Bringing democracy to retail banking

摘要

With a PhD in metallurgy and with marketing and executive management experience gained at Mars Confectionery and British Telecom, Dr Angus Porter is new to the financial services industry. In June last year he joined Abbey as customer propositions director. One of three new executive board members hired since Mr Luqman Arnold was appointed group chief executive officer in October 2002, Dr Porter is not the only new kid on the block. Since taking over, Mr Arnold has overseen three major changes with the aim of steering the bank back to a position of strength. Previously, over a period of 10 years the bank went from being a relatively innovative retail bank, but still associated with being a former building society, to one that had lost its focus while trying to diversify its business. Dr Porter explains: "In 1989 Abbey National was the first to de-mutualise. It was an innovative organisation. Then, you could say we lost our way a bit. In the summer of 2001 it soon became clear that there was a serious threat to the stability of the bank as it was highly exposed, owing to some risky investments in the wholesale business. It was also feeling the impact of over investment and the dotcom crash."