McEwan reveals Hester’s war with Treasury in reign at RBS

Tim Wallace
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McEwan held talks with the government
RBS CHIEF Ross McEwan has shed more light on the bank’s troubled relationship with the Treasury, in a Q&A session with investors.

The boss, who took the job a year ago, revealed he had to immed­iately “make peace” with the politicians.

Predecessor Stephen Hester was ousted after disagreeing with the Treasury on the cuts to RBS’ investment bank.

“The first thing that I wanted to do was… I call it make peace with our major shareholder, the government,” he told a recent Bernstein Research event.

“That happened last November after the discussions about what was important to our major shareholder.”

When he was hired, McEwan stressed the importance of lending to small firms and boosting the economy.