Fred Goodwin

Quick Facts

Full Name	Fred Goodwin
Occupation	Businessperson
Date Of Birth	Aug 17, 1958(1958-08-17)
Age	66
Birthplace	Paisley
Country	United Kingdom
Birth City	Scotland
Horoscope	Leo

Fred Goodwin Biography

Fred Goodwin is one of the most popular and richest Businessperson who was born on August 17, 1958 in Paisley, Scotland, United Kingdom. Frederick Anderson Goodwin, FRSE, FCIBS (born 17 August 1958) is a Scottish chartered accountant and banker who served as the Chief executive officer (CEO) for the Royal Bank of Scotland Group (RBS) between 2001 and 2009.

In The Daily Mail, Goodwin had been considered by analysts to be an arrogant personalities within the city’. The price of the share, at the time he was named CEO of RBS in January 2001 was 442p. After the company had reached PS18 per shares (equivalent of PS6 per share following the fact that each share was divided into three shares in May 2007) On the day of his departure , it was revealed that the price for shares was 65.70p which included rights issues, buybacks and share buybacks and market valuation. Despite this however, in the Daily Telegraph, Daily Telegraph insisted that “his grasp of finance is in the Alpha class” and that the former banker could be “unlikely to be in the growing queue of jobless bankers” for the duration of. In 2008/09 it was reported that the RBS company was effectively nationalised. The UK Government owns nearly 70 percent of the shares of the company due to its massive debts. In January 2009, the price of shares was nearly 98% lower from its peak in February 2007.

Goodwin has chaired various government task forces including one examining the work of credit unions and the New Deal programme. He is a former president of the Chartered Institute of Bankers in Scotland. Goodwin became chairman of The Prince’s Trust in 2003. It was announced in January 2009 that his tenure would not be renewed for another three-year term, which he left in June 2009.

After the purchase of NatWest, RBS made a string of further acquisitions around the world, including the purchase of Irish mortgage provider First Active and UK insurers Churchill Insurance and Direct Line. During negotiations with Credit Suisse over the acquisition of Churchill, it is said that Goodwin maintained silence for an hour at lunch with Credit Suisse’s CEO, supporting his demand for indemnity against any potential losses from the associated The Accident Group, which would collapse soon after. He got his way. RBS also bulked up its US Citizens Financial Group, Inc. arm with a string of further deals. Then in May 2004, RBS said it would purchase Charter One Financial Inc. of Cleveland, Ohio for $10.5 billion. The deal, at a price “widely considered too high” spread the RBS’s banking web across the Midwest for the first time, and made its U.S. banking operations No. 7 in the United States.

He was appointed to the Royal Bank of Scotland in 1998 as the deputy CEO to the CEO at the time, Sir George Mathewson, who had plans to transform RBS a major player , rather than a central bank. RBS gained attention in 2000 when it announced its PS23.6 billion acquisition of NatWest which was a bank three times larger. While Goodwin’s predecessor Mathewson took the lead in the transaction however it was Goodwin’s tenacity and his capacity to impress the investors that helped secure the deal against an intense competition from Bank of Scotland. The Sunday Times wrote that “The NatWest deal was the making of Goodwin,” which led to Goodwin being promoted to CEO in January 2001 shortly after the deal was signed committed to advancing Mathewson’s dream. Goodwin did not disappoint his name, eliminating 18,000 positions by combining elements from RBS along with NatWest.

Fred Goodwin Net Worth

Fred Goodwin is one of the richest Businessperson from United Kingdom. According to our analysis, Wikipedia, Forbes & Business Insider, Fred Goodwin 's net worth $5 Million. (Last Update: December 11, 2023)

The family was born in Paisley, Renfrewshire, Goodwin is the son of an electrician from Scotland. Scottish electrician. He was also the first member of his family members to attend university. He attended Paisley Grammar School before studying law at Glasgow University. He joined the accounting firm Touche Ross and was certified as chartered accountant in 1983. In the years 1985-87 the accountant was part of the Touche Ross management consultant team in Rosyth Dockyard, and became an associate in Touche Ross in 1988. He was appointed director at Short Brothers, and tasked with preparing the biggest industry employer Northern Ireland for its 1989 privatisation. For Touche Ross, he managed the global elimination of Bank of Credit and Commerce International following its demise in July of 1991. At the age of 32 Goodwin was in charge of a group of more than 1,000 and teams all the way from London all the way to Abu Dhabi and the Cayman Islands, which eventually returned more than 50 percent of the money it received that was seized from the biggest, well-known financial frauds.

His transition into banking was through his working with Touche Ross with the National Australia Bank which was a major contributor to the due diligence in its 1987 acquisition of Clydesdale Bank from the then Midland Bank and again with the acquisition in 1995 of Yorkshire Bank. While working on the latter, he was spotted by National Australia Bank executive Don Argus and was then invited to become the deputy the chief executive at Clydesdale in 1995. He was then, in accordance with the “five-second rule”, accepted as soon as he was able to become chief executive of the National Australia’s British banking operations in the year 1996. At the time, he earned the nickname “Fred the Shred” from City financiers, which reflected a reputation for his relentless pursuit of savings in costs and efficiency while working at Clydesdale. He was later referred to by the press as “a corporate Attila”, after gaining a reputation within the City as a feared outsider – despite being Scottish and not having been educated in a public school or at Oxbridge and who conducted raids across the south and abroad when it was appropriate for his needs.

The third contributor to RBS’s problems was its liquidity position. From a position around 2002 where the bank was essentially ‘fully funded’ (i.e. was funding its lending positions fully from deposits gathered from customers), the rapid growth in lending within the GBM (Global Banking and Markets) division led to a reliance on external wholesale funding. The combination of this, along with the weak equity capital position, and the massive exposure to losses on CDOs via Greenwich, were the factors that destroyed RBS. The bank experienced severe financial problems, and attempted to shore up its balance sheet with a £12 billion share issue in April 2008, one of the largest in UK corporate history. The attempt to raise an additional £7 billion capital by selling off insurers Churchill and Direct Line failed due to lack of interest in the context of the global liquidity crisis. RBS was forced in October 2008 to rely on a UK Government bank rescue package to support a shareholder recapitalisation of the bank, which resulted in the government owning a majority of the shares. Following two rights issues in 2008, Goodwin resigned as Chief Executive.

Height, Weight & Body Measurements

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Who is Fred Goodwin Dating?

According to our records, Fred Goodwin married to Joyce McLean. As of December 1, 2023, Fred Goodwin’s is not dating anyone.

Relationships Record : We have no records of past relationships for Fred Goodwin. You may help us to build the dating records for Fred Goodwin!

From the time that Goodwin took over as chief executive until 2007, RBS’s assets quadrupled, its cost-to-income ratio improved markedly, and its profits soared. In 2006, pre-tax profits climbed 16% to £9.2 billion with significant growth coming from its investment banking business. By 2008 RBS was the fifth- largest bank in the world by market capitalisation. One of the factors in its rise was its enthusiasm for supporting leveraged buyouts. In 2008 it lent $9.3bn, more than double its nearest rival.

Facts & Trivia

Fred Ranked on the list of most popular Businessperson. Also ranked in the elit list of famous people born in United Kingdom. Fred Goodwin celebrates birthday on August 17 of every year.

On 13 October 2008, as part of the arrangement for government support (of which Goodwin said “This isn’t a negotiation, it’s a drive-by shooting”), it was announced that Goodwin was to stand down as CEO, to be replaced by Stephen Hester. Goodwin formally left RBS on 1 January 2009.

Where is Fred Goodwin now?

According to one local, Mr Goodwin, who was stripped of his knighthood following his resignation from RBS, spends much of his time these days at the exclusive Archerfield golf club near North Berwick, East Lothian.

What did Fred Goodwin do?

Frederick Anderson Goodwin FRSE FCIBS (born 17 August 1958) is a Scottish chartered accountant and former banker who was Chief Executive Officer (CEO) of the Royal Bank of Scotland Group (RBS) between 2001 and 2009.

Why did Royal Bank of Scotland collapse?

Royal Bank of Scotland came to the brink of collapse in 2008 after a global acquisition spree that briefly made it the world’s biggest bank but also left it heavily exposed to risky loans in the U.S. The government owned as much as 84.4% of the bank after investing 45.5 billion pounds in 2008 and 2009.

Who is the CEO of RBS?

Alison Rose (Nov 1, 2019–)

Has Royal Bank of Scotland been taken over?

On 14 February 2020, it was announced that the holding company of Royal Bank of Scotland (Royal Bank of Scotland Group plc) would be renamed NatWest Group plc later that year, taking the brand under which the majority of its business is delivered. The change took place on 22 July 2020.