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Royal Bank Of Scotland Quits At NatWest Markets Investment Bank

In a news report, the Royal Bank of Scotland has cleared out the top executive team. It happened at its under-performing investment bank NatWest Markets.

The issue is one of the first moves to overhaul the state-backed bank’s executive team. Alison Rose, the new chief executive, will be responsible for the undertaking.

According to the lender, NatWest Markets’ CEO Chris Marks and CFO Richard Place have both hands in resignation on Thursday.

Meanwhile, an internal and external examination has started for their replacements, the bank added.

On the other side, Robert Begbie and Robert Horrocks are going to serve as the provisional CEO and CFO, respectively.

In a statement, Rose indicated that the departing officials had “set the foundations for the continuing transformation and simplification” of NatWest Markets.

She added, “NatWest Markets plays a vital role within RBS, allowing us to provide our customers with the products and services they need to succeed.”

Previously, a miserable stock trading in the third quarter at NatWest Markets was partially responsible for tipping RBS to a deficit for the period. Analysts have also been describing the execution of the investment bank “deplorable.”

In a news report way back October, shareholders were to be calling on RBS to cut back its investment banking undertakings drastically.

The reduction is for them to concentrate on higher-returning industries.

On October 31, Rose took over as CEO. She is also to declare her new strategy for the bank along with full-year results in February.

700,000 RBS Customers Has Outstanding Compensation 

Elsewhere, about 730,000 RBS clients are going to compensate worth £40 million.

The issue was when the firm had overcharged foreign money transfers in the stock market between 2010 and 2014.

Meanwhile, members of the bank’s foreign exchange group have already handled rates on over 10 million foreign exchange payments.

The processing means that the customers were charged an additional 60p for every £1,000 sent abroad via bank transfers.

Now, the consumers have been compensating for the money that they had to pay in the past. It is together with an 8% statutory interest.

Around 573,000 of the outstanding refunds are personal account customers. The rest have a business checking account with the bank.

The employees are responsible for the manipulated rates at RBS. It occurred when they have done some actions way back in 2014.

Nowadays, the bank is the one paying the compensation.

RBS stated concerned customers would have reimbursement by the bank transfer. It will only happen if they still have an RBS account.

On the other side, they will be sending a cheque if they have sealed their accounts.

Moreover, the bank reveals that the refunds will be automatic.



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