Northern Rock chief executive Gary Hoffman is showing his background as a Barclays alumnus by hedging his future job prospects.

Mr Hoffman, who was a vice-chairman at Barclays, joined Northern Rock as chief executive last October. Now the bank is being split, he plans to become the boss of both parts. It will give him an option on another post when the "good" part of Northern Rock is sold off to the private sector, or in the event of a merger with Bradford & Bingley.