Royal Bank of Scotland The Fred Factor

Banking is a closely knit business. So when the revolving door in a bank’s executive suite starts spinning, it raises eyebrows. That’s the situation in which that Royal Bank of Scotland finds itself. In the last year, two of the bank’s senior executives decided to quit. First to go was the finance director, Fred Watt. Now Benny Higgins, the head of retail banking, is leaving too. And to add insult to injury, he’s defecting to HBOS, which owns RBS’s cross-town rival, Bank of Scotland. For an ins...