McCarthy to step down as Ulster Bank chief executive

CORMAC McCarthy is to step down as chief executive of Ulster Bank, after nearly a decade in charge, by the turn of the year.

In a statement yesterday, Mr McCarthy said the move was entirely his decision and will give him the opportunity to seek new opportunities.

It is understood that the board of Royal Bank of Scotland (RBS), which ultimately owns Ulster Bank, tried to change his mind and persuade him to remain. The group has initiated the search for Mr McCarthy’s successor and he will remain in his two current roles (he also acts as deputy chief executive of RBS’s British retail banking division) until successors have been identified. That is likely to see him formally leaving the group early next year.