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RBS is first UK big four bank to be led by a woman | |
(about 1 hour later) | |
RBS has named Alison Rose as its new chief executive, making her the first woman to lead one of the UK's big four banks. | RBS has named Alison Rose as its new chief executive, making her the first woman to lead one of the UK's big four banks. |
Ms Rose, who joined the bank 27 years ago as a graduate trainee, will replace the incumbent Ross McEwan in November. | Ms Rose, who joined the bank 27 years ago as a graduate trainee, will replace the incumbent Ross McEwan in November. |
She will be paid more than her predecessor, with her annual salary set at £1.1m compared with Mr McEwan's £1m. | She will be paid more than her predecessor, with her annual salary set at £1.1m compared with Mr McEwan's £1m. |
Ms Rose is currently the chief executive of the commercial and private banking division. | Ms Rose is currently the chief executive of the commercial and private banking division. |
Other lenders have been led by women. Ana Botin was formerly in charge of Santander UK, while Dame Jayne-Anne Gadhia was chief executive of Virgin Money before it was sold to CYBG last year. | Other lenders have been led by women. Ana Botin was formerly in charge of Santander UK, while Dame Jayne-Anne Gadhia was chief executive of Virgin Money before it was sold to CYBG last year. |
However, Ms Rose is the only woman so far to lead one of the UK's four biggest banks, which are RBS, Lloyds Banking Group, Barclays and HSBC. | However, Ms Rose is the only woman so far to lead one of the UK's four biggest banks, which are RBS, Lloyds Banking Group, Barclays and HSBC. |
It also means that two of the most senior roles at RBS will be held by women, after Katie Murray was promoted to chief financial officer earlier this year. | |
Commenting on Ms Rose's appointment, RBS chairman Howard Davies said: "Following a rigorous internal and external process, I am confident that we have appointed the best person for the job." | |
RBS remains majority-owned by the UK government, with a stake of 62%, after it was bailed out with £45.5bn of taxpayers' money during the financial crisis. | |
Ms Rose said she was "looking forward to getting started" in her new job, adding: "Maintaining the safety and soundness of this bank will continue to underpin everything we do." | Ms Rose said she was "looking forward to getting started" in her new job, adding: "Maintaining the safety and soundness of this bank will continue to underpin everything we do." |
The RBS veteran has been widely tipped to replace Mr McEwan, who will become chief executive of National Australia Bank. | |
Ms Rose joined NatWest straight from university in 1992, before the bank was bought by RBS eight years later. | |
She has worked in various roles at RBS, including in investment banking. | |
Ms Rose helped restructure the bank's balance sheet in the aftermath of the financial crisis, a process which she described as "challenging". | |
As well as heading RBS's commercial and private banking, Ms Rose is currently deputy chief executive of NatWest Holdings, which is the ring-fenced part of the business that does not include the riskier investment bank division. | |
She was also commissioned by the Treasury to lead a review into the barriers women face in entrepreneurship, which was published earlier this year. |