The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

<b>Victims of their own success</b>

    Headline: Victims of their own success
Source: Euromoney
Date: April 2000
Author: Antony Currie

If any Hollywood producer decides to make a farce about financial markets, he might want to give Chip Kruger and Gary Holloway a call. These two have been pawns in NatWest's soap-opera saga of buying into investment banking, selling out of most of it less than three years later, and then using what was left as a financial punchbag in a desperate attempt to avoid falling prey to a hostile bid from one of two Scottish banks.

They were the co-CEOs of US boutique Greenwich Capital, bought by the UK bank in 1996 as just one of several largely doomed investment-banking investments. After an equity derivatives loss of £90 million in March 1997, NatWest reviewed and dumped its strategy. Kruger was promoted to run the old NatWest Markets, which was broken up and sold off. Only the bank's debt businesses remained. Kruger and Holloway had convinced the board to let them try to resurrect some pride. And profit.

For a year, that entailed bearing the brunt of the criticisms for the previous failures which they had nothing to do with - including a registered loss for the investment-banking division of $1 billion in 1997.








You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree