Return of the natives
No more international fire fighting for Chip Kruger and Gary Holloway. The two men, who stepped down as co-CEOs of NatWest's capital markets business Greenwich Capital in March, have now gone back into business together. And this time they're keeping it small.
They were two of the more high-profile, and certainly two of the most respected, executives to leave NatWest after it lost its battle for independence and was bought by Royal Bank of Scotland.
NatWest bought Greenwich in 1996, one of several acquisitions to try to build a global investment bank. That failed, and NatWest Markets made a $1 billion loss in 1997. Kruger and Holloway stayed on to run what was left, the credit businesses with Greenwich at its core, and turned the business around within two years into a profitable division that made £243 million in 1999, a return on equity of 18%.