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UKFI chief exec Jim O’Neil quits

Treasury 480

UK Financial Investments chief executive Jim O’Neil has quit and 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.

O’Neil 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.

O’Neil 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.”

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

Ethical banking founder David Jackman says: “The UKFI chief executive leaving this year just confirms there is no prospect of share sales even in the medium term. We need to see an upsurge in growth before share prices rise and the UK can get a decent return. It could take some years.”

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