31st Mar 2015 05:41
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC on Monday said Rory Cullinan is to leave his role as the executive chairman of its Corporate and Institutional Bank on April 30, only a month after he was appointed to the role.
Chris Marks, the co-CEO of the Corporate and Institutional Bank, and Mark Bailie, the CEO of Capital Resolution, will be appointed co-CEOs of Corporate & Institutional Banking.
"We would like to express our thanks to Rory for his very significant contribution to the rebuild of RBS over the past 6 years. He has built and led APS, Non-Core, RCR and recently completed the very successful follow-on sale of Citizens post its IPO last year," said Royal Bank of Scotland Chief Executive Ross McEwan.
Cullinan was only promoted to the role around a month ago and had been charged with overseeing a significant shake-up of RBS's investment banking operations, with a remit to shrink it to a third of its current size and cut around 14,000 of the 18,000 jobs in the unit. He also oversaw the public listing of Citizens Financial, the bank's US subsidiary, last year.
The Financial Times reported Cullinan's departure comes after a falling out with fellow executives over how best to pursue the strategy of culling the investment banking operations.
The paper added Cullinan attracted tabloid attention earlier in Marsh when The Sun published photo messages he sent to his daughter via the Snapchat photo-messaging app complaining he was in a "boring meeting".
http://www.ft.com/cms/s/0/34d5b500-d6f1-11e4-93cb-00144feab7de.html#axzz3VqOZTt9j
By Sam Unsted; [email protected]; @SamUAtAlliance
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