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New job for ex-RBS chief Sir Fred 'Disgust' at new job for Sir Fred
(about 4 hours later)
Former RBS chief executive Sir Fred Goodwin is to become an advisor to the architecture and engineering firm RMJM. Royal Bank of Scotland shareholders have criticised the appointment of Sir Fred Goodwin by the architectural firm RMJM in Edinburgh.
The consultancy role will be his first job since leaving RBS 15 months ago. The consultancy role will be his first job since leaving RBS after the government bailed it out 15 months ago.
RMJM claims to be one of the world's biggest architectural practices. It is best known in Scotland for its role in the Scottish Parliament's construction. Roger Lawson, from the RBS Shareholder Action Group, said it was "ironic" Sir Fred got a job when others were losing theirs in the recession the banks made.
A spokesman for the controversial former bank boss confirmed his new post at the Edinburgh-based firm, but said Sir Fred did not wish to comment. Independent MSP Margo MacDonald said her reaction was "faint disgust".
Sir Fred was in charge at the bank for nine years and steered it from being a bit-part player to one of the top five in the world. Michael Connarty, Labour MP for Linlithgow and East Falkirk, said it was a "very odd appointment".
Huge outcry Sir Fred, who was born in Paisley, was in charge at the bank for nine years and steered it from being a bit-part player to one of the top five in the world.
He built up the bank with numerous acquisitions but the wheels started to come off when RBS bought the Dutch bank ABN Amro at the height of the boom in 2007. He built up the bank with numerous acquisitions but the problems started when RBS bought the Dutch bank ABN Amro at the height of the boom in 2007.
RBS almost collapsed the following year due to a combination of the credit crunch, bad debts and the weight of the debt from ABN Amro. Numerous acquisitions
Sir Fred and RBS chairman Sir Tom McKillop stood down in October of that year, after the government was forced to bail out the bank. Mr Lawson's shareholder group is pursuing a legal claim against RBS for its £12bn rights issue in May 2008.
There was a huge public outcry over Sir Fred's £703,000 pension, which he later reduced to £342,500 a year. That RBS share sale for 200p per share was made five months before the near collapse of the bank and its rescue by taxpayers.
The bank is now 84%-owned by the taxpayer. The bank is now 83% controlled by the UK government, with shares having collapsed by 95% since their high point in 2007.
It is understood Sir Fred will work with RMJM as a consultant on its international strategy. Sir Fred retired from RBS in September 2008, aged 50, with a controversial pension of £700,000 per year - a figure which has been subsequently reduced.
One must question whether the folks who are hiring him are prudent - given that his reputation will proceed him everywhere he goes Roger LawsonRBS Shareholder Action Group
Mr Lawson said: "It's ironic that he's managed to get a job when others are being let go - and in a recession which banks are responsible for.
"One must question whether the folks who are hiring him are prudent - given that his reputation will proceed him everywhere he goes."
Sir Fred - dubbed "Fred the Shred" - has been appointed as a senior adviser with architectural practice RMJM, where he began work just before Christmas.
It was involved in designing the controversial Scottish Parliament building, though the current management had no involvement in that project.
Sir Fred will be based in Edinburgh but will spend the vast majority of his time overseas.
He will not be on the RMJM board but will join four or five other members of the senior advisory panel of the business.
Mr Connarty said: "People wonder what he knew about banking and will now wonder what he knows about building."
Pay package
The Labour MP added: "There is a deep irony that one the architects of RBS's downfall is now working for the architects involved in the Holyrood building fiasco."
Ms MacDonald said: "One of the things that people objected to, and I think with good reason, was the size of Mr Goodwin's pension pot.
"It now transpires that he is not really pensioned off at all, he is quite capable of earning money with another company."
The company would not comment on Sir Fred's pay package, though said it was in line with that of the existing senior advisers to the business.
A source close to RMJM said: "He is going to be working on international projects.
He said Sir Fred has brought an "invaluable skill set" to RMJM.