Royal Bank of Scotland (RBS) is set to appoint Rory Cullinan, head of its bad bank, as the new head of its struggling investment bank to oversee a major scaling back of the unit.
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The management changes come as the UK state-owned lender faces pressure from lawmakers to do more to support the domestic economy.
Cullinan, RBS’s internal bad bank chief, is currently on track to sell or wind down most of the £38bn ($58.6bn) of unwanted assets within it by 2015 end.
He is also overseeing the sale of its US business Citizens and its Williams & Glynn business in Britain.
In his new role, Cullinan will succeed Donald Workman as executive chairman of its corporate and investment bank, and will oversee a further reduction of the investment bank.
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By GlobalDataThe role that Workman will take after his departure from the current position is not yet clear.
CEO Ross McEwan has been selling units and laying off employees in a bid to focus on the bank’s domestic market and reverse annual losses.
The bank expects that slimming down and simplifying its operations will boost its capital and deliver better returns, making it easier for the government to return to private ownership.
