RBS appoints outstanding banker as new CEO

Royal Bank of Scotland has named the head of its U.K. consumer unit chief executive officer as the government presses the lender to shrink its investment-banking operation.

Bloomberg News reports that Ross McEwan, 56, will replace Stephen Hester effective October 1st, the bank said in a statement Friday as it swung into profit in the first half.

Net income was $809m, up from a $3.02bn loss in the year-earlier period.

The Financial Times reports that McEwan is regarded as one of the outstanding retail bankers of his generation.

Fans say he is the right person to take RBS into the next phase of its restructuring - towards a more focused retail and commercial bank.

'He’s a very good leader and organisations that require significant change and are coming out of crisis need that', says the former CEO of the Commonwealth Bank of Australia Ralph Norris. 'He’s a particularly talented individual'.

RBS Appoints Ross McEwan as CEO as Lender Swings Into Profit

McEwan hailed as outstanding leader of people (subscriber content)

image: © Elliot Brown

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News