RBS share price: Morgan Stanley banker pulls out of race for top finance job

Group loses £2.84 billion of market value amid Brexit resignations

RBS share price: Morgan Stanley banker pulls out of race for top finance job

One of the City’s top investment bankers has pulled out of the race to be the next finance chief of Royal Bank of Scotland Group (LON:RBS), Sky News has revealed. The blue-chip lender has yet to name a successor to Ewen Stevenson who left the bailed-out bank earlier this year to take the top finance job at FTSE 100 peer HSBC Holdings (LON:HSBA).

RBS’ share price has inched marginally higher this morning, having gained 0.36 percent to 225.00p as of 08:31 GMT. The stock came under pressure in the previous session, with banking stocks and housebuilders sold off as Brexit Secretary Dominic Raab resigned.

City banker pulls out of race for CFO role

Sky News reported yesterday that William Chalmers, the co-head of Morgan Stanley’s global financial institutions group, had withdrawn his name from a list of possible successors to RBS’ former finance chief Ewen Stevenson. Insiders told the newswire that Chalmers, who is thought to have been the leading external candidate, had come ‘very close’ to accepting the job, while declining to say why he had ended discussions.

The news comes after the bailed-out lender appointed Alison Rose as the deputy chief executive and a director of NatWest Holdings,  in addition to her existing role as CEO of the FTSE 100 company’s commercial and private banking division, with analysts interpreting the move as a signal that she is the most likely candidate to replace chief executive Ross McEwan when he retires.

Bailed-out lender’s shares suffer selloff

RBS’ share price came under pressure yesterday as Brexit Secretary Dominic Raab resigned, with Reuters calculations suggesting that the selloff wiped £2.84 billion off the bailed-out lender’s capitalisation. The stock had its worst day since the Brexit vote in June 2016.

As of 08:43 GMT, Friday, 16 November, Royal Bank of Scotland Group share price is 225.00p.

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