At Last - A Bank Boss Comes Out Defending His Corner
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Speaking at a news conference after the publication last week of the bank's first-half results, Hester said: 'We sometimes feel as if commentators variously want us to go back to over-lending, to operating on a not-for-profit basis, to never entertain a client, and to offer employment conditions that deter (hiring and retaining) the brightest and the best. Oh, yes, and at the same time pull off a recovery enabling taxpayers to recoup the support given'.
On the subject of hiring, Hester also said that 'every taxpayer in this country should care about us having good people because without that we won't have the outcome that everyone needs'. And he confirmed that his bank had lost a 'significant' number of investment bankers in certain key areas in the last 12 months, and described the situation as 'damaging, but not yet destructive. We need to make sure it doesn't get destructive, and hopefully stops being damaging'.
Hester also warned that the bank's performance over the next two years would likely be 'poor', due to the legacy problems uncovered in 2008 / 09 and the ongoing economic climate. He warned against hopes of a 'miracle cure'.
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