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| RBS appoints Ross McEwan as new chief executive | RBS appoints Ross McEwan as new chief executive |
| (35 minutes later) | |
| Royal Bank of Scotland has confirmed that Ross McEwan, the current head of the bank's retail arm, is to take up the role of chief executive. | Royal Bank of Scotland has confirmed that Ross McEwan, the current head of the bank's retail arm, is to take up the role of chief executive. |
| The announcement came as the bank announced first half pre-tax profits of £1.4bn, up from a loss of £1.7bn the year before. | |
| Mr McEwan will take up the position at the start of October with an annual salary of £1m. | |
| The bank said he would not take a bonus for 2014 or for the remainder of 2013. | |
| Instead of a pension Mr McEwan will receive a cash sum each year equivalent to 35% of his salary. | |
| RBS chairman Sir Philip Hampton said running the bank was among the most challenging jobs in the business world. | |
| "Five years on from its rescue, RBS is now a safe and strong bank," he said. | |
| "Our focus is now on building a really good bank for our customers and shareholders, returning the bank to private ownership, and playing our full part in supporting the UK economy." |