British bank Northern Rock has appointed the vice chairman of Barclays as its new chief executive. After 26 years at Barclays—the last two of which were as vice chairman—Gary Hoffman will replace Andy Kuipers. Kuipers, who has been with Northern Rock for 20 years, will be replaced at the beginning of October. [[ Image:1378965141 7817eb7212 o. jpg|Customers queue in front of a Northern Rock branch in London on September 14, 2007. ]] Last September, Northern Rock suffered the first run on a British bank in over 100 years, and was forced to become nationalised. Today, Hoffman stated he would return the bank to private ownership "as a thriving, stable business". Some of his past roles include chairman of banking and chairman of Barclaycard. In his new role, he is expected to cut 2,000 of the 6,000 jobs provided by the company in an attempt to be able to pay back money owed to the Bank of England. He is to earn £700,000 per year, plus £400,000 in compensation from losses due to his moving. Including a bonus, he is expected to earn £1.5 million in his first year, making him Britain's highest paid public servant. Among other tasks, he will be working to pay back the £25bn loan Northern Rock got from the Bank of England by 2010, and reducing its mortgage lending from £100bn to £50bn.
British bank Northern Rock has appointed the vice chairman of Barclays as its new chief executive. After 26 years at Barclays—the last two of which were as vice chairman—Gary Hoffman will replace Andy Kuipers. Kuipers, who has been with Northern Rock for 20 years, will be replaced at the beginning of October. [[ File:Northern Rock Customers, September 14, 2007. jpg|Customers queue in front of a Northern Rock branch in London on September 14, 2007. ]] Last September, Northern Rock suffered the first run on a British bank in over 100 years, and was forced to become nationalised. Today, Hoffman stated he would return the bank to private ownership "as a thriving, stable business". Some of his past roles include chairman of banking and chairman of Barclaycard. In his new role, he is expected to cut 2,000 of the 6,000 jobs provided by the company in an attempt to be able to pay back money owed to the Bank of England. He is to earn £700,000 per year, plus £400,000 in compensation from losses due to his moving. Including a bonus, he is expected to earn £1.5 million in his first year, making him Britain's highest paid public servant. Among other tasks, he will be working to pay back the £25bn loan Northern Rock got from the Bank of England by 2010, and reducing its mortgage lending from £100bn to £50bn.
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File:Northern Rock Customers, September 14, 2007.