Jump to content
House Price Crash Forum
Sign in to follow this  
Trampa501

Rbs Chief Exec Stephen Hester Quits With £1.6M-Plus Payoff

Recommended Posts

Bit unfair to the bloke.

There's a lot of unjustfied 'Im worht it' in the city.

Hester is not one of those. He's pretty unique.

He earned his spurs working with Luqman Arnold defusing Abbey National.

Some history:

Abbey National, finding its demutualised wings starting doing loads and loads wholesale commercial loans and other totally illiquid stuff.

http://en.wikipedia.org/wiki/Abbey_National

So much that no one could work out if the bank was bust or not.

This was 2000-2002ish

Arnold + Luqman were parachuted in to dismantle all the cr.p and release some capital.

Basicailly, they had to shovel heaping piles of cr.p that the half-witted building society people had been convinced were going to make them loads of money.

The Abbey National story from demutualisation (1989-2002) would be good to know in detail.

Maybe Hester will write some as a f-you to Gidio, who appears to have fallen for the same sort of smooth talking BS from someone who really knows his stuff:

http://ftalphaville.ft.com/2013/06/11/1531682/translation-competition-algebris-edition/

.

Share this post


Link to post
Share on other sites

He just told ITN that he did NOT want to leave but was asked to go.

Reading between the lines the board wants someone who can commit to seeing the bank through privatisation in 2014/15 and then stay on for several years after, probably at least another 5 years in total. Hester's already been there for coming up to 5 years so perhaps not unreasonably he wasn't willing to make that committment.

Can't say I blame him, he can earn far more elsewhere without having every decision questioned by the usual aray of bankster bashing internet warriors.

Share this post


Link to post
Share on other sites

Reading between the lines the board wants someone who can commit to seeing the bank through privatisation in 2014/15 and then stay on for several years after, probably at least another 5 years in total. Hester's already been there for coming up to 5 years so perhaps not unreasonably he wasn't willing to make that committment.

Can't say I blame him, he can earn far more elsewhere without having every decision questioned by the usual aray of bankster bashing internet warriors.

I'm finding it hard to believe that someone who does a good job (and earns millions in the process) would be bothered in the slightest by internet noise.

Share this post


Link to post
Share on other sites

I'm finding it hard to believe that someone who does a good job (and earns millions in the process) would be bothered in the slightest by internet noise.

RBS boss waives his £1m bonus

Royal Bank of Scotland boss Stephen Hester has decided to waive his controversial £1million bonus for 2011

Ok, so not just the internet but you see my point.

Edited by Goat

Share this post


Link to post
Share on other sites

It is easy to ride, the boom, rather than rolling up your sleeves and deal with crap during the bust.

You understand that Hester joined RBS in 2008 precisely to clean up the crap.

Share this post


Link to post
Share on other sites

You understand that Hester joined RBS in 2008 precisely to clean up the crap.

It would have been good if he was let to finish the job.....finished turning over all the stones. ;)

Share this post


Link to post
Share on other sites

May as well have been £50m

Everybody knows they're untouchable.

Lilibet's London is far far more corrupt than Greece ever was.

Share this post


Link to post
Share on other sites

Apparently Mr Hester already has something lined up: Stephen Hester confirmed as new Dr Who

FORMER RBS chief Stephen Hester is the new Doctor Who, it has been confirmed.

A BBC spokesman said: “”As soon as we heard he was leaving it was a no-brainer, we had to get Hester.

“Like RBS, Doctor Who is a publicly-funded venture that has run into choppy waters. Yes he’s costing us more than Tom Cruise but we need a solid, balding alpha male who is totally the opposite of these foppish emotionally-incontinent Doctors.”

Hester said: “My initial priorities are keeping Clara safe and stabilising the space-time continuum.”

Edited by Goat

Share this post


Link to post
Share on other sites

You understand that Hester joined RBS in 2008 precisely to clean up the crap.

I mean it in a broad sense, in any field and in any job. Even the Lloyds chief had to take time out due to stress. All the ousted chiefs of Northern Rock, HBOS, RBS, rode the ride up through the boom years. It is no easy job for anyone having to roll up their sleeves to deal with the crap left by the predecessors. Everyone ignores the bad news during the boom, but it is magnified during the bust and every decision is scrutinised.

Share this post


Link to post
Share on other sites

I mean it in a broad sense, in any field and in any job. Even the Lloyds chief had to take time out due to stress. All the ousted chiefs of Northern Rock, HBOS, RBS, rode the ride up through the boom years. It is no easy job for anyone having to roll up their sleeves to deal with the crap left by the predecessors. Everyone ignores the bad news during the boom, but it is magnified during the bust and every decision is scrutinised.

SO, what did he do?

Did he dispose of the crap....no, they are long term contracts.

Did he get rid of stupid management?...not really heard of much loss in that department.

Did he sell off bits...maybe.

None of this is hard work....He has a team to carry out his wishes and get the Company behind him.

Short of Cash....QE has helped.

Short of Capital...BoE takes a load off with some haircuts.

None of this is too hard to grasp.

His main problem would be an out of control hierachy....P45s would cure this...and this IS a harrowing task.

Share this post


Link to post
Share on other sites

I mean it in a broad sense, in any field and in any job. Even the Lloyds chief had to take time out due to stress. All the ousted chiefs of Northern Rock, HBOS, RBS, rode the ride up through the boom years. It is no easy job for anyone having to roll up their sleeves to deal with the crap left by the predecessors. Everyone ignores the bad news during the boom, but it is magnified during the bust and every decision is scrutinised.

Fair enough but in terms of this thread Hester wasn't there during the boom and has spent the bust trying to clean up the cr@p.

Share this post


Link to post
Share on other sites

Fair enough but in terms of this thread Hester wasn't there during the boom and has spent the bust trying to clean up the cr@p.

Trying is the key word in that sentence. Pay me 5 million quid for achieving very little and I would be happy.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 245 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.