A new broom is sweeping clean at the RBS

No bank came under closer scrutiny and was the subject of more bitter criticism for the management skills of their “no matter what we still want our bonuses” directors than the Royal Bank of Scotland group.

However things have changed, and certainly for the better, under the tutelage of recently appointed chief executive Stephen Hester, who took the chair from Sir Fred Goodwin, that is if he didn’t take it with him. The first step that Hester made when handed the reins was to dispose of that symbol of capitalism gone wrong, was to dispose of the corporate jet. With the bank now largely owned by the hard pressed UK taxpayer that seemed to be a prudent move.

Since Stephen Hester took control of running the bank, most of the old senior management guard have departed the scene, with the finance director Guy Whittaker handing in his keys on Tuesday of this week. Whittaker’s departure now means that all nine members of the bank’s executive management committee have been appointed within the last 12-14 months, and most importantly, have their hands clean of any of the incompetent bungling that seemingly typified the bank’s management style under Sir Fred.

Currently there are three non-executive directors who remain on the board from Goodwin’s era. Reports have it that the bank plans to appoint a further three government endorsed directors in the near future.

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Tags: Bank, Banking, Financial News, RBS, UK Banks