Contract revelation

RBS chief executive Rose to be based solely in London

Alison Rose

Alison Rose at RBS Gogarburn (pic: Terry Murden)

Royal Bank of Scotland’s chief executive Alison Rose will be based solely in London, providing further evidence of the shift in operations from its Edinburgh roots. 

Ms Rose took over the top post last November and her contract of employment names RBS’s offices in Bishopsgate as her sole place of work. Ross McEwan, her predecessor was contracted to work in London and Edinburgh.

The new CEO, who earns a £1.1.m salary, is the first woman to run any of the so-called big four banks, and chose to make her first big announcement to staff in London rather than in Scotland.

Rose is employed by NatWest, a technicality following the post-crisis move to “ringfence” high street banking operations.

An RBS spokesperson confirmed to the Sunday Times that she will be based in London and will travel to “other locations, including Edinburgh”.

The bank has repeatedly warned the nationalists that Scottish independence would force the bank to consider relocating its tax base out of Scotland.

Separately, Sky News added that RBS is set to pay out a reduced bonus pot of £305m for 2019.

The figure, which was agreed with the government as RBS’s largest stakeholder, is the lowest since the bank was bailed out during the 2008 financial crisis.

The final bonus figures will be revealed alongside the bank’s annual results on 14 February.

A £2,000 cap on cash bonuses will remain in place, a source told Sky. 

Ms Rose is expected to announce deep staff cuts at the group’s NatWest subsidiary. 

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