Royal Bank of Scotland

Ticker RBS

Today's data summary

Market closed
% change
-0.37%
Price Pence
216.70
Change
-0.80
As of 02:12 27 May 2019
Market cap. Pound sterling
26,201.43 million
As of 02:12 27 May 2019

Latest updates

Nationwide handed £50m to invest in small business banking

Nationwide branch
Getty Images

Nationwide Building Society has won a £50m share of a fund aimed at boosting competition in the business banking sector.

The building society said the award will help boost its launch into business banking.

Joe Garner, chief executive of Nationwide, said: "While the money is a massive boost for our plan, we also aim to match every pound of the £50 million award with our own funding over a five-year plan."

The Co-operative Bank and Investec Bank also won smaller awards of £15m each in the second round of a £775m programme funded by Royal Bank of Scotland to increase competition in business lending.

The fund was launched as a condition of RBS's bailout at the height of the financial crisis.

RBS says takes fair and inclusive approach

RBS Logo
PA

RBS has responded to the pay claim brought by Ms Williams.

A spokesperson said: “We take a fair and inclusive approach to setting pay and career progression and do not pay our colleagues differently for doing the same job because of their gender.

"In this particular case, although we don’t agree with everything Ms Williams says and we don’t agree that any difference in pay was due to Ms Williams’ gender, we don’t think we got things right in certain areas and therefore have agreed a settlement to resolve the matter.”

RBS equal pay claims case

RBS cash machines
PA

Union Unite says Royal Bank of Scotland could face more equal pay claims after a female support analyst at NatWest Markets secured a £150,000 pay out.

According to the union, which supported her claim, after a seven year period at the bank she was receiving pay and benefits worth £31,610 less per year for doing the same job as her male counterpart.

According to the union's website, her name is Lucy Williams and she raised an official grievance in June two years ago and was made redundant five months later.

The union said the case was settled before going to a tribunal.

RBS said it took a "fair and inclusive approach" to pay.

First female bank boss?

Papers' business pages
BBC

The papers are all in agreement this morning: the front runner to take over from RBS's chief executive Ross McEwan, who announced his departure yesterday, is Alison Rose.

Ms Rose is currently deputy chief executive of NatWest Holdings, the “ring-fenced” part of RBS, the largest part of RBS, which excludes the riskier investment banking business. She already deputises for McEwan on occasion.

The Guardian says while she's kept a lower profile than some other women in finance Ms Rose is highly regarded in the City.

The Financial Times says other RBS executives in the running include Mark Bailie, who is setting up the new RBS digital bank Bo, Les Matheson, head of personal banking, and Simon McNamara, chief administrative officer.

RBS: more Brexit challenges to come as profits fall

RBS bank
Getty Images

RBS has reported an operating profit before tax of £1,013m, compared with £1,213m in Q1 2018.

That primarily reflects £265m lower income, the bank said, but it's partially offset by £73m lower operating expenses.

Q1 2019 attributable profit was £707 million compared with £808 million in Q1 2018.

"We recognise that the ongoing impact of Brexit uncertainty on the economy, and associated delay in business borrowing decisions, is likely to make income growth more challenging in the near term" RBS said.

The outgoing boss of RBS wishes he had spent more time on customers
The outgoing chief executive of of RBS, Ross McEwan, wishes he had spent more time focusing on customers.