Sir Fred Goodwin
|Former chief executive of RBS|
About Sir Fred Goodwin
Sir Fred Goodwin was the Chief Executive Officer of the Royal Bank of Scotland from 2000 until 2008. His leadership led the RBS to become one of the largest and most recognized public companies in the world as well as the fifth-largest bank in the world according to market capitalization.
An Effortless Rise To The Top
Sir Fred Goodwin was born on August 17, 1958 in Paisley, Refrewshire, UK. After earning his law degree at Glasgow University, he became an accountant and made partner at the Touche Ross firm by the age of 30. While at the firm, Goodwin often worked with banks hence developing an affinity for financeleading to a banking career move in 1995.
In 1998, Goodwin earned a covetable position at the Royal Bank of Scotland. He quickly moved into the top spot at RBS by the year 2000. Still, the banker faced much criticism by the media who felt thoughts of RBS expansion dictated his moves.. This was further enhanced by comments from critics that he was a shrewd businessman.
The Downfall of a Man
Aggressive takeovers and acquisitions seemed to be the downfall of RBS, who suffered losses of epic proportions in 2008. Its loss was noted as the largest one in UK corporate history. Goodwin was blamed for the collapse of RBS and he stepped down on January 31, 2009.
While admitting to a few mistakes alongside some of his banking counterparts, Goodwin also reduced more than half of his pension in a negotiated agreement between himself and RBS. RBS stated in the agreement that they found no wrong doings with Goodwin's conduct.
After his resignation, the former RBS head kept a low profile from the public eye and a year later, returned to corporate life quietly’ contrary to the chaotic way he left it. Today, Goodwin is an adviser to RMJM, an Edinburgh firm that is currently the world's fifth largest architecture firm.