Commenting on reports that HBOS Chief Executive Andy Hornby is set to receive a £2m share windfall, Stephen Boyd, Scottish Trades Union Congress (STUC) Assistant Secretary said:
“The focus on the role of speculators in HBOS’s demise has allowed its senior executive’s to wriggle free from the spotlight. Let us be clear, Hornby’s strategy left the bank over exposed to commercial property and sub-prime loans and too reliant on the wholesale markets. In accepting these rewards for failure he exemplifies the arrogance so characteristic of the financial elite.
“The crisis in financial markets will undoubtedly hit the ordinary worker hardest. The pain of redundancy will be exacerbated by the sight of reckless, irresponsible and incompetent senior executives continuing to accrue massive wealth”. ENDS
For further information contact
Stephen Boyd t0141 337 8100