U.K. Banks to Government Revolving Door -Rothschild Banker Kingman returns to UK Treasury

Reuters, Sept 11 2012
By: Steve Slater; editing by James Jukwey

LONDON (Reuters) – John Kingman, who oversaw Britain’s bailout of its banks in the financial crisis and then led the body responsible for the shareholdings, is to return to the Treasury after two years as a senior banker at Rothschild.

Kingman will next month return to the Treasury as a second permanent secretary, responsible for its economics function, particularly growth, financial services, and infrastructure. It is part of a restructuring of the Treasury’s senior management team announced on Tuesday around its two functions as an economics ministry and a finance ministry.

Kingman, 43, has been global co-head of the financial institutions group at investment bank Rothschild since 2010.

He was the first chief executive of UK Financial Investments from 2008 until November 2009, where he was responsible for overseeing the government’s holdings in Royal Bank of Scotland, Lloyds and Northern Rock. He had previously been a permanent secretary at the Treasury and worked at the Financial Times and oil company BP.

The Treasury named Tom Scholar as second permanent secretary responsible for the finance ministry function, including public finance and international issues.

Scholar, also 43, has been responsible for the international and financial services side of the Treasury since 2008.

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