RBS Sorry For ‘Incorrect’ Evidence To MPs

Royal Bank of Scotland (RBS) has apologised for telling MPs that a controversial division of the bank, accused of deliberately closing viable firms, was not seeking to make money from its activities.
The development came to light when the Treasury Select Committee released a series of letters between its chairman Andrew Tyrie and bank chairman Sir Philip Hampton relating to a hearing in June.
The Committee was told then by senior bank directors it was not the case that the Global […]

RBS Group Executives’ testimony questioned

Bonuses handed out to senior bosses at Royal Bank of Scotland are facing renewed scrutiny after the chairman of the bailed-out bank apologised for inaccuracies in evidence given to MPs about its restructuring division.
Sir Philip Hampton admitted evidence given by two of the most senior bankers to the Treasury select committee was incorrect. The division is facing accusations about its treatment of small businesses.
The inaccurate evidence was given in June by Derek Sach, who ran the global restructuring group […]

Papering over the cracks

he decision by RBS to dissolve its Global Restructuring Group, an arm of the bank that stands accused of destroying viable UK businesses for profit, will do little to repair the damage caused to the bank’s beleaguered reputation. By Ian Fraser

As a damage limitation exercise, it ranks alongside Rupert Murdoch’s shock closure of disgraced tabloid the News of the World in 2011. 

The Royal Bank of Scotland has told staff that its Global Restructuring Group (GRG), which stands accused of […]

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    Sach out – RBS begins to dismantle controversial restructuring division

Sach out – RBS begins to dismantle controversial restructuring division

Sach and Aubrey Adams, who runs the property unit within the global restructuring group (GRG), are leaving at the end of next March. Laura Barlow, who currently heads up the restructuring team for the UK and US within GRG, has been appointed as head of RBS’s restructuring division with immediate effect.
GRG, which deals with companies facing collapse, has faced a barrage of criticism, notably from Lawrence Tomlinson, an adviser to the business secretary, Vince Cable. He concluded in a […]

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Tomlinson welcomes RBS Belated U-Turn to Treasury Committee

The former Government advisor who published a scathing report on the way RBS managed its relationships with some small businesses has welcomed the bank’s admission that its corporate turnaround division was used as “profit centre”.
Yorkshire entrepreneur Lawrence Tomlinson made headlines last year when he claimed that RBS had engineered businesses into default to move them into its Global Restructuring Group (GRG). Yesterday he said he was “pleased the truth has come to light”.
The GRG unit is meant to help […]

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    RBS chiefs accused of being ‘wilfully obtuse’ over evidence to MPs

RBS chiefs accused of being ‘wilfully obtuse’ over evidence to MPs

Allegations about the way Royal Bank of Scotland treats its small businesses have resurfaced after senior executives from the bailed-out bank were accused of being “wilfully obtuse” when giving evidence to MPs.
Andrew Tyrie, the chair of the Treasury select committee, issued a damning verdict on the evidence provided last month by two of the most senior directors of the 81% taxpayer-owned bank, which has been scrambling to defend its stance towards small business customers.
Chris Sullivan, deputy chief executive of […]

RBS job advert casts doubt on the assertions of Sach

The Royal Bank of Scotland seems to be rather confused over whether its infamous Global Restructuring Group is run as a “profit centre”.
A job advertisement placed by the bank in January 2014, clearly states that the “role purpose” of relationship managers within GRG is to be “a major contributor to the Group’s bottom line” (i.e. its profits). After this job advert was cited by shareholder Gavin Palmer at the bank’s annual general meeting yesterday as evidence the bank had […]

By |June 29th, 2014|Derek Sach, RBS|0 Comments