RBS finance chief to leave at end of September

Royal Bank of Scotland confirmed that chief financial officer Ewen Stevenson will step down from the board on 30 September, after he resigned in May.

Katie Murray, currently deputy CFO, will become interim CFO while a permanent successor is sought for the role.

Once he has completed his handover, Stevenson will be placed on gardening leave for two months until his contract ceases.

RBS said Stevenson will not receive any compensation for loss of office, due to the circumstances of his departure, and he will continue to receive his salary, fixed share allowance, pension and benefit funding up to 30 November but he will receive no other remuneration payment in connection with his departure and he will lose his outstanding long-term incentive awards.

Earlier this month, the taxpayer-owned bank declared its first dividend in 10 years despite a mixed set of first half results, where profits attributable to shareholders dropped 5.4% on last year. Operating profits in the second-quarter halved to £613m compared to the first quarter and the second quarter last year, but this was much better than expected.

The bank has dealt with several major legacy issues in the past 12 months, including pension funding issues, a US regulatory investigation over pre-crisis misselling and a UK probe into its GRG unit.