Cullinan leaves after month in new role
RBS parts with executive who sorted out the ‘bad bank’
The executive chairman of its corporate and institutional bank, who was previously responsible for sorting out some of the toxic problems and non-core assets in the bank, will leave at the end of this month.
He joined RBS six years ago, and was appointed to his current position in charge of the investment bank only last month. But RBS is running down its investment banking operations and, according to Reuters, Mr Cullinan’s departure is because of a disagreement over the implementation of strategy.
Mr Cullinan was the only member of the bank’s management committee to get a bonus this year after the so-called “bad bank” sold off more assets than expected.
In a brief statement, the bank said it had “reached agreement” with Mr Cullinan in what suggested he had become part of the restructuring. Chief executive Ross McEwan offered his thanks for Mr Cullinan’s “very significant contribution to the rebuild of RBS over the past 6 years.”
He said he had built and led a number of projects and recently completed the sale of more shares in its Citizens Bank in the UK following its IPO last year.”
Chris Marks, chief executive of the division, and Mark Bailie, chief executive of capital resolution [the bad bank], will now join the executive committee as co-CEOs of corporate & institutional banking.