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RBS appoints Ross McEwan as new chief executive Chancellor welcomes Ross McEwan as new boss of RBS
(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. Chancellor George Osborne has welcomed the appointment of Ross McEwan as the new chief executive of Royal Bank of Scotland.
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, who is currently head of the bank's retail arm, will take up the role in October with a £1m salary.
Mr McEwan will take up the position at the start of October with an annual salary of £1m. The Chancellor said Mr McEwan had impressed with his vision of RBS as a strong, UK-centred corporate bank.
The bank said he would not take a bonus for 2014 or for the remainder of 2013. The announcement came as RBS announced pre-tax profits of £1.4bn in the first half of the year.
Instead of a pension Mr McEwan will receive a cash sum each year equivalent to 35% of his salary. This was up from a loss of £1.7bn the year before.
RBS chairman Sir Philip Hampton said running the bank was among the most challenging jobs in the business world.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."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.""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."
The bank said Mr McEwan would not take a bonus for 2014 or for the remainder of 2013.
Instead of a pension he is set to receive a cash sum each year equivalent to 35% of his salary.
In the first half of the year the bank reported a group operating profit of £1.7bn, up 5% from the first half of 2012.
Friday's figures marked the first two consecutive quarters of overall profit since 2008.