RBS Crowns McEwan as New Chief Exec
McEwan, currently the head of RBS's retail arm, will take over from Stephen Hester, who was installed by the British Government at the height of the financial crisis in 2008, to rescue the bank from insolvency. The UK Government, through the Treasury, owns over 80 percent of RBS after bailing it out in 2008 to the tune of £45 billion (approximately $68 billion).
The appointment of a retail CEO to oversee both the brick-and-mortar business and the investment banking arm, along with RBS's other interests, follows a pattern set by several institutions of late. Barclays, for instance, appointed retail boss Anthony Jenkins as its CEO, after Robert Diamond was ousted by UK regulatory officials. Hester's departure, too, was ordered by political figures. The UK Government is reportedly considering the break up of RBS into components businesses, so as to ease the process of re-privatization and a reduction in the public stake.
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