Enter Nationwide, whose new CEO Debbie Crosbie used to work at CYBG until five years ago, when it turned into Virgin Money. She later left to join TSB. She has now bid to buy this bottom-tier bank from her old boss for 40% more than its market value. If this transaction goes through, David Duffy, the CEO of Virgin Money, is expected to be given a golden parachute worth £15 million, while Branson is set to pocket nearly £700 million. No doubt there will be hefty bonuses for Nationwide bosses, who will pocket the cash and move on, leaving a mess that the faithful staff and trusting customers will be stuck with for years afterwards.
