Pym and Banks head merged Northern Rock and Bradford & Bingley

THE merged "bad banks" of Northern Rock and Bradford & Bingley (B&B) will be headed by chairman Richard Pym, currently chairman of B&B and Northern Rock, and Richard Banks, the managing director of B&B, as chief executive.

UK Financial Investments – the body in charge of Britain's state-owned banking assets – yesterday said the pair will manage the integration programme along with the current co-chief executive of Northern Rock, Gary Hoffman.