By Scott Wright
ROYAL Bank of Scotland has installed a permanent new leader at NatWest Markets as the institution continues to carry out a review of its investment banking operation.
The state-backed institution has turned Robert Begbie’s role as interim chief executive of NWM into a permanent appointment. It comes after Mr Begbie, formerly the bank’s treasurer, was drafted in to lead the division in December following the exit of Chris Marks.
Mr Marks and Richard Place, the former chief financial officer at NWM, departed soon after the arrival of Alison Rose as chief executive of Royal Bank of Scotland in November, and following a disappointing performance by the investment division in the third quarter.
Mr Place was replaced by the bank’s treasury finance director Robert Horrocks on an interim basis. However, the bank announced yesterday that it has appointed David King, the former chief executive of MUFG Securities EMEA, as the new chief financial officer of NWM. Mr King is expected to take up the role at some stage this summer. Royal Bank also announced that Donal Quaid, interim group treasurer since December, has been appointed group treasurer.
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Ms Rose said: “We’re very pleased to make these appointments. When I took over as CEO, refocusing NatWest Markets was one of my top priorities, and our work here is well under way to deliver against the strategy set out in February. These appointments will allow us to continue the transformation and refocusing process across NatWest Markets that we announced in February and establish a business that delivers even greater benefits for our bank and our customers.
“We would like to congratulate Robert Begbie on his appointment and thank Robert Horrocks for his dedication and commitment as interim CFO, during which NatWest Markets produced strong revenue delivery in Q1 2020. We would also like to welcome David King, who adds extensive experience and expertise from his time at MUFG and elsewhere.”
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Royal Bank revealed in February that would it undertake an overhaul of NWM, and flagged that it may lead to a reduction in headcount at the division, which employs around 5,000. The bank said it would reduce the size of the business by around one half, and refocus NW Mon corporate and institutional customers. Around 130 redundancies were subsequently made in March and April.
Mr Begbie said: “I am delighted to have the opportunity to lead NatWest Markets. NatWest Markets has an important role within the group, connecting our customers with international wholesale and capital markets, and partnering to provide the risk management and financing solutions that help them realise their potential and thrive.
“We have made considerable progress in refocusing the business.”
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