by Stephen McPhie, CA
Partner, RSD Solutions Inc.
I recently posted a blog with the above title that talked briefly about the debacles at 2 of Britain’s largest banks, Royal Bank of Scotland and HBOS.
HBOS was the rather awkward holding company name after the merger of Halifax and Bank of Scotland. However, we don’t need to bother with that any more as HBOS was acquired by Lloyds TSB after Gordon Brown, then Prime Minister, had a quiet word with the Lloyds chairman and said his government would waive competition rules if Lloyds acquired HBOS. This happened much to the anger of Lloyds shareholders who lost a large amount of value as a result, and thus relieved the government of an even higher tab for bailing out the banks.
Anyway, the update is that Andy Hornby, CEO of HBOS at the time of its demise and who shortly thereafter in July 2009 became CEO of Boots Alliance left that company in March to “take a career break”. We can only speculate about that. However, we do not need to feel too sorry for him. He likely has a few million in the bank – assuming he managed his personal finances better than some people think he managed HBOS!
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