RBS names new chief executive

Royal Bank of Scotland, which is 82% owned by the taxpayer, has announced that its head of retail banking, Ross McEwan, will succeed Stephen Hester as chief executive. RBS has also revealed it made £1.37 billion profits for the first half of the year

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Ross McEwan: 'Privilege' to be new RBS chief executive

Ross McEwan has spoken about the "privilege" of becoming the head of RBS:

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Ross McEwan: “It will be a privilege to lead a bank that matters to so many and I'm very much looking forward to getting started."

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Philip Hampton, chairman: “Ross has already become a champion for customers in our business and will continue that role as CEO.”

Read: Profile on RBS' new chief executive

Who is the new RBS chief executive Ross McEwan?

  • Ross McEwan was appointed Chief Executive Officer for RBS UK Retail in August 2012.
  • He joined from Commonwealth Bank of Australia where he was Group Executive for Retail Banking Services for five years.
  • He has worked in the insurance and investment industries both in Australia and New Zealand for more than 25 years.
  • Mr McEwan holds a Bachelor of Business Studies and majoring in Industrial Relations & Personnel Management.
  • He is married with two children and enjoys water skiing, cycling, reading and spending time with his family.

Source: Royal Bank of Scotland

Read: RBS names new chief executive

Two consecutive quarters of profit for RBS since 2008

RBS has earned its first two consecutive quarters of overall profit since 2008.

The results of our successful restructuring continue to show benefits - capital strength and liquidity up, balance sheet, Non-Core assets and Non-Core/Irish losses all down, again.

The business challenges ahead lie principally in improving future operating trends and sustaining the focus and consistency needed to make further progress.

RBS can be a “really good bank” for customers and shareholders. That is our goal.

– Stephen Hester, chief executive of Royal Bank of Scoland

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RBS 'poised' to name Stephen Hester's successor

The Royal Bank of Scotland is reportedly poised to name insider Ross McEwan as chief executive Stephen Hester's successor.

A Royal bank of Scotland sign.
Royal Bank of Scotland chief executive Stephen Hester has stepped down. Credit: Johnny Green/PA Wire

The banking giant was in late-stage talks with the Bank of England's Prudential Regulation Authority over his the appointment, the Financial Times (£) reported.

McEwan, who currently heads RBS's retail banking arm, could be announced as the bank reveals its half-year results today.

RBS expected to announce pre-tax profits

The Royal Bank of Scotland is expected to announce pre-tax profits when it releases its half-year financial results today.

Better retail revenues and lower loan losses at RBS's troubled Ulster Bank arm are expected to have helped.

The Royal Bank of Scotland logo.
The Royal Bank of Scotland is expected to announce pre-tax profits. Credit: Reuters

Analysts expect the UK banking giant will announce £917 million in pre-tax profits for the three months to the end of June, against losses of £168 million a year earlier.

But they warn the bank's shrinking investment banking business will continue to see sliding revenues, down by an expected 10 percent on the first quarter.