Incompetance at Halifax Bank of Scotland

Halifax Bank of Scotland (HBoS) has been one of the financial disasters of the last year.

It came to light during a Treasury Committee meeting that they had sacked its Head of Group Risk in 2005. The employee warned had against the costly mistakes which ultimately forced the bank to merge with Lloyds TSB. He was replaced by somebody with limited rise experience.

Posted by Sean Wilson, Independent Financial Adviser, Swindon, Wiltshire

Banking chiefs should be sacked says fund manager

Fund manager James Foster of Artemis says heads of failing banks such as Fred Godwin of Royal Bank of Scotland & Andy Hornby of Halifax Bank of Scotland, "should be shown the door".

He continues, "they had forgotten the basic tenets of banking".

He was referring to their current problems, the way in which these had arisen & how the management of the banks are tackling them.

From Professional Adviser p5 24 July 2008