RBS retail chief Matheson to quit after turbulent decade

20 October 2019, 20:45 | Updated: 21 October 2019, 06:14

Royal Bank of Scotland's (RBS) long-serving retail banking chief is preparing to step down after a turbulent decade at the state-backed lender.

Sky News has learnt that Les Matheson has told colleagues that he plans to leave RBS in the coming months as its new chief executive, Alison Rose, finalises her senior leadership team.

Mr Matheson, who spent much of his earlier career in Australia, is expected to make way once a successor has been picked.

As RBS's chief executive for personal banking since 2014, Mr Matheson is one of Britain's most senior retail bank executives.

He joined the company in January 2010.

His departure, which has yet to be announced, is likely to form part of a shake-up of senior personnel and strategy that will be unveiled by Ms Rose next year.

Mr Matheson has largely stayed out of the public spotlight during his decade at RBS, which was beset after its £45.5bn taxpayer bailout by a series of scandals involving its treatment of small business customers and participation in efforts to rig benchmark interest rates and foreign exchange markets.

Nevertheless, his role running its retail bank has not been without controversy, with RBS confronted by heavy criticism over its closure of hundreds of branches across Britain.

RBS, which remains majority-owned by taxpayers, is expected to conduct an internal and external search for Mr Matheson's successor.

RBS declined to comment on Sunday.