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: 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.
Movers and Shakers: The latest appointments in the fintech industry
From appointments at Broadrigde to AEVI, we report on the latest announcements in the fintech industry.
Visa CEO Charlie Scharf resigns
Charlie Scharf has this week announced his resignation from the post of Visa's chief executive officer. It come into effect on December 1st 2016.
