RBS Royal Bank of Scotland Group PLC

By Paul Clarke

Of Financial News

Two senior leaders at Royal Bank of Scotland Group PLC's (RBS.LN) investment banking unit have stepped down, the first major management change under new chief executive Alison Rose.

Chris Marks, the chief executive of NatWest Markets (the name for RBS's rebranded investment bank), is leaving the bank, according to a statement on Thursday. Richard Place, who is chief financial officer for the unit, is also set to step down.

RBS's once-sprawling investment bank has been shrunk since the 2008 financial crisis and now focuses on trading foreign exchange and interest rates. The unit has borne the brunt of the bank's post-crisis restructure, with thousands of jobs stripped out over the past 10 years.

Ms. Rose, who was named chief executive in September and is the first woman to lead RBS, promised on her first day in the job to continue to "reduce bad costs across the bank". NatWest Markets has been singled out by analysts as a problem area for the bank. During the third quarter, the unit posted a 74% drop in revenues to 150 million pounds ($196.4 million).

Mr. Marks joined RBS in 2010 from Barclays PLC (BARC.LN), initially taking a role in its non-core division. He became co-chief executive of RBS's capital resolution division--the name for its so-called bad bank tasked with winding down GBP38 billion in toxic assets from the financial crisis--in 2014. He began leading RBS's corporate and investment banking unit in February 2015.

RBS has yet to name a permanent replacement, with Robert Begbie, the bank's treasurer, taking on the role of interim chief executive for NatWest Markets. He has worked at RBS since 1994, and has held various senior roles within its investment banking unit, including head of fixed income trading and global head of equity derivatives sales.

In a statement, Ms. Rose said that NatWest Markets "plays a crucial role within RBS". Mr. Marks said he was "proud to have been a part of the journey to transform the bank".

Website: www.fnlondon.com

(END) Dow Jones Newswires

December 19, 2019 12:23 ET (17:23 GMT)

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