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UKFI chief exec Jim O’Neil quits

Treasury 480

UK Financial Investments chief executive Jim O’Neil will leave the organisation later this year.

UKFI manages Government stakes in the Royal Bank of Scotland and Lloyds Banking Group as well as UK Asset Resolution which was set up to wind down the “bad banks” of Northern Rock and Bradford & Bingley.

Earlier this year, prime minister David Cameron called for RBS to be returned to the private sector faster.

O’Neill will take on a senior role at Bank of America Merrill Lynch which he left to join UKFI in 2010. No replacement has been announced.

He says: “I wish to thank my colleagues at UKFI as well as everyone at HM Treasury, Lloyds, RBS and UKAR for all their support. I look forward to watching UKFI’s continued progress. It has been a privilege to work on behalf of taxpayers during such a challenging period for the banking sector.”

UKFI chairman Robin Budenberg says: “Jim’s depth of expertise in banking and financial markets has been crucial for UKFI during a period that has included eurozone crises and the formulation of major regulatory changes for UK banks.”

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