Royal Bank of Scotland has begun work on a five-year plan that will likely see the taxpayer-backed lender exit markets where it is uncompetitive.
The Daily Telegraph reports that Ross McEwan, who took over as chief executive of RBS last week, has put together a team to look at the future of the bank.
The review is expected to highlight the businesses where RBS has a competitive advantage, as well as assessing the bank’s allocation of resources.
On top of this, RBS will look at its current technology and the need for an overhaul of its IT infrastructure.
McEwan will unveil the results of the review in the first quarter of next year.
The work comes as RBS awaits the release of a report by Rothschild and Blackrock into the potential split of the lender into a 'good bank' and a 'bad bank'.
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