After 5 years at the coalface, Stephen Hester has
announced his resignation as RBS chief executive. The subsequent fall of RBS's
share price (wiping £2 billion off the value in minutes) tells you all you need
to know..... he's done a good job.
The big win during his term has been shrinking the toxic
assets from £300 billion to £50 billion. Equally as important has been the
rebuilding of capital and liquidity to respectable levels. Or to put all of this
another way......the Hester Hustle defused the biggest balance-sheet time bonb in history.
Forget the political spin and red top rubbish, a quite remarkable job has been achieved......well as far as polishing a turn can.
Take a bow Mr Hester.
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