FIN.

Treasury Committee concerned at GRG “rebrand”

The Treasury Committee is concerned at evidence RBS has provided to it that indicates that 75% of current RBS restructuring employees previously worked in the GRG. Nicky Morgan said that although Ross McEwen, RBS Chief Executive, had assured the Committee that the culture in the current Restructuring group is fundamentally different to that of the GRG, the fact that “almost all” the senior management have worked in both suggested to her that this was a mere rebranding exercise.  She also commented that the payouts so far for direct losses from GRG’s actions seem surprisingly low.

FIN. Team