Summary
SO Brownite Treasury civil servant John Kingman is quitting as Pounds 143,000-a-year chief executive of UK Financial Investments, which oversees the Government's stakes in Royal Bank of Scotland, Lloyds, Bradford & Bingley, etc. Kingman is well-regarded in the City but the task of running UKFI looks gruelling even for a tough nut like him. Moreover, he has scant experience of banking or trading in financial markets -- which is surely a weakness when the Government has to offload the stakes in those banks in due course.
What's significant is that Kingman, 40, won't be returning to the Treasury and is quitting the Civil Service for the private sector. Having risen so far so fast -- he became number two, Second Permanent Secretary, at the age of just 37 -- there was a view that he would struggle to rise further quickly. The Cameroons were likely to regard him with suspicion too, given he used to be Gordon Brown's press secretary. But having built up a fantastic contacts book (he dealt regularly with Goldman Sachs, UBS, Citi, Credit Suisse, among others during the frantic bank bailouts), he will have his pick of City jobs and a far juicier salary than Pounds 143,000.See the full content of this document
Extract
Time for Kingman to Make a Fortune [Edition 3]
SIR Win Bischoff will earn a flat salary o...
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