RBS investment bank chief quits after one month
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Rory Cullinan, the executive chairman of Royal Bank of Scotland’s Corporate and Institutional Bank who sent photographs to his daughter claiming that he was bored in meetings, is to quit after just a month in the role.
The announcement comes just weeks after reports revealed Mr Cullinan (pictured) sent his daughter, Bridget, pictures over Snapchat along with messages stating “Boring meeting xx” and “Not a fan of board meetings xx”.
He will leave his post on April 30 after six years at the 80 per cent state-owned bank.
He was given the task of scaling back the investment bank at the end of February, taking over from Donald Wakeman.
He will stay in his role until the end of the month to “ensure an effective transfer of responsibilities”, the bank said.
RBS chief executive Ross McEwan said: “We would like to express our thanks to Rory for his very significant contribution to the rebuild of RBS over the past six years.”
Chris Marks, currently chief executive of the corporate and institutional banking arm, and Mark Bailie, chief executive of the capital resolution business, will become co-chief executives of the division.
Before taking his current role Cullinan was head of RBS’s internal ‘bad bank’ – the £38bn of unwanted assets it is dissolving or selling.
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