Ewen Stevenson, the chief financial (CFO) of the Royal Bank of Scotland (RBS) has resigned after four years in the job.
RBS, 72% owned by the taxpayer, has its annual general meeting in hours where its executives are set to be questioned on many topics, most likely re-privatisation.
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According to reports, approximately 10% of the bank could be sold to investors for around £3bn ($3.9bn) at a substantial loss following the bank’s bailout in 2008.
This is occuring within a wealth of controversy for RBS. At the start of May, the Edinburgh-based incumbent announced the cancellation of its Williams & Glyn spin-off bank.
This will result in the closure of 162 branches and a loss of 792 jobs.
As a result, Unite, the UK’s biggest union, has begun a campaign outside RBS’ offices in Manchester and Edinburgh. It has called on communities, pensioners, activists, RBS staff and customers to join a demonstration.
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By GlobalDataIn addition, shadow chancellor John McDonnell has called on the government to use its position as majority shareholder to block RBS’ planned branch closures.
He asked the government to act on the public’s interest instead of “dancing to the tune of the bank’s board”.
