Alleged disagreement about how to implement strategy to scale back the corporate and institutional banking unit.
Bloomberg reports that Rory Cullinan, appointed to lead Royal Bank of Scotland Group’s securities unit last month, is leaving after a dispute with other executives, according to a person with knowledge of the matter.
Cullinan, 55, disagreed about how to implement CEO's Ross McEwan’s strategy to scale back the corporate and institutional bank, the person added, without saying who the dispute was with. He’ll leave the bank on April 30, RBS said in a statement on Monday.
Bloomberg reported earlier this month that RBS may cut more than two thirds of its investment-bank jobs as part of a plan to shrink the securities unit and focus on the U.K. consumer market, a person with knowledge of the matter said.
Under an overhaul, announced last month, RBS may eliminate as many as 14,000 jobs at the investment bank, said the person who asked not to be named because the details are private.