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RBS chief executive Ross McEwan resigns

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106585403 mcewan.walking.g - RBS chief executive Ross McEwan resigns

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The chief executive of RBS, Ross McEwan, has resigned after five and a half years in the post.

Mr McEwan said that he had “delivered the strategy” that he set out when taking over in 2013.

Under his leadership the bank, which is 62% government-owned, has closed hundreds of branches, but last year reported a profit of £1.62bn, more than double the profit of the previous year.

He will remain in the role until a successor has been appointed.

“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,” Mr McEwan said in statement.

When Mr McEwan took over in 2013, RBS was loss-making and had businesses in 30 countries.

His strategy was to reduce the size of the bank, by withdrawing from overseas markets. Last year the bank had operations in 12 countries.

He also cut costs at the UK banking business, which includes Natwest, by closing branches.

In 2014 the bank employed 109,000 staff, by the end of last year that was down to 67,100.

After nine years of losses, RBS returned to profit in 2017 and started paying dividends again last year.

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