Tuesday, 30 January 2018

RBS boss Ross McEwan admits restructuring 'mistake'

RBS boss Ross McEwan has admitted a statement he made claiming that bank's Global Restructuring Group helped most of its business customers was wrong.

He made the admission to MPs on the Treasury Select Committee on Tuesday.

They were taking evidence on a leaked regulator's report that found an "intentional, co-ordinated strategy" to put RBS's interests ahead of customers.

Mr McEwan said RBS "successfully turns round the vast majority of businesses that it works with".

He added: "The bank, through its restructuring team, helped minimise those losses where it could, successfully turning round thousands of businesses, safeguarding hundreds of thousands of jobs."
However, Treasury committee chair Nicky Morgan forced an admission from Mr McE
wan that his statement was wrong in the light of an official report leaked to the BBC.

"You made a statement in 2014 about GRG turning around the vast majority of businesses that it works with and I'm asking you - that statement was not true?" she asked.

"In 2014, absolutely when you look at the stats that have come through - that is not right," Mr McEwan said.

The 2014 statement drew from findings by solicitors Clifford Chance, appointed by RBS to conduct what it claimed was an "independent inquiry" into allegations of mistreatment of business customers.

Mr McEwan claimed at the time: "Our first priority then and now is to try and help our customers recover."

BBC           News.