Sir Fred gets a new watchdog who's scary - and bright - Business

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Change has always been at the heart of what Hester does - he himself described his shake-up of Abbey before it was sold to Santander as a "slash and burn restructuring".

A product of a comprehensive school who went on to Oxford, Hester has already amassed a fairly serious fortune, with at least three houses, one of which is in Switzerland.

Hester will step back from his shortlived role at Northern Rock to concentrate more on matters at RBS, although this might not be comforting for Sir Fred Goodwin.

With his analytical and dry approach, Hester might have more awkward questions for Sir Fred than the gruff Scot is used to.

It would be premature to suggest that a personality clash is on the way, but not too soon to see that the relationship between the two men could be pivotal in deciding the future direction of the bank.

Hester likes to get his brain running with a jog around Holland Park. Sir Fred has got a new watchdog.