RBS’ digital banking chief to step down in coming months
The chief executive of Bo, RBS’ digital banking platform, is one of a number of executives who will leave the company in the coming months as part of a reshuffle under new boss Alison Rose.
Mark Bailie, who was considered a potential challenger to Rose before her appointment in the autumn, will step down just a few months after the launch of Bo.
Sky News reported that his departure would be announced at the same time as the taxpayer-backed lender reports its annual results on 14 February.
Several other changes to the bank’s senior leadership team are expected, with Lee Matheson, chief executive of personal banking, also set to leave, while marketing chief David Wheldon will likely retire this year.
With chairman Sir Howard Davies also expected to handover to a successor soon, the changing of the guard gives Rose a chance to stamp her own image of the bank.
Last month the chief executive and chief financial officer of RBS’ underperforming investment bank Natwest Markets stepped down, after a weak performance helped tip RBS into the black.
Rose, who is the first female chief of RBS, is expected to use February’s results statement to lay out her initial strategy for the future of the bank.
Analysts expect further cost-cutting to feature heavily in order to tackle bulging costs, ongoing low interest rates and geopolitical tensions.
With previous chancellor Philip Hammond targeting 2024 for the handover of the government’s last stake in RBS, Rose will be aiming to claim responsibility for returning one of the UK’s oldest banks to private ownership.
During the global banking crisis of 2008 RBS was bailed out to the tune of $45.5bn, and is now 62 per cent owned by the taxpayer.
Bailie joined RBS in 2010 with responsibility for reducing the amount of bad loans on its balance sheet.
He became chief operating officer in 2016 and then was given the lead for Bo, a banking app intended to challenge the startup banks such as Monzo and Revolut.
RBS did not comment on the claims.
This is a breaking news story and will be updated.