Thursday April 9, 2020

RBS tumbles after Hester departure as 2,000 job cuts planned

Royal Bank of Scotland Group fell as much as 8.2 per cent as chief executive Stephen Hester stepped down and the company announced 2,000 investment-banking job cuts.

13th June, 2013
RBS chief executive Stephen Hester.

Royal Bank of Scotland Group, Britain’s biggest government-owned lender and the owner of Ulster Bank, fell as much as 8.2 per cent as chief executive Stephen Hester stepped down and the company announced 2,000 investment-banking job cuts.

RBS will exit its equity derivatives and structured retail products businesses, Edinburgh-based RBS said in a statement today. Hester said yesterday he would step down after almost five years in the post, without naming a successor.

His exit...

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