Bank veteran Banks to oversee B&B winddown

Bradford & Bingley has appointed banking veteran Richard Banks as its managing director to oversee the winddown of the nationalised lender.

Mr Banks, with 30-plus years’ in the industry with Midland – now HSBC – and Alliance & Leicester, will receive a £250,000 salary. B&B’s savings business was sold to Santander’s Abbey at the height of the financial crisis.