Bankers at the heart of Darling’s bailout are revealed
The City financiers who have guided the Government's bank rescue plan were named today.
As the Chancellor prepares to deliver his second Budget, some of the bigger numbers on his balance sheet have been shaped by banking advisers more associated with the Square Mile and Canary Wharf than the Treasury.
Among the string of outsiders hired by Chancellor Alistair Darling are Deutsche Bank, Credit Suisse and Citigroup.
The Credit Suisse team is headed by James Leigh-Pemberton, the bank's chief executive and the son of Sir Robin Leigh-Pemberton (now Lord Kingsdown), the former Governor of the Bank of England. His colleagues include Ewan Stevenson, a managing director in the investment banking division, and Sebastian Grigg, a contemporary of David Cameron at Oxford. The Credit Suisse team — understood to be 20-strong — is based at Canary Wharf but regularly spends time in the Treasury.
The Deutsche Bank team consists of Anshu Jain, head of global markets, Ivor Dunbar, co-head of capital markets, Tadhg Flood, an Irish dealmaker who advised Barclays on its failed bid for ABN Amro, and Charlie Foreman. Treasury officials are keen to emphasise that they are kept away from decisions on taxation and spending.
It is believed Credit Suisse and Deutsche Bank have already taken £60 million between them for their advice. On top are fees paid to Citigroup, the bank that was bailed out by the US Government. UK Financial Investments — the supposedly arm's-length body created to manage the Government's shareholdings in the banks — is an invaluable source of fees for City firms.
