Bradford & Bingley group chief executive Christopher Rodrigues has resigned in a move some believe will lead to B&B returning to its core business and selling off recent IFA acquisitions.
Rodrigues, who joined B&B in 1996 as chief executive and engineered an unpopular demutualisation in 2000, is moving to San Francisco to become president and chief executive of Visa International. He will be replaced by Steven Crawshaw, managing director of lending and savings.
Crawshaw says B&B is entering a stage when it will start to accelerate its strategy for depolarisation, including tied, multi-tied and advice.
Some in the industry believe Rodrigues' departure, coupled with the City's long dissatisfaction with B&B's strategy and the fact that his replacement comes from the traditional side of the business, could result in a new back to basics approach, with a number of B&B's acquisitions being put up for sale.
Mortgage expert Mark Chilton says: “It is inevitable with a new chief executive that there will be a significant rethink of strategy and I would not be surprised if they refocused on core business.”