Adam Applegarth, the chairman of under-fire bank, Northern Rock, has sensationally resigned.
The resignation comes after the bank had to go cap in hand to the Bank of England to ask for extra funding.
An insider who used to work closely with the chairman said, "He has had to deal with a lot of pressure over the past few weeks. Firstly, the bank ran out of money and we had to beg the Bank of England for some. Then Sir Ian Blair tried to implicate him in the shooting of Jean Charles de Menezes. And now this.
"It really was the final straw. He came into the office late last week and was told that all of his future salary would have to be paid into a Northern Rock bank account. He just couldn't take the chance of his money being in one of our accounts when... sorry... if we went under."
Mr Applegarth was unavailable for comment.
