The Treasury pushed Stephen Hester out of his job as chief executive of Royal Bank of Scotland to cut the cost of his pay-off from the state-backed lender, according to a new book.
The Telegraph reports that unnamed Treasury sources in the book were said to have been 'keen' for the bank to arrange his departure this year to save 'at least £2m' for which he would have qualified had he remained in post until next year.
'If Hester had stayed until next year he would probably have got a bonus in the interim, triggering a much higher pay-out in line with the terms of his contract', wrote Iain Martin in his new book, Making it Happen.
In the meantime, Bloomberg reports that BlackRock has hired Pavan Wadhwa, former head of U.S. dollar interest rate strategy at JPMorgan Chase, to lead a team focused on global interest rate analysis.
Wadhwa will join BlackRock’s Americas fixed-income group later this month in New York and report to Bob Miller, head of the multisector retail and rates team and a portfolio manager on BlackRock’s Strategic Income Opportunities Fund.
Finally, Bloomberg also reports that Zoopla Property Group, an online property website company, has hired Credit Suisse Group to identify strategic options for growth.
'We work with various advisers and have recently engaged Credit Suisse to help us explore further strategic opportunities as we continue to grow', Lawrence Hall, a London-based spokesman, said by e-mail.