New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

RBS chief exec to stand down after ‘biggest turnaround in history’

The chief executive of the Royal Bank of Scotland (RBS) Ross McEwan announced today he is stepping down after completing one of ‘the biggest UK corporate turnarounds in history’

RBS chief exec to stand down after ‘biggest turnaround in history’

The chief executive of the Royal Bank of Scotland (RBS) Ross McEwan announced today he is stepping down after completing one of ‘the biggest UK corporate turnarounds in history’.

McEwan (pictured) took over as RBS boss in 2013 following its £45 billion bailout from the government during the financial crash.

RBS chairman Howard Davies said McEwan has led the taxpayer-owned bank on one of the biggest transformations ever following its near-collapse.

‘For the past five-and-a-half years Ross has worked tirelessly to make the bank stronger and safer and played the central role in delivering a return to profitability and dividend payments to shareholders,’ Davies said.

‘His successful execution of the strategy to refocus the bank back on its core markets here in the UK and Ireland has helped to deliver one of the biggest UK corporate turnarounds in history.’

McEwan said: ‘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 chief executive to lead the bank.’

RBS recorded a pre-tax profit of £1.6 billion in 2018, up from £752 million it returned in the previous year. The bank’s shares are currently being sold off by the government.

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
7334.19 + 5 0.07% 04:35
More Content
More Content

ADVICE

Inside our Top 100: how 18 firms are keeping it fresh in 2019

Inside our Top 100: how 18 firms are keeping it fresh in 2019

We caught up with some of the firms that appeared in the 2018 New Model Adviser® Top 100 to hear about what they have been up to this year, and what they have planned for the future

twitter_banner

INVESTMENT