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Bank charges: Bailed out bank headache following Jim O’Neil’s departure

Head of UK Financial Investments Jim O’Neil has stepped down from his position and raised concerns over the UK’s bailed out banks.

Mr O’Neil had previously been in charge of the holdings of the two major bailed-out UK banks, Lloyds Banking Group and Royal Bank of Scotland (RBS), until he quit abruptly.

He has only held the position for a year, after having worked as an investment banker previously, and now plans to return to work in London’s financial sector.

Lloyds Banking Group and RBS were both bailed out during the financial crisis of 2008. While both banks are looking to move towards privatisation, they are still around 40 per cent and 80 per cent respectively owned by the taxpayer.

It is thought that Mr O’Neil’s departure will make it more difficult for the government to achieve a deal to sell off shares in the bailed out banks.

Some experts consider his exit to be a vote of no confidence.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801577984-ADNFCR

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