The top executives managing Royal Bank of Scotland Group Plc's Williams & Glyn unit will leave the lender after it proposed an alternative plan to selling the more than 300-branch network, Sky News reported April 5, citing an internal staff memo.
Williams & Glyn CEO Jim Brown will be replaced by Paul Fox, the unit's managing director of retail and business banking, according to the memo. Brown, who has served as CEO of the unit for the last two years, has been linked with the top job at Bank of Ireland, Sky News noted.
CFO Leigh Bartlett, COO Chris Davies and Chief Risk Officer Rick Hunkin will also depart, according to the report.
RBS said in February that it was abandoning its attempt to divest the Williams & Glyn business, which is required under European conditions for the bank's receipt of crisis-era state aid, but which has been thwarted by IT and other issues. The current alternative plan involves RBS creating a separate £750 million fund to help support so-called challenger banks and financial technology development, though this is under an in-depth investigation by the European Commission.