Royal Bank of Scotland Group PLC investment bank chairman Rory Cullinan will leave the lender next month after a disagreement over the bank’s strategy.
According to Wall Street Journal sources, Cullinan decided to step down after falling out with the bank’s chief financial officer and wider management team over how to execute a plan to cut back its corporate and investment bank.
RBS confirmed that Cullinan will leave RBS on 30th April, but did not elaborate on the nature of the disagreement.
RBS is planning to scale back its corporate and investment banking operations, a move which include pulling those services out of Hong Kong and Australia. Cullinan was put in charge of scaling back its investment bank to focus more on its UK client base only last month.
Chris Marks and Mark Bailie, CEO of Corporate & Institutional Banking and CEO of Capital Resolution respectively, will now join the bank Executive Committee as CO-CEOS of Corporate & Institutional Banking, the bank said in a statement.
Related reading
People moves: Santander, Bank of America, and more
B2C2 appoints Catalanello CEO of US operations On March 21, UK-based cryptocurrency liquidity provider B2C2 announced the appointment of former Credit Agricole ... read more
People moves: PayPoint, Morgan Stanley, Barclays and more
PayPoint’s CEO Dominic Taylor to step down UK-based in-store payment services provider PayPoint has announced the resignation of Dominic Taylor as CEO ... read more
People moves: Token, Mid-Southern Bancorp, Ethereum and more
Token appoints new CTO San Francisco-based open banking platform provider Token appointed Gaurav Kohli as chief technology officer on January 29. As ... read more
The biggest fintech appointments of 2017 so far
Our roundup of the biggest people moves affecting the fintech industry throughout 2017.
