Royal Bank of Scotland (RBS) has announced that chief financial officer Ewen Stevenson will step down at the end of September.
The state-owned bank first informed investors of Mr Stevenson's exit in May, hours before its Edinburgh annual general meeting (AGM).
The bank is looking for a successor and has appointed Katie Murray, its deputy chief financial officer, as finance head in the interim.
- READ MORE: RBS pays dividend to shareholders while being hit for £3.8bn for financial crisis misconduct
RBS said Mr Stevenson will remain on the board until September 30 and will be on gardening leave until his employment ends on November 30.
Mr Stevenson's long-term share awards will also terminate on his exit.
Mr Stevenson will be paid until November 30 and will not receive a remuneration payment in connection with his departure from the company.
The news comes after the US Department of Justice published damning documents detailing the attitudes of RBS bankers before the financial crisis.
- Herald View: RBS can take clean slate and start afresh
The documents showed bankers at RBS admitted they were selling "total f****** garbage" to investors.
The US authorities also revealed that employees made light of destroying the housing market in the lead-up to the financial crash.
RBS's head trader received an email from a friend that said: "[I'm] sure your parents never imagine[d] they'd raise a son who [would] destroy the housing market in the richest nation on the planet."
The head trader answered: "I take exception to the word 'destroy.' I am more comfortable with 'severely damage.'"
The DoJ estimates RBS underwrote and issued mortgage-backed securities that have so far resulted in losses worth more than 49 billion US dollars (£38 billion), and forecasts another 5.6 billion US dollars (£4.4 billion) will be lost.
While RBS has agreed to pay a 4.9 billion US dollar (£3.8 billion) fine to the DoJ, it disputes and has not admitted the allegations put forward by American authorities.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here