ROYAL BANK OF SCOTLAND is facing yet more management upheaval after its finance director Nathan Bostock unexpectedly quit to join Spanish bank Santander after just ten weeks in the job.
Bostock, who was only promoted to the job on 1 October, is to become chief risk officer and deputy chief executive of the Santander’s UK arm, which is thought to be preparing for a stock market flotation.
The news is a fresh blow for RBS and Ross McEwan, who took over as the bank’s chief executive in October and is conducting an overhaul of the bank’s strategy and operations.
“I had the opportunity to work with Nathan through the autumn as we announced the new capital plan for the bank. He is a talented banker who brought a huge amount to our discussions with our regulators and our majority shareholder,” McEwan said.
Bostock was head of risk and restructuring at RBS, a position he had held since joining from Abbey National in 2009. He had planned to join Lloyds Banking Group as head of wholesale banking in 2011, but abandoned the move.
His formal resignation is expected soon, but he will remain in his position to oversee an orderly handover of his responsibilities, RBS said in a statement.