Steve Targett finally lands work
(1 December 2009 – Australia) The Bank of Beirut’s British arm has recruited former ANZ institutional head, Steve Targett, to his first full time executive job since he was dismissed from the big four banking giant in June 2007.
The Bank of Beirut is the United Kingdom’s banking link to Lebanon and the Middle East markets and covers corporate banking, trade finance and correspondent banking.
The significantly smaller Bank of Beirut earned US$66 million (A$73 million) last year and holds US$5.8 billion in total assets.
This is a vast difference to the portfolio Mr Targett was managing at ANZ in 2007; at the time the bank boasted A$156 billion in assets and the group achieved a net profit of A$1.45 billion for the year.
The former Australian banker has launched a lawsuit against ANZ after his dismissal and last year increased the damages sought to A$57 million from A$2 million.
The damages were increase due to Mr Targett claiming that poor references from ANZ had stopped him succeeding in a new position in Eastern Europe sooner; the claim also relates to the difference in earnings from if he had of continued his employment at Lloyds TSB.
Before accepting his position at ANZ, Mr Targett was earning a larger sum at Lloyds TSB and jumped ship to the lesser paying position due to promises from ANZ’s board and management to succeed chief executive officer, John McFarlane.
According to court documents among the members making the promises was chairman Charles Goode and former board members, including Margaret Jackson, Jerry Ellis and John Dahlsen.
Mr Targett was considered for the top job but in the end the position went to former HSBC banker Mike Smith.
Andrew Farr, a partner with Mr Targett's lawyers, Trindale Farr & Pill, confirmed his client was returning to full-time work.
However, Mr Targett doesn't want to take any public position on this, Mr Farr said.
ANZ has made their position clear and said there is no intention to settle the claim.
The significantly smaller Bank of Beirut earned US$66 million (A$73 million) last year and holds US$5.8 billion in total assets.
This is a vast difference to the portfolio Mr Targett was managing at ANZ in 2007; at the time the bank boasted A$156 billion in assets and the group achieved a net profit of A$1.45 billion for the year.
The former Australian banker has launched a lawsuit against ANZ after his dismissal and last year increased the damages sought to A$57 million from A$2 million.
The damages were increase due to Mr Targett claiming that poor references from ANZ had stopped him succeeding in a new position in Eastern Europe sooner; the claim also relates to the difference in earnings from if he had of continued his employment at Lloyds TSB.
Before accepting his position at ANZ, Mr Targett was earning a larger sum at Lloyds TSB and jumped ship to the lesser paying position due to promises from ANZ’s board and management to succeed chief executive officer, John McFarlane.
According to court documents among the members making the promises was chairman Charles Goode and former board members, including Margaret Jackson, Jerry Ellis and John Dahlsen.
Mr Targett was considered for the top job but in the end the position went to former HSBC banker Mike Smith.
Andrew Farr, a partner with Mr Targett's lawyers, Trindale Farr & Pill, confirmed his client was returning to full-time work.
However, Mr Targett doesn't want to take any public position on this, Mr Farr said.
ANZ has made their position clear and said there is no intention to settle the claim.
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