RBS CEO: My thoughts on the FX settlement


RBS CEO: My thoughts on the FX settlement

CEO Ross McEwan shares his thoughts on FX settlement

Blog Author Image
Ross McEwan
CEO, RBS
Blog

14 November 2014

On Wednesday we reached a settlement with two regulators over the setting of foreign exchange benchmarks. And once again, we at RBS found ourselves in the spotlight for the wrong reasons. We weren’t the only bank to be there but, for me, that’s not important. What’s important is that we were there at all.

To say that I am angry about this misconduct is an understatement. What this has shown me is that we have had people working in this bank that did not know right from wrong – or worse, didn’t care about the distinction. This small number of people put their interests ahead of that of their clients.

When the Board and my management team first found out about these allegations last year we immediately instructed our legal and compliance teams to give their full cooperation to the authorities to get the bottom of the issues. The settlements are the result of an investigation that examined millions of pieces of correspondence and evidence and required thousands of hours of work from RBS staff.

And the investigation continues – we are still working our way through disciplinary and accountability processes involving over 50 employees and their managers. While we will treat all people fairly, those who have been found lacking in conduct or accountability terms will be dealt with appropriately, including through claw back, award forfeiture, or through formal disciplinary procedures

There is no place for this misconduct at the RBS I am building with my colleagues and I apologise to all of our customers and to the 100,000 hard working members of staff that do come in every day determined to do a good, honest day’s work.

Posted In

Blog

Latest news

Women and millennials help drive £17bn+ franchise sector to record levels

New research from NatWest and the British Franchise Association (bfa) highlights changes and profitability in the sector.

Winners announced for Skills & Opportunities Fund

52 winning organisations have been announced for round two of the 2018 Skills & Opportunities Fund.

RBS Multicultural Network meets Eric Holder, 82nd US Attorney General

Simon McNamara, RBS Chief Administrative Officer and Executive Sponsor of the RBS Multicultural Network, recently hosted an event in discussion with Eric Holder, the first black US Attorney General. They discussed career, ethnicity, diversity and even a little bit of politics. At the event, Eric Holder shared his wisdom and experience with attendees from the RBS Executive committee and RBS Multicultural Network. Simon McNamara blogs about his experience meeting Eric, a BAME role model, and why diversity is so important to RBS.

Set Tab for lightbox