
"identified him as one of twenty-five people who were at the heart of the financial meltdown. Nick Cohen described Goodwin in ""The Guardian"" as ""the characteristic villain of our day"", who made £20m from RBS and left the taxpayer ""with an unlimited liability for the cost of cleaning up the mess"". An online column by Daniel Gross labelled Goodwin ""The World's Worst Banker"", a phrase echoed elsewhere in the media. Gordon Prentice MP argued that his knighthood should be revoked as it is ""wholly inappropriate and anomalous for someone to retain such a reward in these circumstances."" Other members have"
"of Lloyds TSB and HBOS meant that he should be stripped of his knighthood. However, sources within the banking industry have opposed this claim by highlighting that the original stipulations behind this honour came in 1999, long before the banking crash and that a ‘witch hunt’ should be avoided. Victor Blank Sir Maurice Victor Blank, (born 9 November 1942) is an English businessman and philanthropist. He is the former Chairman of Lloyds TSB and the current Chairman of several educational and charitable organisations including the Social Mobility Foundation, UJS Hillel and Wellbeing of Women. Born in 1942, he was educated"
"The Honours Forfeiture Committee considered his request and his knighthood was formally cancelled and annulled on 6 June 2013. Crosby was born in Leeds. He was educated at the Lancaster Royal Grammar School between 1967 and 1974. After leaving the school, he continued his studies in mathematics at Brasenose College, Oxford. Crosby joined financial services company Scottish Amicable (acquired in 1997 by Prudential plc) in 1977. After qualifying as a Fellow of the Faculty of Actuaries in 1980, he was a founding director of J Rothschild Assurance in 1991, which went on to become wealth manager St. James's Place plc."
"Ronald Colville, 2nd Baron Clydesmuir Ronald John Bilsland Colville, 2nd Baron Clydesmuir, KT, CB, MBE, TD (21 May 1917 - 2 October 1996), was a Scottish soldier and businessman. He notably served as Governor of the Bank of Scotland, Lord Lieutenant of Lanarkshire and Captain General of the Queen's Bodyguard in Scotland. He was described as ""an outstanding and dedicated servant of Scotland. He was a gentleman of the old school with a genial wit and great generosity of spirit"". Colville was born in Glasgow, the only son of John Colville, Secretary of State for Scotland (1938–40), who became Governor"
"controversial amongst political and business figures, who pointed out the three-and-a-half-year gap since the near-collapse of RBS, and the coincidence of the referral taking place during a political argument over bonus payments to the current head of the bank. Alistair Darling described the annulment as having appeared to have been taken ""on a whim"", whilst the Institute of Directors warned against creating ""anti-business hysteria"". Darling declared “There is something tawdry about the government directing its fire at Fred Goodwin alone; if it’s right to annul his knighthood, what about the honours of others who were involved in RBS and HBOS?”"
"had gone bust, which it would have had it not been a bank, he would have been entitled to a compassionate payout of £27,000 a year, and if he does not like that he could sue."" Cable added that Goodwin ""obviously has got no sense of shame."" In evidence to the Treasury Select Committee on 3 March 2009 John Kingman, CEO of UK Financial Investments Ltd, the company set up to manage the government's holdings in banks, directly blamed the Royal Bank of Scotland board for awarding its former CEO a discretionary pension. Kingman said that the government was aware"
"Hemmings had lost £700m because of a collapse in the price of Royal Bank of Scotland shares, making him only the ninth richest man in the North West and the 178th in the country. The Rich List editor, Ian Coxon, said the drop in Hemmings' fortunes had been caused by the decrease in value of his North West property portfolio as well as his share investment. He provided the funds for the S.A.F.E centre, a project helping the victims of sexual violence in Preston, Lancashire. Hemmings was appointed Commander of the Royal Victorian Order (CVO) in the 2011 Birthday Honours"
"the Bank of Scotland, he was elected chancellor of the University of St Andrews in 1814, and made a Knight of the Thistle in 1821. The crisis of the system came in 1827 on the resignation of Liverpool and the succession of George Canning, who was set on Catholic emancipation. Melville said that, while he personally supported it, he could not approve of a policy which would split the outgoing cabinet. The Whigs in Canning's coalition now persuaded him that a Scottish manager was unnecessary; the home secretary could do all the work with a native adviser or two. The"
"also an adviser to the then British Prime Minister Gordon Brown, later gave up his knighthood and part of his pension after a Parliamentary report was highly critical of his, HBOS Chairman Lord Dennis Stevenson and HBOS CEO Andy Hornby’s management of the bank. Since his dismissal Moore has been shunned by the financial community and has been unable to find another job in the sector. He has endured depression and alcoholism. He has continued to fight for change in the financial system and to bring those responsible for the 2008 crisis to justice. In 2015 Moore wrote his memoirs"
"received heavy criticism because it followed a £50bn taxpayer bailout of the banking sector. The Chancellor of the Exchequer, Alistair Darling, said he would not be ""held to ransom"". On 12 June 2013 Royal Bank of Scotland announced that Hester would be stepping down as CEO in December 2013, after five years with the bank. He had been brought in to help restructure the bailed-out bank in 2008, at the beginning of the global financial crisis. His leaving package would be in excess of £1.6m. On 4 February 2014, Hester joined RSA Insurance Group as CEO, replacing Simon Lee. Hester"
"bad as a world war'. 'If we are fortunate, the cost of the crisis will be paid for by our children. More likely it will still be being paid for by our grandchildren,' he told BBC Radio 4. 'There is every reason why the general public ought to be deeply upset by what has happened – and angry.' 'Whitehall’s honours forfeiture committee met in recent days and accepted Mr Crosby’s request for him to lose his knighthood.' James Crosby (banker) James Robert Crosby (born 14 March 1956) was Deputy Chairman of the Financial Services Authority from January 2004 until he"
"the London Stock Exchange, carrying other bank shares with it. In September 2012 Peter Cummings, the head of HBOS corporate banking from 2006 to 2008, was fined £500,000 by the UK financial regulator over his role in the bank's collapse. Cummings was also banned from working in the banking industry by the Financial Services Authority (FSA). The losses in his division exceeded the initial taxpayer bailout for the bank in October 2008. On Sunday 3 October 2010, Lyndon Scourfield, former director of mid-market high-risk at Bank of Scotland Corporate, his wife Jacquie Scourfield, ex-director of Remnant Media Tony Cartwright and"
"holding company for both the Co-operative Bank and the Co-operative Insurance Society. During this period, he was made a fellow of the Chartered Institute of Bankers in Scotland; in light of the later scandal, the fellowship was withdrawn on 21 November 2013. After the bank lost £700m in the first half of 2013, and then the discovery of a £1.5bn hole in the bank's finances by new chief executive Euan Sutherland in May 2013, Flowers resigned from the bank in June 2013, taking responsibility for the difficulties the bank experienced after acquiring Britannia. He was replaced by Richard Pym, head"
"now in the process of being replaced by polymer notes: the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018.. On the front of each note is a picture of Lord Ilay (1682–1761), the first governor of the bank, based on a portrait painted in 1744 by the Edinburgh artist Allan Ramsay. The front of the notes also features an engraving of the bank's former headquarters in St Andrew Square, Edinburgh. The background graphic on both sides of the notes is a radial star design which is based"
"Howard Davies (economist) Sir Howard John Davies (born 12 February 1951) is the current Chairman of the Royal Bank of Scotland and the former Director of the London School of Economics. He also teaches courses on the regulation of financial markets and central banking at the Paris School of International Affairs at Sciences Po. He previously served as the first chairman of the Financial Services Authority. Davies was chairman of the Phoenix Group and, until July 2015, chaired the UK Airports Commission. In February 2015 he was appointed Chairman of The Royal Bank of Scotland from September 2015. Howard Davies"
"portrait of King George IV, and this was the last standard-issue Royal Bank of Scotland banknote to depict a reigning monarch. It was also issued after the controversy of the Bankers (Scotland) Act 1826, in which the British government attempted unsuccessfully to prohibit the issue of low-value banknotes. The Royal Bank of Scotland's 1832 issue of £1 notes established the design for all the bank's £1 note issues for 136 years. It featured the bank's name surmounted by the Royal Arms of Scotland, in which the heraldic supporters of The Lion and the Unicorn flanked a portrait of King George"
"through a project called TAURUS (share settlement) had to be abandoned, but the foundations for the CREST (securities depository) system had been put in place by the time he retired in 1994. Hugh Smith was knighted in 1992. Andrew Hugh Smith Sir Andrew Hugh Smith (1931-2012) was a British businessman, most notably chairman of the London Stock Exchange from 1988 to 1994. Born on 6 September 1931, Hugh Smith was the son of a lieutenant-commander in the British Navy. His forebears had founded Nottingham-based Smith’s Bank (which was subsequently bought by National Westminster Bank). Following schooling at Ampleforth College and"
"David Drumm David Kenneth Drumm (born November 1966) is an Irish chartered accountant, former banker and convicted criminal, best known for the crimes he committed as head of Anglo Irish Bank from 2005 to December 2008, when he resigned, amid mounting revelations over hidden loans. The scandal precipitated a collapse of the bank's share price, which in turn led to its nationalisation on 21 January 2009. Drumm was born in November 1966, in the seaside suburb town of Skerries in north County Dublin. He joined Deloitte and Touche from school to train as a chartered accountant. In 1988 he moved"
"Bank of Scotland. John Colville, 1st Baron Clydesmuir Colonel David John Colville, 1st Baron Clydesmuir, (13 February 1894 – 31 October 1954) was a Scottish Unionist politician, and industrialist. He was director of his family's steel and iron business: David Colville & Sons. The only son of John Colville MP, of Cleland, Lanarkshire, he was educated at Charterhouse and at Trinity College, Cambridge. He served in World War I with the 6th Battalion of the Cameronians (Scottish Rifles), and was wounded. He was unsuccessful National Liberal candidate for Motherwell at the 1922 General election. He was unsuccessful again at a"
"SSHA he was Chairman of the Clyde Tourist Association from 1972 to 1975, concurrently with his role as Lord Provost. He retired from the council in 1975 to become Chairman of the SDA. He was knighted by Queen Elizabeth II in June 1974. He died of a heart attack on 9 July 2000 at Glasgow Western Infirmary. He was portrayed by Alan Sutherland. William Gray (Lord Provost) Sir William Stevenson Gray LLD (1928–2000) was a 20th century Scottish business director and Chairman of Clan FM who served as Lord Provost of Glasgow from 1972 to 1975. He was Chairman of"
"when he was appointed Chairman of another subsidiary, Williams & Glyn's Bank. He retired as Chairman of the latter and of the National Commercial Bank of Scotland Group in 1978, but continued to sit on the Group's board until 1982. He also held a range of other positions, including membership of the Scottish Economic Council (1965–74). Blair-Cunynghame received honorary doctorates from the University of St Andrews and the University of Edinburgh (in 1965 and 1969 respectively), was knighted in 1976, and elected a Fellow of the Institute of Banking the following year. He died on 4 January 1990. James Blair-Cunynghame"
"potential for £4 million in shares. The Royal Bank of Scotland stated that, as of the announcement, the search for Hester's successor would commence. Hester was replaced as CEO by New Zealander Ross McEwan, formerly the head of the bank's retail arm, on 1 October 2013. McEwan, who was 56 years old at the start of his tenure, will receive no bonus for his work in 2013 or at the end of 2014, and his pension will be replaced by an annual cash sum equivalent to 35 per cent of his salary as CEO. In November 2013, Royal Bank of"
"After the collapse of Lehman Brothers in September 2008 and the subsequent forced rescue-merger between HBOS and Lloyds TSB, Stevenson and Andy Hornby resigned, waiving their rights to any ""pay-offs"". At a meeting of the Treasury Select Committee of the House of Commons on 10 February 2009, Stevenson apologised for the near-collapse of HBOS. In April 2013, the Parliamentary Commission on Banking Standards assigned the primary responsibility for the collapse of HBOS to Stevenson along with former chief executives Sir James Crosby and Andy Hornby. The commission urged the regulator to ban all three men from the industry. Their report"
"2007 a similar jacket used by Leeson's team but not thought to have been worn by Leeson himself sold at auction for £4,000. Nick Leeson Nicholas William ""Nick"" Leeson (born 25 February 1967) is a former English derivatives broker famous for bringing down Barings Bank, the United Kingdom's oldest merchant bank, into bankruptcy. A rogue trader who made fraudulent, unauthorised and speculative moves, his actions led directly to the 1995 collapse of Barings Bank, for which he was sentenced to prison. Between 2005 and 2011 he had management roles at League of Ireland club Galway United. He is also active"