RBS poaches Credit Suisse’s chief

Royal Bank of Scotland Group, Britain’s biggest government-owned lender, has hired Ewen Stevenson from Credit Suisse Group as chief financial officer.

Stevenson, co-head of Credit Suisse’s investment bank in Europe, the Middle East and Africa, will take up his role on May 19, Edinburgh-based RBS said. Credit Suisse will replace Stevenson as co-head with industrials banker Mark Echlin the bank said in a staff memo.

Stevenson replaces Nathan Bostock, who resigned in December after two months in the job to become deputy CEO of Banco Santander’s UK division. Bostock had replaced Bruce Van Saun, now head of RBS’s Citizens Financial Group unit in the US, which last week failed the Federal Reserve’s stress test. Ross McEwan, from New Zealand, succeeded Stephen Hester, a former head of fixed income at Credit Suisse, as CEO of RBS in October.

More than five years after receiving the biggest banking bailout in history, RBS is struggling to return to profit. The lender in February posted its biggest full-year loss since its bailout as it logged over €12bn in charges for souring loans, customer compensation and legal costs. McEwan, who took over in October, is trying to revive earnings by combining divisions, shrinking the investment bank and cutting jobs.

Bloomberg

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