RBS boss resigns

The chief executive of Royal Bank of Scotland Ross McEwan has announced he is resigning from his post.

RBS, which is still majority owned by the taxpayer, has gone from a loss-making business to reporting a £1.62bn profit last year under his tenure.

However, last year regulator the Financial Conduct Authority reported that the bank mistreated small firms through its Global Restructuring Group service.

The bank has also been under intense political pressure in Scotland over the closure of hundreds of local branches.

McEwan said: “After over five-and-a-half very rewarding years, and with the bank in a much stronger financial position, it is time for me to step down as CEO.”

He added: “It is never easy to leave somewhere like RBS.

“However with much of the restructuring done and the bank on a strong and profitable footing, I have delivered the strategy that I set out in 2013 and now feels like the right time for me to step aside and for a new CEO to lead the bank.”

The bank said it will begin to search for a successor immediately.

After subsequent share options, RBS has reduced the taxpayer’s stake to 62.4 per cent.