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RBS announces new chief executive

2 August 2013 Last updated at 19:42 BST

The incoming chief executive of the Royal Bank of Scotland will take no bonus for his work in the role this year or 2014.

Ross McEwan, 56, who is currently head of the bank's retail arm, will take up the position in October with a £1m salary.

The announcement came as RBS announced pre-tax profits of £1.4bn in the first half of the year.

Robert Peston reports.

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