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Chancellor welcomes Ross McEwan as new boss of RBS The incoming CEO of RBS will receive no bonus this year or next.
(35 minutes later)
Chancellor George Osborne has welcomed the appointment of Ross McEwan as the new chief executive of Royal Bank of Scotland. The incoming chief executive of the Royal Bank of Scotland will take no bonus for his work in the role this year or 2014.
Mr McEwan, who is currently head of the bank's retail arm, will take up the role in October with a £1m salary. Ross McEwan, 56, who is currently head of the bank's retail arm, will take up the position in October with a £1m salary.
The Chancellor said Mr McEwan had impressed with his vision of RBS as a strong, UK-centred corporate bank.
The announcement came as RBS announced pre-tax profits of £1.4bn in the first half of the year.The announcement came as RBS announced pre-tax profits of £1.4bn in the first half of the year.
This was up from a loss of £1.7bn the year before.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. The bank said Mr McEwan, who joined RBS from Commonwealth Bank of Australia in September 2012, 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.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.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.Friday's figures marked the first two consecutive quarters of overall profit since 2008.
But the bank was forced to set aside another £185m pounds to compensate customers for the mis-selling of payment protection insurance, taking the bill for mis-selling to £2.4bn.
BBC business editor Robert Peston said the numbers showed the bank was much stronger than it was a few years ago, particularly in terms of the key measure of capital ratios.
"However, the profit performance isn't as impressive if you strip out funny accounting niceties," he said.
"Certainly a little bit of growth this year but that is the contrast between RBS and Lloyds - yesterday we saw significant profits growth at Lloyds but we are not yet seeing that at RBS.
"There is no doubt its retail banking operations in the UK can be a powerhouse again, but the row with the Treasury over whether the investment bank should be expanded or slimmed down has detracted fairly significantly from its operating performance."
Chancellor George Osborne has welcomed the appointment of Ross McEwan as the new chief executive of Royal Bank of Scotland.
The Chancellor said Mr McEwan had impressed with his vision of RBS as a strong, UK-centred corporate bank.