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 […]

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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    RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

The Royal Bank of Scotland is scrapping the Global Restructuring Group (GRG), the controversial unit accused of engineering businesses into default while profiting from their struggles, says sources.
Sources told IBTimes UK that GRG “no longer exists” and was disbanded with immediate effect, while two of the group’s biggest bosses Derek Sach and Aubrey Adams will leave the bank.
However, another top GRG executive, Laura Barlow, will remain at the bank and take on a new role elsewhere.
RBS declined to comment.
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    Sir Philip Hampton may quit RBS in potential move to GlaxoSmithKline

Sir Philip Hampton may quit RBS in potential move to GlaxoSmithKline

Sir Philip Hampton, chairman of Royal Bank of Scotland, is thought to be preparing his exit from the bailed-out bank amid mounting expectations he will move to the same role at GlaxoSmithKline.
The switch by Hampton to the top role at Britain’s biggest pharmaceutical company is expected to be confirmed next month.
He would replace Sir Christopher Gent, the current chairman, who has indicated he intends to stand down at the end of 2015 after almost 10 years in the role […]

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