RBS boss resigns
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.
Labour’s Shadow Chancellor John McDonnell said it was “shocking” how the richest were getting tax advantages
ONS data shows 7,000 Scots have gained employment since February this year
Paul Wheelhouse said: “This fund will support innovation in the supply chain, further cost reduction and improve the recognised skills of the Scottish workforce, which is why it has proved so...
The report said without raising taxes or borrowing more, the scale or scope of public services will need to shrink
Vodafone today announced the commencement of trials of the world’s first air traffic control drone tracking and safety technology.