Word: mckillop
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...liabilities. In a jam-packed committee room, the former bankers picked over their biggest mistakes. Shelling out some $15 billion for a chunk of rival Dutch lender ABN Amro in mid-2007 - when all the signs were pointing to a testing time for banks - was "a big mistake," Tom McKillop, RBS's former chairman, told the committee...
...Following the collapse in September of U.S. investment bank Lehman Brothers, RBS's depleted capital reserves - a consequence of that ABN deal - meant "the spotlight fell on us, and the share price dropped 60% in two days," Goodwin said. Added McKillop: "We are sorry we bought ABN Amro." At HBOS, said Hornby, who stepped down as its CEO in 2008 after only two years in the job, "years of reliance on wholesale funding left us in a vulnerable position." No kidding. When the meltdown in those markets occurred, HBOS was history. "The fundamental mistake that HBOS made was," said Stevenson...
...some $20 billion in much-needed capital, after subprime-related losses - and an ill-timed takeover last year of Dutch bank ABN Amro - blew a big hole in its balance sheet. "It's immensely regretful we're coming to shareholders to raise funds again," said RBS chairman Tom McKillop. "It's something we feel bad about." So bad, in fact, that McKillop now plans to quit next year; RBS CEO Fred Goodwin resigned Monday, as did his counterpart at HBOS...
...pray before a casket holding the remains of Italian youth worker Pier Giorgio Frassati, which had been shipped to Australia for the occasion. In a small convent chapel on the other side of Sydney Harbour, they did the same at the tomb of 19th-century Australian nun Mary McKillop. Both are patrons of World Youth Day and, their supporters hope, will soon be declared saints by the Church. Out in the bright blue, southern hemisphere winter day, pilgrims strolled or sat in the sunshine, strumming guitars, snapping photos, checking daily Papal text messages, and buying "I [heart] Jesus" T shirts...
...latest development to come down London--based AstraZeneca's pipeline is David Brennan, 51, who will take over as CEO from Scotsman Sir Tom McKillop. The American's marketing skills in his previous slot helped turn potions like antiulcer Nexium into blockbusters in North America. Astra's surprisingly strong second quarter quieted some grumbling among shareholders about failed new products and other pipeline issues. Upcoming drugs to treat diabetes and cancer could help Brennan meet analysts' optimistic projections. --L.T.C...