RBS names new chief Ross McEwan

Peter Spence
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Along with its results the Royal Bank of Scotland (RBS) has announced a new CEO. Kiwi Ross McEwan will take the role from 1 October.

McEwan will take a small pay packet than his predecessor Stephen Hester, taking a £1m annual salary and waiving his bonus.

The new boss thanked his colleagues and Hester, saying both have done a “remarkable job in saving this Bank”.

Hester also gave his blessings, calling McEwan a “person of integrity” and that he is “pleased” to be leaving the bank in his hands.

RBS announced profits before tax of £1.4bn.

We have more details and analysis on the live blog.