RBS anger as 'Fred the Shred' lands a new job
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Royal Bank of Scotland shareholders last night joined politicians in condemning Sir Fred "the Shred" Goodwin's return to employment, more than a year after he had been cast into comfortable retirement when his institution received an emergency bail-out from the Government.
Roger Lawson, from the RBS Shareholder Action Group, said it was "ironic" that Sir Fred had found a job when others were losing theirs in the recession sparked by the financial traumas experienced by the high street banks.
He also questioned the judgement of the Edinburgh architectural firm RMJM in employing Sir Fred, after his reputation had been damaged by the collapse of RBS and the subsequent furore over his multimillion-pound pension pot. The bitter response followed criticism from a number of Scottish politicians over Sir Fred's return to the spotlight, 15 months after he retired from RBS, aged 50, with a pension of £700,000 per year – a figure that has subsequently been reduced.
Michael Connarty, Labour MP for Linlithgow and East Falkirk, said the appointment was "odd", while Margo MacDonald, independent MSP for the Lothians, said she felt "faint disgust".
Sir Fred will be based in Edinburgh but will spend the vast majority of his time overseas. He will not have a place on the RMJM board, but will sit on the firm's senior advisory panel.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments