Gary Hoffman's decision to quit Barclays' board to be chief executive of Northern Rock looks perplexing. It isn't. His career path at Barclays had all but petered out. Listed bank directorships are leaky vessels. Legal & General's criticism yesterday shows investors will keep sniping at the people who got banks into the current mess.

But at the Rock, Mr Hoffman has plenty of chance to shine. The nationalisation trauma is mostly in the past. Tough turnround decisions have already been taken. If the bank does not emerge successfully from under government control, Mr Hoffman will not shoulder the blame. If it does, he will take much of the credit - and probably be well-rewarded by the Rock's planned incentive scheme. The job is still a challenge, but, like the Rock's own government-guaranteed savings accounts, it offers decent returns and little downside.