Afternoon:
10°c
Chartered chairman signed up by Labour
Rosamund Urwin3 Feb 2009
The Government today appointed Standard Chartered chairman Mervyn Davies as a minister to help tackle the economic crisis.
Gordon Brown named the Welshman as Minister for Trade Promotion and Investment Minister, effectively replacing controversial former CBI chief Lord Jones, who was ousted in a recent reshuffle.
Downing Street said Davies's brief would go beyond his trade portfolio, and he would offer advice on how to end the turmoil.
Davies, who played a major role in the multi-billion-pound banking bailout last year, is leaving behind a £650,000-a-year pay packet at Standard Chartered to work for free. He will be given a peerage.
Rumours had recently spread that Davies might become chairman of Royal Bank of Scotland.Davies joined Standard in 1993, playing a pivotal role in making it one of the leading banks in Asia, Africa and the Middle East.
