Taking on the CEO job at the Royal Bank of Scotland was never going to be the easiest of tasks, but even Ross McEwan seems slightly stunned by just how much has happened in his first five months in the job.
The Daily Telegraph reports that just weeks into the role last October an order came from the Government (the bank’s main shareholder) to create a new 'bad bank' to cut the lender’s toxic assets.That was followed a month later by a credit rating downgrade.
December brought RBS a $534.6m fine by the European authorities for Libor-rigging and last month the bank was forced to put out an unscheduled trading update warning of $5.18bn of new mis-selling provisions, putting the business on course for an $13.4bn loss.
To top it all, throughout McEwan’s short tenure, the bank has suffered several breakdowns in its computer systems.
Yet, despite announcing last week the bank’s sixth consecutive loss-making year, McEwan remains resolutely upbeat, setting out a bright future for Britain’s most unloved lender.
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image: © Mark Ramsey