Cormac McCarthy - quit or fired?

Disgraced Ulster Bank CEO, Cormac McCarthy, is leaving the bank.

businessworld.ie/livenews.ht … ngnews.htm

On February 25, 2010 Ulster Bank reported a massive loss of £368 million for 2009 finfacts.ie/irishfinancenews … 9123.shtml

The only surprise is that it has taken 4 months (since these results were announced) to shunt him.
Cormac McCarthy said in his typical full-of-ego style “I have decided to move on…”

However, it is clear the bank fired him from this comment…
Brian Hartzer, Chief Executive of RBS Retail, Wealth and Ulster Bank, said *“I would like to thank Cormac for the contribution he has made to the Group over many years. Ulster Bank’s operating environment has been particularly difficult over the past two years. However the Bank has adapted its business to the new market environment and has taken major steps to move in the right direction for recovery and strength in the years ahead.” *

FOrgive me, but I really couldnt give a bollix either way.

I can only agree - 100%

Fired.

I wouln’t say fired.
I’d say ‘given an option to move on and pursue other interests’.

Part of cover up.
Moved to another position within the international world of finance…we’re all in this together, we’re all friends here.

In essence this story makes it look like somethings happening to those that like things to happen but nothings happened as a result of his leaving. Puff and bluster.

Just to give a small bit of balance of this, when UB took over First Active, Mc Carthy got a healthy wad, he was asked by RBS to stay on for a limited period, to assist in the merge. He did that, and from what I understand RBS was very happy with the situation.

This happens everyday in business… I’m sure he’ll not be short, but in comparison to others, I would have thought he was one of the better ones.

I have never met the man, but to me its just a move that most of us make, from time to time.

Bob, this is the man who introduced the 100% Mortgage to this country in July 2005.

In terms of ego, they don’t get a lot bigger in Dublin financial circles. This one attempted to take over Anglo ten years ago in a reverse take over once he’d got his hands on First National building soceity??? :confused: . The whole thing collapsed because McCarthy wouldn’t be given Seanie Fitz’s job, as Sean was a bit possesive of it at the time.

Makes Michael Fingleton look like a wallflower in all this.

Just wondering who is Chairman of UB?

Halifax brought in the 100% mortgage and it wasn’t in 2005, he never worked for First National, he was CEO of First Active, a building society, which paid out a massive amount to the shareholders & savers when it was eaten by Ulster Bank, which was then was an arm of RBS.

He orchestrated the sale of First Active to Ulster Bank reminding them of the value of the branches, which were sold soon after and where business was doubled in a location ,the First Active piece was sold.

All this came out at the AGM at the time and when questions were asked from the “shareholders”, nothing came back, they along with me looked foward to the return. We had saved and became shareholders, and this lad gave us more than we anticipated.

He did’nt bring down the country single handedly, he may have assisted in it, but to compare him with Fingleton is frankly bollox… the shareholders and savers made a heap of money… are we complicite… YES., but we never got a bailout, we bailed out on a good price, which is our right.

But when you put your few bob away each month or week, and a hefty reward becomes of it, you take it, or do you say no thanks… nobody does that, but food on the table, bills met is my simple criteria… and he helped fulfilling those.

Fingleton filled his own gloves, nobody elses… so I’ll suggest that you have a look at your “wallflowers” as I feel they are off colour.

Bullshit. They were bailed out alright, it’s just it’s the UK taxpayer that had to bail them out so you didn’t notice. But you got yours so everything’s cool. Typical Joe Duffy listener logic.

And you sir are typical Irish begrudging gombeen.

Since when did the UK taxpayer become the Irish taxpayer?

We got out what we put in, our money not anyone elses, and if that it hard for you to swallow, tough.

I think the “typical Joe Duffy listener logic” comment has you riled…no more no less

Cormac had his day in the sun when RBS bought First Active, the First Active boys got all the plum jobs in the new FA/Ulster Bank group.

Roll on 2007 and Cormac signs off the loan for Sean Dunne’s Knightsbridge in Ballsbridge. I am surprised he survived so long.

Are you sure of those “facts”?

tribune.ie/archive/article/2 … n-mccarthy

Cormac came from the smaller entity FA, but RBS gave him the head gig in FA/Ulster Bank group. Some of his management team came with him. It is logical to think if RBS promised him the role prior to the takeover.
It is documented in the papers that UB loaned the money to Sean Dunne. Do you not think that it was not discussed prior at senior management and board level. RBS were probably even involved but the buck should stop at Cormac’s desk in my opinion.

Yes and I agree, but to suggest either him or Sean Dunne, were the causes of the meltdown is illogical…

It was the only game in town, it truly was casino stuff, where 10bps was the difference between shifting a chunk of money or not. It was a simple gambling game…

Being complicit of a scam, that at the time was being perpetrated, can be fact of life…

I’m not letting anyone off the hook on this, as we(majority) also were complicit… it was his job to shift money, thats why he was paid.

“I’m not letting anyone off the hook on this, as we(majority) also were complicit… it was his job to shift money, thats why he was paid.”

Excuse me Bob, but what exactly is it you think WE all (man, woman and child) did?

We allowed it to continue, the 2007 election is proof of that.

Thanks for the clarification. I half agree, half don’t.
It’s v true that those in power are there cos of ‘us’. That they continue to act, despite the availablity of tv/video/recorded word, in the ways that they do is down to their own individual superiority complex.
John O’Donoghue, Ivor etc continued to do what they did…cos thats the way they they’re programmed - not enough intelligence to realise when the game’s up. To say that WE (me/you/our kids) are complicit is just wrong.