Investment bank chairman Rory Cullinan quits RBS

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.

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