Robin Budenberg 'set to take top London banking job'

Senior UBS banker Robin Budenberg is in line to become the chief executive of UK Financial Investments (UKFI), the organisation that runs the government's bank shareholdings, according to media reports.

Chancellor Alistair Darling is set to take a decision this week over who will fill the top London banking job, with Mr Budenberg believed to be the favourite to take on the role.

He will replace John Kingman, who is leaving UKFI to reportedly join private sector advisory firm NM Rothschild.

Mr Kingman announced he was stepping down from his current post in July this year and said at the time: "I have tremendously enjoyed leading UKFI over the last year and think the organisation is now very well placed to deliver its mission of protecting and creating value for the taxpayer."

If Mr Budenberg takes on the role, one of his first tasks will be attempting the privatisation of Northern Rock under the terms of the deal that has been agreed with the European Commission.

The government is expected to face criticism over the appointment of an investment banker to the UKFI job, as one of the roles of the body is to challenge banks over remuneration levels for their staff.

Updated: 29 October 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs.