One of the highest paid bankers at Royal Bank of Scotland is leaving just weeks after being promoted to oversee the structuring of its investment banking arm.
It is thought that Rory Cullinan – who joined RBS in December 2008 at the height of the financial crisis – has disagreed with colleagues about how to implement strategy at the loss-making bank now run by Ross McEwan.
Cullinan will leave at the end of April. His precise pay deals are not published as he does not have a seat on the board. However, his seniority means the bank must disclose how many shares he received.
Earlier this month, RBS said Cullinan had received £2.2m from bonuses handed out in previous years, had cashed in £1.2m of shares and had been awarded £2m in a new pay deal following his promotion.
The bank, which is still 79% owned by the taxpayer, refused to disclose why Cullinan was leaving so suddenly. In a statement it said only that it had “reached agreement with [him] that he will leave the company”.
McEwan wished Cullinan success for the future and thanked him for his work. This included the winding down of non-core divisions – which once held £258bn of assets – as well as the new capital resolution division (RCR). Last month McEwan announced Cullinan would become executive chair of RBS’s corporate and institutional bank, which was to undergo further restructuring.
Captions accompanying selfies Cullinan sent to his daughter complaining about boring meetings were not thought to have been the cause of his exit. Earlier this month the Sun published the images – which appear to have been sent between 2011 and last June. They were posted on Snapchat by his daughter Bridget.
In February, as he announced the seventh consecutive year of losses, McEwan said there would no longer be a separate investment bank at RBS, which at the time of the 2008 bailout had one of the biggest trading floors in the world at Stanford, Connecticut. As many as 14,000 roles – four out of five – could go as a result of the latest overhaul of the investment banking division.
More recently, Cullinan has been overseeing the stock market flotation of the US arm Citizens.
Cullinan said wished his colleagues continued success. He is being replaced on McEwan’s executive committee by co-heads of corporate and institutional banking, Chris Marks and Mark Bailie.
This article was written by Jill Treanor, for theguardian.com on Monday 30th March 2015 18.06 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010