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(qlmbusinessnews.com via cityam.com – – Wed, 30 May, 2018) London, Uk – –
The Royal Bank of Scotland (RBS) announced this morning that its chief financial officer and executive director Ewen Stevenson has resigned.
The resignation comes just hours before today's annual general meeting.
RBS said he had resigned to take a job outside the bank but would not confirm what it was at this stage.
The bank said Stevenson will remain in place to oversee a handover of his responsibilities and said his departure date would be confirmed in due course.
It said that a search for his successor would start immediately.
The bank’s chairman Howard Davies said: “The board and I are sorry to learn that Ewen has decided to move elsewhere. He will go with our thanks for a job well done and our good wishes.”
Chief executive Ross McEwan said: “For the past four years Ewen has worked tirelessly with me and my executive team to make RBS a much simpler, safer and more customer focussed business and to resolve a number of major legacy challenges. When Ewen leaves RBS he will go with my enormous thanks and best wishes, he has been a fantastic CFO.”
Stevenson joined the bank in 2014 from Credit Suisse where he was co-head of EMEA investment banking and its global financial institutions group, investment banking division.
Earlier this month RBS agreed to pay $4.9bn (£3.7bn) to the US Department of Justice settle a mortgage mis-selling case. This followed the lender posting its first annual profit in almost a decade in 2017.
It has been reported that the government is poised to sell a multi-billion pound stake in the bank in the coming weeks.
Settling the case with the US DOJ had been seen as a key barrier to the government starting to sell its stake.
By James Booth
