Steven Hester: Villain, hero, or just an outstanding business leader?

March 19, 2010


Royal Bank of Scotland took its turn this week as another giant banking institution paying ridiculous bonuses while still in hock to the Government’s bale-out scheme. Its leader Steven Hester is reviled as another fat-cat financial leader insensitive to public opinion

Contrition is a rather hard emotion for a leader to fake. Akio Toyoda struggled recently to convey his regrets, as he attempted to apologise for the faults in the operations of the mighty Toyota corporation. By and large, leaders of the financial institutions have also struggled when called to account in that Harmanesque court of public opinion. So when one of them appears to be making a good fist of apologising without appearing a pathetic wimp and maybe a bit of a damp rag as a leader, it’s worth taking a more careful look.

The BBC’s Hugh Pym asked RBS’s CEO Stephen Hester, why were there still such big losses for RBS. The (3 minute) video interview is worth looking at. If you are interested, I’d advise you to take a look, and judge for yourself. Make your own mind up. I’d like to know what conclusions you reach, after you have watched the brief video … Comments would be welcomed.

Of course, it would be wrong to jump to conclusions on the basis of a three minute interview. On the other hand, it should be enough to compare and contrast the impression being made with that of the majority of apologists on behalf of an organization (or even of a political party).