Päijänne Water Tunnel and Fred Goodwin: Difference between pages
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{{otherpeople2|Frederick Goodwin}} |
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[[Image:Päijännetunneli.png|thumb|250px|Map of the Päijänne Water Tunnel.<br />'''1.''' Asikkalanselkä<br />'''2.''' Kalliomäki water distribution station<br />'''3.''' Korpimäki water pump station<br/>'''4.''' Artificial lake of Silvola ]] |
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Sir '''Frederick (Fred) Anderson Goodwin''' DUniv, [[Chartered Institute of Bankers in Scotland|FCIBS]], [[Institute of Bankers|FCIB]], [[Doctor of Laws|LLD]] (born [[17 August]] [[1958]]) is a [[Scotland|Scottish]] [[banking|banker]], the current [[chief executive]] of the [[Royal Bank of Scotland Group]]. |
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==Biography== |
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Born in [[Paisley]], [[Renfrewshire]], his mother was of [[Germany|German]] [[Jewish]] heritage, his father is a Scottish [[Protestant]]. Goodwin attended [[Paisley Grammar School]], before studying [[law]] at [[Glasgow University]]. He joined accountants [[Touche Ross]], and qualified as a [[chartered accountant]] in 1983. He became a partner in 1988 and won his spurs as [[chief operating officer]] of the worldwide liquidation of [[Bank of Credit and Commerce International]] in 1990. At 32, Goodwin was in charge of 1,000 people with teams from [[London]] to [[Abu Dhabi]] and the [[Cayman Islands]] that eventually got back half the money from one of the most complicated, high-profile financial frauds ever. |
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Goodwin was then headhunted for the job of deputy chief executive of [[Clydesdale Bank]] in 1995, then as CEO at [[Clydesdale Bank]] and [[Yorkshire Bank]] from 1996. |
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The '''Päijänne Water Tunnel''' ({{Lang-fi|'''Päijännetunneli'''}}), located in [[Southern Finland]], is the world's longest continuous [[rock (geology)|rock]] [[tunnel]]. It is 120 [[kilometer]]s (75 [[mile]]s) long and runs 30–100 [[meter]]s under the surface in [[bedrock]]. The purpose of the tunnel is to provide [[fresh water]] for more than a million people in Southern Finland in the cities of [[Helsinki]], [[Espoo]], [[Vantaa]], [[Hyvinkää]], [[Järvenpää]], [[Kerava]], [[Kauniainen]], [[Kirkkonummi]], [[Sipoo]], and [[Tuusula]]. The former Porvoo Rural Municipality, now merged with the municipality of [[Porvoo]], also took part in the building of the scheme but has never drawn water from it for domestic use. |
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===RBS=== |
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The tunnel starts at [[Asikkalanselkä]] in [[Lake Päijänne]], which is the second largest lake in [[Finland]], with an area of about 1080 km². The tunnel slopes slightly downhill so that water flows naturally. Water from the southern portion of Lake Päijänne is of rather good quality at the [[Water tunnel (physical infrastructure)|water tunnel]] intake and is usually drinkable without processing. The tunnel ends at the [[artificial lake]] of Silvola in Vantaa in the [[Greater Helsinki]] area. From the artificial lake, water is pumped to water treatment plants in [[Pitkäkoski]] and [[Vanhakaupunki]], but the constant temperature in the deep tunnel ensures high quality during transport, so only minimal processing is required before use. |
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He joined RBS in 1998 as deputy CEO to now retired Chairman Sir [[George Mathewson]]. He rose to CEO in 2001. At the height of the [[NatWest]] takeover battle, there were murmurs from both the target and rival [[Bank of Scotland]] that Mr Goodwin was too young to run a major public company. He obtained his moniker '''Fred the Shred''' from [[City of London|City]] financiers, having gained a reputation for generating cost savings and efficiencies whilst at Clydesdale, and continued following the acquisition of [[NatWest]] by RBS. It is rumoured that while at RBS he was mugged at one of his own cash machines after his chauffeur stopped so that he could get some cash. The assailant apparently snatched his bank card while Goodwin's chauffeur waited nearby. |
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===Expansion of RBS=== |
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Tunnel construction started in [[1972]] and was completed in [[1982]] at a cost of about 200 million [[euro]]s (adjusted for inflation).<ref>{{cite web|url=http://www.helsinginvesi.fi/paijanne/alltypes.asp?menu_id=70|title=Yleistä Päijänne-tunnelista|publisher=Helsingin vesi|language=Finnish|accessdate=2008-10-12}}</ref> In [[2001]], portions of the tunnel required repair due to rock falls. In 2008, the tunnel is undergoing an extensive renovation. The southern part of the tunnel is being reinforced in order to prevent [[cave-in]]s. During the renovation, from [[April 15]] to [[December 31]], [[2008]], the raw water for the [[Greater Helsinki]] metropolitan area is being drawn from the [[Vantaanjoki|Vantaa River]]. |
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Following the NatWest takeover, RBS made a string of further acquisitions around the world, including the purchase of Irish mortgage provider [[First Active]] and [[UK]] car insurer [[Churchill Insurance|Churchill]]. It also bulked up its [[United States|US]] [[Citizens Financial, Inc]] arm with a string of further deals. Then in May 2004, RBS said it would purchase [[Charter One|Charter One Financial Inc.]] of Cleveland, Ohio for $10.5 billion. The deal, criticised by analysts for being at too high a price, spread the RBS's banking web across the [[Midwestern United States|Midwest]] for the first time, and made its U.S. banking operations No. 7 in the United States. |
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Since Goodwin took over as chief executive, RBS's assets have quadrupled, its cost-to-income ratio has improved markedly, and profits have soared. In 2006 pre-tax profits climbed 16% to £9.2 billion with most of the growth coming from its [[investment banking]] business. RBS now numbers among the top ten banks in the world. |
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The tunnel has a cross section of 16 m² (wide enough for a truck) and enables a water flow of 10 m³/s. At current water usage rates, treatment plants take water at a rate of about 3.1 m³/s for drinking water processing. The tunnel can be used as an emergency water reserve during water supply disruption. |
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Banking experts have claimed that Goodwin's success in acquisitions, notably that of NatWest, lies in his disciplined approach. Before deciding to do a deal, he does an unusual amount of due diligence. In the Charter One deal, RBS claims to have spent 500 man-days (the equivalent of 100 people working for five days) examining the bank's books. Charter boosted the amount of pre-tax profit RBS gets from the U.S. and put RBS in a position to expand further. |
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__NOTOC__ |
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==Gallery== |
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<gallery> |
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Image:Päijänne.png|Location of [[Lake Päijänne]] in [[Finland]]. |
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Image:Silvolan tekojärvi 1.jpg|The artificial lake of [[Silvola]], where the Päijänne Water Tunnel ends. |
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</gallery> |
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However, following investor unrest in the build-up to RBS's acquisition of a minority stake in [[Bank of China]] in 2005 Goodwin was criticised by some RBS shareholders for putting global expansion ahead of short-term financial returns. This caused its share price to plateau at around £18 per share. Goodwin was accused of [[megalomania]] by some shareholders, as reported by [[Dresdner Kleinwort]] analyst James Eden (who said he thought the label was 'unwarranted'). After the [[Bank of China]] deal, he was forced to promise RBS shareholders he would not indulge in any further big acquisitions and focus instead on growing the group organically. |
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==See also== |
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*[[List of further tunnels by length]] |
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===Outside Banking=== |
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Goodwin has chaired various government task forces including examining the work of credit unions and the [[New Deal (UK)|New Deal]] programme. He is chairman of [[The Prince's Trust]] and a former president of the [[Chartered Institute of Bankers in Scotland]]. |
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===Awards=== |
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*December 2002 - [[Forbes]] "Businessman of the Year"" by the global edition, which described him as an original thinker with a fast-forward frame of mind who had transformed RBS from a nonentity into a global name by making almost inhuman demands on his staff. |
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*April 2003 - No.1 in Scotland on Sunday’s Power 100 |
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*December 2003 - "European Banker of the Year" in 2003 |
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*June 2004 - Knighted in the Queen's 2004 Birthday Honours list...... for his services to banking. |
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==Quotes== |
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* "He’s not desperately patient" a Royal Bank executive |
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* "There may be some possible mercy killings" Goodwin on the possibility of RBS being allowed to pick up one or two of the UK’s smaller financial services groups |
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*"It's large, it's well-ordered, there's prosperity. And we speak the same language - or almost." Goodwin on RBS's expansion in the United States. Since acquiring NatWest, Goodwin has focused most of his energy on the U.S. market. He has impressed investors with his choice of U.S. banks to buy, tending to buy small banks that have little risk |
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* "Anyone who thinks nothing has changed in banking for the past five years is a bit detached" Goodwin on former telecoms regulator [[Don Cruickshank]]’s claim that banks were still ripping off customers five years after his report to the Treasury |
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* "We don't need to make any big acquisitions now, and the real message in the trading update is that we are generating results ahead of expectations on a purely organic basis, and that feels like a pretty good place to be." [[7 December]] [[2006]] |
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==Personal life== |
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In 1990 Goodwin married Scottish-Irish [[Catholic]] Joyce Elizabeth McLean, and they have two children and live in Edinburgh. He apparently loves fish and chips and says one of his hobbies is doing up classic cars - the first, a [[Hillman Imp]] from the proceeds of a summer job at a Scottish power station. He presently owns a [[Triumph Stag]]. Other pastimes are shooting and golf. |
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==References== |
==References== |
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==External links== |
==External links== |
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*[http://www. |
* [http://www.businessweek.com/magazine/content/04_23/b3886191.htm A Business Week profile of Fred Goodwin] |
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* [http://www.rbs.com/about03.asp?id=ABOUT_US/OUR_BOARD#executive Profile at rbs.com] |
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*[http://www.psv-hrv.fi Pääkaupunkiseudun Vesi Oy] |
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===News items=== |
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* [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3776183.ece ''The Times'' article April 2008] |
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* [http://thescotsman.scotsman.com/index.cfm?id=409452005 Background on NatWest takeover] |
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* [http://business.timesonline.co.uk/article/0,,8903-1064670,00.html ''Sunday Times'' article on Dassault jet] |
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* [http://news.bbc.co.uk/1/hi/scotland/3798421.stm BBC News item on Queen's Birthday Honours, 2004] |
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* [http://www.findarticles.com/p/articles/mi_qn4156/is_20051127/ai_n15871513 Goodwin's Turning Point from Sunday Herald - a low point for Fred, 2005] |
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Revision as of 17:28, 12 October 2008
Sir Frederick (Fred) Anderson Goodwin DUniv, FCIBS, FCIB, LLD (born 17 August 1958) is a Scottish banker, the current chief executive of the Royal Bank of Scotland Group.
Biography
Born in Paisley, Renfrewshire, his mother was of German Jewish heritage, his father is a Scottish Protestant. Goodwin attended Paisley Grammar School, before studying law at Glasgow University. He joined accountants Touche Ross, and qualified as a chartered accountant in 1983. He became a partner in 1988 and won his spurs as chief operating officer of the worldwide liquidation of Bank of Credit and Commerce International in 1990. At 32, Goodwin was in charge of 1,000 people with teams from London to Abu Dhabi and the Cayman Islands that eventually got back half the money from one of the most complicated, high-profile financial frauds ever.
Goodwin was then headhunted for the job of deputy chief executive of Clydesdale Bank in 1995, then as CEO at Clydesdale Bank and Yorkshire Bank from 1996.
RBS
He joined RBS in 1998 as deputy CEO to now retired Chairman Sir George Mathewson. He rose to CEO in 2001. At the height of the NatWest takeover battle, there were murmurs from both the target and rival Bank of Scotland that Mr Goodwin was too young to run a major public company. He obtained his moniker Fred the Shred from City financiers, having gained a reputation for generating cost savings and efficiencies whilst at Clydesdale, and continued following the acquisition of NatWest by RBS. It is rumoured that while at RBS he was mugged at one of his own cash machines after his chauffeur stopped so that he could get some cash. The assailant apparently snatched his bank card while Goodwin's chauffeur waited nearby.
Expansion of RBS
Following the NatWest takeover, RBS made a string of further acquisitions around the world, including the purchase of Irish mortgage provider First Active and UK car insurer Churchill. It also bulked up its US Citizens Financial, Inc arm with a string of further deals. Then in May 2004, RBS said it would purchase Charter One Financial Inc. of Cleveland, Ohio for $10.5 billion. The deal, criticised by analysts for being at too high a price, spread the RBS's banking web across the Midwest for the first time, and made its U.S. banking operations No. 7 in the United States.
Since Goodwin took over as chief executive, RBS's assets have quadrupled, its cost-to-income ratio has improved markedly, and profits have soared. In 2006 pre-tax profits climbed 16% to £9.2 billion with most of the growth coming from its investment banking business. RBS now numbers among the top ten banks in the world.
Banking experts have claimed that Goodwin's success in acquisitions, notably that of NatWest, lies in his disciplined approach. Before deciding to do a deal, he does an unusual amount of due diligence. In the Charter One deal, RBS claims to have spent 500 man-days (the equivalent of 100 people working for five days) examining the bank's books. Charter boosted the amount of pre-tax profit RBS gets from the U.S. and put RBS in a position to expand further.
However, following investor unrest in the build-up to RBS's acquisition of a minority stake in Bank of China in 2005 Goodwin was criticised by some RBS shareholders for putting global expansion ahead of short-term financial returns. This caused its share price to plateau at around £18 per share. Goodwin was accused of megalomania by some shareholders, as reported by Dresdner Kleinwort analyst James Eden (who said he thought the label was 'unwarranted'). After the Bank of China deal, he was forced to promise RBS shareholders he would not indulge in any further big acquisitions and focus instead on growing the group organically.
Outside Banking
Goodwin has chaired various government task forces including examining the work of credit unions and the New Deal programme. He is chairman of The Prince's Trust and a former president of the Chartered Institute of Bankers in Scotland.
Awards
- December 2002 - Forbes "Businessman of the Year"" by the global edition, which described him as an original thinker with a fast-forward frame of mind who had transformed RBS from a nonentity into a global name by making almost inhuman demands on his staff.
- April 2003 - No.1 in Scotland on Sunday’s Power 100
- December 2003 - "European Banker of the Year" in 2003
- June 2004 - Knighted in the Queen's 2004 Birthday Honours list...... for his services to banking.
Quotes
- "He’s not desperately patient" a Royal Bank executive
- "There may be some possible mercy killings" Goodwin on the possibility of RBS being allowed to pick up one or two of the UK’s smaller financial services groups
- "It's large, it's well-ordered, there's prosperity. And we speak the same language - or almost." Goodwin on RBS's expansion in the United States. Since acquiring NatWest, Goodwin has focused most of his energy on the U.S. market. He has impressed investors with his choice of U.S. banks to buy, tending to buy small banks that have little risk
- "Anyone who thinks nothing has changed in banking for the past five years is a bit detached" Goodwin on former telecoms regulator Don Cruickshank’s claim that banks were still ripping off customers five years after his report to the Treasury
- "We don't need to make any big acquisitions now, and the real message in the trading update is that we are generating results ahead of expectations on a purely organic basis, and that feels like a pretty good place to be." 7 December 2006
Personal life
In 1990 Goodwin married Scottish-Irish Catholic Joyce Elizabeth McLean, and they have two children and live in Edinburgh. He apparently loves fish and chips and says one of his hobbies is doing up classic cars - the first, a Hillman Imp from the proceeds of a summer job at a Scottish power station. He presently owns a Triumph Stag. Other pastimes are shooting and golf.