RBS boss resigns

Written by Tom Freeman on 25 April 2019 in News

RBS chief executive Ross McEwan resigns after five years

RBS - PA

The chief executive of Royal Bank of Scotland Ross McEwan has announced he is resigning from his post.

RBS, which is still majority owned by the taxpayer, has gone from a loss-making business to reporting a £1.62bn profit last year under his tenure.

However, last year regulator the Financial Conduct Authority reported that the bank mistreated small firms through its Global Restructuring Group service.

The bank has also been under intense political pressure in Scotland over the closure of hundreds of local branches.

McEwan said: “After over five-and-a-half very rewarding years, and with the bank in a much stronger financial position, it is time for me to step down as CEO.”

He added: “It is never easy to leave somewhere like RBS.

“However with much of the restructuring done and the bank on a strong and profitable footing, I have delivered the strategy that I set out in 2013 and now feels like the right time for me to step aside and for a new CEO to lead the bank.”

The bank said it will begin to search for a successor immediately.

After subsequent share options, RBS has reduced the taxpayer’s stake to 62.4 per cent.

Tags

Categories

Related Articles

HMRC to open high-tech Edinburgh hub
17 June 2019

Plans to relocate almost 3,000 civil servants to a new office building in Edinburgh city centre have...

Changing the culture: Glasgow and the west of Scotland since devolution
10 June 2019

The west of Scotland is changing significantly through culture and regeneration, but some of the old problems still remain

Digital sector generates joint highest number of FDI projects, finds EY
5 June 2019

With 16 FDI projects based in the digital sector north of the border, EY rated Edinburgh, Glasgow and Aberdeen in the top ten UK cities outside of London for attracting investment

Related Sponsored Articles

Share this page