Sykes quits UKFI post after four months

ANOTHER senior banker in charge of overseeing and selling the government's stakes in Britain's bailed-out banks has quit.

UK Financial Investments, the body that holds taxpayer stakes in Lloyds and Royal Bank of Scotland, said Tim Sykes will leave as head of market investments strategy, following two senior executives out of the door.

John Crompton, who was head of market investments at UKFI, left in January, and John Kingman stepped down as chief executive in November.

Sykes joined UKFI in January 2009. He was its senior bank analyst and was given a bigger role after Crompton's departure.

"I joined at the time of an emergency, but the emergency's now over," Sykes said.