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RBS's investment bank bosses quit as Rose shakeup begins
19th Dec 2019 07:16
(Sharecast News) - Royal Bank of Scotland has parted company with the bosses of its investment bank as group chief executive Alison Rose seeks to shake up the underperforming business.
Chris Marks has stepped down as chief executive and chair of NatWest Markets and Richard Place has quit as the division's chief financial officer.
RBS said it had started a search for permanent replacements and would consider internal and external candidates. RBS's treasurer Robert Begbie will stand in as NatWest Markets' CEO and Robert Horrocks, RBS's treasury finance director, will be interim CFO.
Marks will remain employed by RBS until June and Place will stay on until March to help with an orderly transition, the bank said.
Rose, an RBS veteran who took over as CEO in November, has faced shareholder pressure to shrink NatWest Markets, which consumes lots of capital for meagre returns. The division's £193m loss helped push RBS to a third-quarter loss, prompting one analyst to say its performance was "deplorable".
Rose said: "Chris and Richard have set the foundations for the continuing transformation and simplification across NatWest Markets as RBS has been re-shaped to focus on serving its customers in the UK and Ireland, whilst also managing complex organisational changes around ring-fencing and Brexit."
She said NatWest Markets played a crucial role at RBS and provided customers with services they needed, suggesting she plans to restructure the business but not scrap it entirely.
Marks said: "In the face of challenging operating conditions, we continued to provide market-leading products and services to our clients, whilst being relentless in improving efficiency. I wish the new leadership team all the best for the future and am confident that they can build on the considerable progress we have made in recent years."
Chris Marks has stepped down as chief executive and chair of NatWest Markets and Richard Place has quit as the division's chief financial officer.
RBS said it had started a search for permanent replacements and would consider internal and external candidates. RBS's treasurer Robert Begbie will stand in as NatWest Markets' CEO and Robert Horrocks, RBS's treasury finance director, will be interim CFO.
Marks will remain employed by RBS until June and Place will stay on until March to help with an orderly transition, the bank said.
Rose, an RBS veteran who took over as CEO in November, has faced shareholder pressure to shrink NatWest Markets, which consumes lots of capital for meagre returns. The division's £193m loss helped push RBS to a third-quarter loss, prompting one analyst to say its performance was "deplorable".
Rose said: "Chris and Richard have set the foundations for the continuing transformation and simplification across NatWest Markets as RBS has been re-shaped to focus on serving its customers in the UK and Ireland, whilst also managing complex organisational changes around ring-fencing and Brexit."
She said NatWest Markets played a crucial role at RBS and provided customers with services they needed, suggesting she plans to restructure the business but not scrap it entirely.
Marks said: "In the face of challenging operating conditions, we continued to provide market-leading products and services to our clients, whilst being relentless in improving efficiency. I wish the new leadership team all the best for the future and am confident that they can build on the considerable progress we have made in recent years."