RBS to scale back overseas
ULster Bank owner Royal Bank of Scotland will hand restructuring chief Rory Cullinan the task of overseeing another major scaling back of its investment bank, sources told news wires yesterday, in a move that will allow RBS to focus on lending to British households and businesses.
Mer Cullinan will take over responsibility for RBS's investment bank from Donald Workman, who is currently executive chairman for corporate and institutional banking, the sources said. It is not clear what role Mr Workman will take.
Mr Cullinan already runs RBS's internal 'bad bank' and is overseeing the sale of its US business Citizens and its Williams & Glynn business in Britain.
The bank, 79pc-owned by the British government, is under pressure from lawmakers to do more to support the domestic economy.
Chief executive Ross McEwan said last year that he wanted to increase the proportion of assets that RBS holds in Britain to 80pc of its global business from 60pc at present.
Mr Cullinan was appointed to run Royal Bank of Scotland's 'bad bank' in December 2013.
He is on track to sell or wind down the majority of the £38bn of unwanted assets placed within it by the end of 2015, a year ahead of schedule and his success in that role has persuaded Mr McEwan to enlarge his remit, the sources said.
Mr Cullinan will also take responsibility for managing RBS's exit from several European markets, the sources said.