Former RBS chief to be banned from top City jobs
The former head of investment banking at Royal Bank of Scotland faces a lengthy ban on holding senior City roles.
Johnny Cameron, who ran the doomed bank's global banking and markets division during its boom years, faces censure by the Financial Services Authority.
It is understood that Mr Cameron's lawyers are negotiating with the FSA about a settlement after a year-long investigation of the events leading up to the bank's collapse in autumn 2008.
He will be the first senior former RBS executive to face any penalties although there is no suggestion of any illegality. He is expected to avoid a fine.
But as one of the most senior figures at a bank that needed more than £20 billion of government support, his role in the disastrous expansion of RBS is almost certain to be heavily criticised.
It has already cost him two attempts to make a business comeback since he left RBS in October 2008. Last year the FSA effectively blocked him from taking a role at the City advisory firm Greenhill by refusing to approve his FSA registration while the investigation was continuing.
The FSA has two ongoing inquiries into the events leading up to the catastrophic collapse of RBS, which came within hours of bringing Britain's entire banking system to a halt.
It is also looking into RBS's takeover of the Dutch bank ABN Amro and the prospectus issued ahead of a £12 billion rights issue announced in the spring of 2008.
