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http://news.bbc.co.uk/1/hi/business/7834126.stm

Sir Philip Hampton, the chairman of Sainsbury, is to take over at the Royal Bank of Scotland, the BBC has learnt.

Sir Philip has agreed to take the post of chairman - after RBS's problems led to the resignations of the bank's senior management.

He will replace Sir Tom McKillop as head of the partly nationalised bank.

Ministers are currently working to put in place measures to improve funding for the banks, and to limit losses from the bad loans they have made.

Sir Philip will become deputy chairman and chairman-designate on Monday, then when Sir Tom McKillop steps down at the bank's annual general meeting in April, he will become chairman.

Sub-prime exposure

Last year, as the financial crisis hit banks' worldwide, the UK government took a near-60% stake in RBS amid fears about its solvency. Current times are indeed challenging but RBS has many strong, valuable and enduring business franchises

Sir Philip Hampton

RBS was hit by exposure to the sub-prime market in the US and was also widely thought to have overpaid for the Dutch bank ABN Amro.

An RBS-led consortium paid 71bn euros ($91bn; £61bn) for ABN Amro in October 2007.

In November shareholders voted by 99% in favour of accepting the £20bn ($29.9bn) government bail-out.

At the meeting, the bank's chairman, Sir Tom McKillop, said he was "profoundly sorry" for the bank's financial difficulties.

Chief executive Sir Fred Goodwin also announced his resignation at the meeting, and was replaced by Stephen Hester.

Meanwhile, UK banking shares tumbled on Friday as fears that more financial institutions would look for government cash caused fresh turbulence in the sector.

Barclays shares closed down 25%, while Royal Bank of Scotland saw declines of more than 13%.

Commenting on his appointment, Sir Philip Hampton said: "Current times are indeed challenging but RBS has many strong, valuable and enduring business franchises in the UK and internationally."

"I am optimistic that we can restructure the group to allow these strengths to once again be what we are known and valued for."

Currently, Sir Philip is chairman of UK Financial Investments, the company established to manage the government's shareholding in banks subscribing to its recapitalisation fund. He has said he will leave this post immediately.

You might have thought they'd have learned the lesson of appointing vegetable salesmen in charge of banks. They've only just got rid of Hornby at HBOS and now another supermarket chief takes over at RBS.

What is it with vegetables and bankrupt banks?

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http://news.bbc.co.uk/1/hi/business/7834126.stm

You might have thought they'd have learned the lesson of appointing vegetable salesmen in charge of banks. They've only just got rid of Hornby at HBOS and now another supermarket chief takes over at RBS.

What is it with vegetables and bankrupt banks?

Sir Philip is chairman of UK Financial Investments, the company established to manage the government's shareholding in bank

Agent Brown.

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Sir Philip is chairman of UK Financial Investments, the company established to manage the government's shareholding in bank

Agent Brown.

We're going to see some major re-structuring in Bailout II - A New Hope by the looks of it.

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We're going to see some major re-structuring in Bailout II - A New Hope by the looks of it.

Shouldnt that be Bailout II - Attack of the Grocery Clones ?

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Shouldnt that be Bailout II - Attack of the Grocery Clones ?

The Farce is strong in this one.

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http://news.bbc.co.uk/1/hi/business/7834126.stm

You might have thought they'd have learned the lesson of appointing vegetable salesmen in charge of banks. They've only just got rid of Hornby at HBOS and now another supermarket chief takes over at RBS.

What is it with vegetables and bankrupt banks?

Isn't this were the banking sector has gone wrong - the employment of retail people to maximise opportunity and profit?

It doesn't bode very well does it?

Another nice reward for Labour donors (Sainsbury's).

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Isn't this were the banking sector has gone wrong - the employment of retail people to maximise opportunity and profit?

It doesn't bode very well does it?

Another nice reward for Labour donors (Sainsbury's).

A lot of these times these guys dont bring new ideas, its the people below whom creates the new ideas.

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A lot of these times these guys don't bring new ideas, its the people below whom creates the new ideas.

That may be right, but a new Chairman tends to bring a fresh impetus and new direction; brought in for 'successes' elsewhere. The signal is that that is the direction the organisation is to take.

Either that or it's a cushy little number paying loads of dosh - if he fails he'll receive even more dosh (to go) and will probably be rewarded with a nice consultancy position for HM Govt figuring out where it all went wrong and how to put the genie back in the bottle.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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