Stephen Hester
British banker
Stephen Hester
Stephen Hester, is currently Chief Executive Officer of the Royal Bank of Scotland.
Stephen Hester's personal information overview.
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New job for 
ex-RBS boss Stephen Hester
Yorkshire Evening Post - about 3 years
FORMER Royal Bank of Scotland boss Stephen Hester has been appointed as chief executive of troubled More Than parent RSA Insurance as the group looks to move on from the recent scandal at its Irish business. Mr Hester takes on the role with immediate effect and will be paid an annual salary of £950,000 with the potential for a long-term incentive scheme shares worth up to £2.9 million this year on top of a potential annual bonus.
Article Link:
Yorkshire Evening Post article
DealBook: British Insurer Names R.B.S.’s Former Chief as Its C.E.O.
NYTimes - about 3 years
Stephen Hester, who took the top job at R.B.S. after a government bailout in 2008, replaces Stephen Lee, who resigned as chief of the RSA Group after a profit warning and a £200 million shortfall in the reserves related to its Irish business.
Article Link:
NYTimes article
Cost cutting to blame for RBS's Cyber Monday card glitch, says union
Guardian (UK) - about 3 years
Unite says job losses and offshoring led to customers being unable use debit cards or withdraw cash on Monday Union leaders claimed cost cutting was to blame for technical faults which left millions of Royal Bank of Scotland customers unable to pay for purchases and withdraw cash on Monday and called on the bank to put a stop to its redundancy programme. Unite, Britain's biggest union, said the 30,000 job losses announced by the bailed out bank since 2008 and the offshoring of IT functions had left it unable to provide a proper service to customers, who experienced the problems on one of the busiest shopping days of the year. Dominic Hook, Unite national officer, said: "It is unacceptable that the bank's customers are once again facing inconvenience. Unite has grave concerns that staffing challenges are exacerbating the problems facing the bank, challenges that could be further amplified when the chief executive announces the outcomes of his strategic review in February. "Serious ...
Article Link:
Guardian (UK) article
RBS appoints law firm Clifford Chance to examine small business allegations
Guardian (UK) - over 3 years
Bailed-out Royal Bank of Scotland has been accused of deliberately wrecking viable small businesses to make profits Royal Bank of Scotland has appointed the law firm Clifford Chance to examine damaging allegations that the bailed-out bank is deliberately wrecking viable small businesses to make a profit. The move came as Sir Andrew Large said in a report commissioned by the bank that RBS had left itself open to accusations of conflict of interest by small firms placed in its restructuring division because of its opaque management structure. Large made clear that he had not investigated the allegations, made by an adviser to the business secretary, Vince Cable, but had advised RBS to commission an investigation that will be carried out by Clifford Chance. Large published his report shortly after Cable handed regulators a dossier containing the allegations. Large, a former deputy governor of the Bank of England, urged other banks to review their treatment of small business customers ...
Article Link:
Guardian (UK) article
The Deal: RBS Confirms Creation of Internal 'Bad Bank'
The Street - over 3 years
LONDON (The Deal) -- Royal Bank of Scotland's newly installed CEO Ross McEwan Friday, Nov. 1, put his own -- albeit government-brokered -- mark on the institution's long-running restructuring, accelerating the divestment of RBS Citizens Financial Group, putting toxic assets into an internal "bad bank" and announcing a new review to shave costs. McEwan announced the reorganization at the 81% state-owned bank after the U.K. government decided following a review led by Rothschild and BlackRock that hiving off Royal Bank of Scotland's risky assets into an external "bad bank" wasn't worth the effort or the risk. McEwan's overhaul comes almost five years after predecessor Stephen Hester began a comprehensive revamp of the institution, which received 45.5 billion pounds ($72.9 billion) of state rescue funding in the fall of 2008. Hester was ousted as CEO earlier this year amid political and regulatory pressure for an even more far-reaching reorganization and amid continued criti ...
Article Link:
The Street article
RBS names new CEO to replace Stephen Hester as net profit rises to $811 million
Fox News - over 3 years
Stephen Hester reported his last set of results for bailed-out Royal Bank of Scotland Friday as he prepares to hand over the reins to New Zealander Ross McEwan.
Article Link:
Fox News article
Stephen Hester’s country garden Financial Times Blogs - over 3 years
I call on Stephen Hester of RBS, to see his country house surrounded by what is billed as a large garden
Article Link: Financial Times Blogs article
Government takes another step towards selling stake in Lloyds and RBS
Guardian (UK) - over 3 years
UKFI asks bankers to tender for contracts on potential sale of taxpayer's £65bn share of bailed-out banks The government has taken a step towards selling off the taxpayer's £65bn stakes in Lloyds Banking Group and Royal Bank of Scotland, asking bankers to tender for contracts to advise on the potential sales. The advert, placed by UK Financial Investments (UKFI), the body set up to look after the taxpayer stakes in the bailed-out banks, comes after the chancellor said he was ready to sell off Lloyds but was commissioning work on whether RBS should be broken up. In a Mansion House speech this month, George Osborne said he was "actively considering options for share sales in Lloyds", in which the taxpayer has a 39% stake. But he appeared to delay any sell-off of 81%-owned RBS by saying he would look at whether a bad bank should be hived off. The stake in Lloyds is unlikely to be sold before the bank's interim results on 1 August but Osborne has been careful not to put a timescale on ...
Article Link:
Guardian (UK) article
Banking commission: Bankers should be jailed for 'reckless misconduct'
Guardian (UK) - over 3 years
Commission led by Andrew Tyrie recommends jailing reckless bankers for and enforcing a wait for bonuses George Osborne is facing pressure to radically overhaul Britain's banks by introducing a new law to jail bankers for "reckless misconduct" and force bankers to wait up to 10 years to receive their bonuses. The proposals, among the key measures recommended in a major report by the parliamentary commission on banking standards, also include a call on him to consider breaking up the Royal Bank of Scotland. They come ahead of the chancellor's crucial set-piece Mansion House speech to the City on Wednesday night. The chancellor is urged to restore confidence in the financial system by making top bankers more accountable for their actions in the wake of the 2008 bank bailouts, the Libor rigging scandal, and the shoddy treatment of customers mis-sold payment protection insurance. The senior Conservative MP Andrew Tyrie, who led the commission, said the 80 or so recommendations were int ...
Article Link:
Guardian (UK) article
RBS repayment 'could take a decade' - over 3 years
Ousted boss Stephen Hester today warned it could take up to a decade for the British taxpayers to be repaid its £45bn (€52bn) stake in bailed-out Royal Bank of Scotland.
Article Link: article
THE INTERVIEW: Yes, I was pushed but I'm not angry or bitter, says Stephen Hester...Ousted RBS bank boss denies rift with Osborne
Daily Mail (UK) - over 3 years
George Osborne can sleep easier, Stephen Hester is not bearing a grudge. 'I am not gunning for anyone,' he declares, just a day after he was pushed from his job as chief executive of RBS.
Article Link:
Daily Mail (UK) article
Rollercoaster week for RBS shareholders
Daily Mail (UK) - over 3 years
A rough week for Royal Bank of Scotland went from bad to worse, as its shares slipped following the ousting of boss Stephen Hester, a broker downgrade and a new rate-rigging scandal.
Article Link:
Daily Mail (UK) article
Stephen Hester: A banker at bay
The Economist - over 3 years
My bonus is this big ON JUNE 12th the City’s elite were gathered in St Paul’s Cathedral to watch a debate on morality in banking between the Archbishop of Canterbury and Antony Jenkins, the boss of Barclays (“Saint Antony” to some newspapers, for his efforts to clean up a scandal-tainted bank). Few were paying much attention. Their BlackBerrys were buzzing with news of a fallen angel.The Royal Bank of Scotland (RBS) abruptly announced that its chief executive, Stephen Hester, would leave this year, ahead of a planned sale of the government’s 81% stake in the bank next year (and a day before it announced swingeing job cuts). The Treasury suggested his departure was mutually agreed. But Mr Hester refused to play along. On a conference call he said he had wanted to stay and that it had been the board’s decision for him to leave. The chancellor, George Osborne, probably had at least a hand in pushing him out.The government and the bank’s chairman say they wanted to give certainty to inv ...
Article Link:
The Economist article
Learn about memorable moments in the evolution of Stephen Hester
  • 2012
    Age 51
    Later in 2012, in June, he declined his bonus for the following year after RBS' computer problems. In December 2009, the board of RBS, in which the United Kingdom government has an 84% stake, threatened to resign unless they were permitted to pay bonuses of £1.5bn to staff in its investment arm.
    More Details Hide Details The matter received heavy criticism because it followed a £850bn taxpayer bailout of the banking sector. The Chancellor of the Exchequer, Alistair Darling, said he would not be "held to ransom". In 2010 Hester separated from his wife, fellow banker the Canadian Barbara Abt. The couple, who met while both working at Credit Suisse, have two children. The family home is in Holland Park, west London, but they also have a 350 acre estate in Oxfordshire, Broughton Grange. One of Hester's passions is said to be the garden of Broughton Grange and development of its arboretum, which was designed by landscape architect Tom Stuart-Smith and includes pleached limes, formal beds and five of the first batch of Australian Wollemi pines ever to be brought into the UK. Hester is a trustee of the Royal Botanic Gardens, Kew.
    In 2012 he was offered a bonus of just under £1 million, following some considerable pressure from politicians and the public, he declined the bonus.
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  • 2010
    Age 49
    Alongside this, he took home £6.5m in bonus and pension payments in 2010.
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  • 2008
    Age 47
    In November 2008 he left British Land and on 21 November 2008 replaced Fred Goodwin as Chief Executive of the RBS Group.
    More Details Hide Details Hester is paid an annual salary of £1.2 million by RBS.
  • 2007
    Age 46
    In early 2007, eight months before British Land and other REIT's were caught in the commercial property slump, he said: "I don't believe we are about to see a market decline, but the period of sharp growth is over."
    More Details Hide Details Hester was appointed non-executive deputy chairman of the newly-nationalised Northern Rock by Chancellor of the Exchequer Alistair Darling in March 2008, a role which he resigned from in September 2008 to take a non-executive position on the board of Royal Bank of Scotland.
  • 2004
    Age 43
    He then went on to become Chief Operating Officer, a position he held until November 2004, when he was appointed Chief Executive of British Land.
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  • 2002
    Age 41
    In May 2002 he joined Abbey National as Finance Director.
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  • 2000
    Age 39
    From May 2000 to September 2001, he was Head of Fixed Income Division.
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    Hester held the position of Chief Financial Officer and Head of Support Division, until May 2000.
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  • 1996
    Age 35
    In 1996 he was appointed to the executive board.
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  • 1982
    Age 21
    Hester began his career in 1982 with Credit Suisse, where he started as chairman’s assistant.
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  • 1960
    Born on December 14, 1960.
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Original Authors of this text are noted here.
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