Who was the CEO of the Royal Bank of Scotland when it was bailed out in 2008?

Fred Goodwin was the CEO of the Royal Bank of Scotland when it was bailed out in 2008.

Goodwin led the Royal Bank of Scotland Group from 2001 until 2009, a period in which the bank expanded aggressively. The most consequential move was RBS’s 2007 purchase of ABN AMRO in a consortium deal, completed just as global credit conditions were deteriorating.

In October 2008, the British government rescued RBS during the financial crisis by injecting billions of pounds in capital and taking a majority stake. The intervention was designed to prevent the bank’s collapse and protect the wider financial system. Goodwin announced his resignation shortly afterward, with his departure taking effect in January 2009.

The main confusion is with Stephen Hester, who became RBS chief executive after Goodwin. Sir Tom McKillop was RBS’s chairman, not its CEO. Goodwin was widely nicknamed “Fred the Shred” for his cost-cutting reputation, but the bailout was tied to the bank’s broader balance-sheet risks and acquisition strategy.