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When RBS collapsed and had to be bailed out by the taxpayer in the financial crisis of October 2008 it played a leading role in tipping Britain into its deepest economic downturn in seven decades. The economy shrank, bank lending froze, hundreds of thousands lost their jobs, living standards are still falling and Britons will be paying higher taxes for decades to pay the clean-up bill. How on earth had a small Scottish bank grown so quickly to become a global financial giant that could do such immense damage when it collapsed? At the centre of the story was Fred Goodwin, the former chief executive known as "Fred the Shred" who terrorised some of his staff and beguiled others. Not a banker by...
This is the definitive account of the Royal Bank of Scotland scandal. For a few brief months in 2007 and 2009, the Royal Bank of Scotland was the largest bank in the world. Then the Edinburgh-based giant - having rapidly grown its footprint to 55 countries and stretched its assets to £2.4 trillion under its hubristic and delinquent former boss Fred Goodwin - crashed to earth. In Shredded, Ian Fraser explores the series of cataclysmic misjudgments, the toxic internal culture and the 'light touch' regulatory regime that gave rise to RBS/NatWest's near-collapse. He also considers why it became the most expensive bank in the world to bail out and why a culture of impunity was allowed to develop...
Jayne-Anne Gadhia, the straight-talking CEO of Virgin Money, looks back at the events that have influenced, shaped and inspired her to become one of the most powerful women in banking. With anecdotes from her life before becoming a banker, including beating the bullies and experiencing racism as part of a mixed race marriage, through to building a business from scratch, working at RBS under Fred Goodwin just before the financial crash, and steering Virgin Money to become a listed business, breaking boundaries along the way, professionally and personally. Jayne-Anne shines a light on issues surrounding the role of women in banking and the alpha-male dinosaurs that dominate the industry. She draws on the relationships and deals that have shaped her career so far, including her personal experience with mental health issues, which has helped her attitude and approach to both her business and personal life. This is not a conventional biography, nor a ‘how to do it’ business book. It is a candid, fresh and fascinating insight into being a woman in business, the financial crisis and the way in which business can be conducted as a force for good.
It started and ended with a financial catastrophe. The Darien disaster of 1700 drove Scotland into union with England, but spawned the institutions which transformed Edinburgh into a global financial centre. The crash of 2008 wrecked the city's two largest and oldest banks – and its reputation. In the three intervening centuries, Edinburgh became a hothouse of financial innovation, prudent banking, reliable insurance and smart investing. The face of the city changed too as money transformed it from medieval squalor to Georgian elegance. This is the story, not just of the institutions which were respected worldwide, but of the personalities too, such as the two hard-drinking Presbyterian ministers who founded the first actuarially-based pension fund; Sir Walter Scott, who faced financial ruin, but wrote his way out of it; the men who financed American railways and eastern rubber plantations with Scottish money; and Fred Goodwin, notorious CEO of RBS, who took the bank to be the biggest in the world, but crashed and burned in 2008.
The revolution in psychiatry that began in earnest in the 1960s led to dramatic advances in the understanding and treatment of manic-depressive illness. Hailed as the most outstanding book in the biomedical sciences when it was originally published in 1990, Manic-Depressive Illness was the first to survey this massive body of evidence comprehensively and to assess its meaning for both clinician and scientist. It also vividly portrayed the experience of manic-depressive illness from the perspective of patients, their doctors, and researchers. Encompassing an understanding about the illness as Kraeplin conceived of it- about its cyclical course and about the essential unity of its bipolar and ...
The evidence is still that honours are more likely to be awarded to civil servants and celebrities than to people who volunteer in their local community. The Committee heard that the process of awarding honours remains opaque, even to the Queen's representatives in the counties, the Lords Lieutenant. PASC calls for an increase in the proportion of people receiving honours for work in their local community, rather than to those who are awarded for their work as civil servants and in the wider public sector. This report sets out proposals to increase accountability and transparency and strengthening the link to the Monarch. These include: the introduction of an independent Honours Commission t...
This was supposed to be the era when democracy came into its own, but instead power and wealth in Britain have slowly been consolidated the hands of a small elite, while the rest of the country struggles financially and switches off politically. We are now ruled by a gang of fat-cats with fingers in every pie who squabble for power among themselves while growing richer. Bored with watching corrupt politicians jockeying for power, ordinary Britons are feeling disconnected from politics and increasingly cynical about the back-scratching relationship between politicians and big business. The New Fewshows us what has led to this point, and asks the critical questions: whyhas Britain become a mor...
This accessible and comprehensive textbook is designed specifically to develop students' understanding of leadership in a variety of contexts. Assuming no prior executive experience, the book combines a wealth of diverse case studies with an engaging writing style to illustrate the practical application of leadership theory in the real-world.
This report examines remuneration in the City of London, as well as the nexus of private actors, including non-executive directors, institutional shareholders, auditors and credit rating agencies, who failed to act as a check on, and balance to, senior managers and the executive boards of banks. The report concludes that the banking crisis has exposed serious flaws and shortcomings in remuneration practices in the banking sector and, in particular, within investment banking. The Committee is concerned that the FSA's Turner Review downplays the role that remuneration played in causing the banking crisis and questions whether the regulator is attaching sufficient priority to tackling the issue...
The Lion Wakes tells the modern story of HSBC, starting in the late 1970s, when the bank first broke out of the Asia-Pacific region with its purchase of Marine Midland Bank in the US. It follows HSBC's battle to purchase Midland Bank in 1992, the subsequent move of head office from Hong Kong to London, and the string of acquisitions that brought the bank to its pre-eminent place in global finance today. Acclaimed historians Richard Roberts and David Kynaston chronicle the bank's struggles as well as its successes: the last part of the book deals with the ill-fated move into consumer finance in the US, as well as the financial crisis of 2008 and its effect on HSBC. Impeccably researched and generously illustrated from the HSBC archives, this is a valuable addition to global financial history.