Fred Goodwin is a Scottish chartered accountant and former banker who was Chief Executive Officer of the Royal Bank of Scotland Group born on 17 August 1958, In Scotland.
He is born to an electrician father and a homemaker mother.
In 1990, He married Joyce McLean. They have two children. In 2011, His wife asked him to leave the house due to his extramarital affair.
He studying law at Glasgow University then attended the Paisley Grammar School.
He had first entered the world of banking while working with Touche Ross, where he had been sent to work as a company representative to work for the National Australia Bank. The NAB was impressed with Fred’s work in helping them taking over Clydesdale and Yorkshire banks. In 1995, Fred was invited to become the deputy chief executive of the Clydesdale Bank. Fred was famous for his ‘5 seconds rule’ according to which He took decisions in 5 seconds and he took the offer. In 1998, Fred was offered the job as deputy CEO of the Royal Bank of Scotland, working alongside the then CEO George Mathewson. George had big intentions of making RBS into some sort of a major international player rather than a mere bank. He had executed the takeover of NatWest, a bank which was three times bigger. In January 2001, Fred had been finally promoted to the position of the CEO of RBS and immediately, He cut about 18,000 jobs as the first thing he did as a CEO had been merging NatWest and RBS. In the first five years after Fred took over as CEO, The assets of RBS quadrupled. With most of the profit coming from investment banking, RBS recorded heavy profits. In 2005, Fred faced some criticism from RBS board as they claimed that Fred was focusing more on global expansion rather than focusing on the short term goals. It had been after Fred attempted to buy a minority stake in the Bank of China. He promised his shareholders that he would stay away from more acquisitions and will focus on the company’s organic growth.
- Frederick Anderson Goodwin is his full name.
Awards and Achievements:
- In 2002, Forbes Magazine had honored him with the Businessman of the Year title.
- In 2003, He had been named European Banker of the Year.
- He has also been honored with an honorary doctor of Laws by the St Andrews University and an honorary fellowship by the London Business School.
What can we learn from Him??
Like Fred Goodwin, Change your life today. Don’t gamble on the future, act now, without delay.