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Hester: Cost savings and asset sales are going well
ROYAL Bank of Scotland (RBS) chief executive Stephen Hester’s mission to sell off non-core assets is going well, he said yesterday, confirming that the bank’s aircraft leasing operation was for sale.
“We will sell all the things in non-core or wind them down, and the things in core will stay in the bank unless someone comes along to change our minds,” he said.
He said growth was likely to be slow in the future, but that the bank could deliver a sustainable return on equity of around 15 per cent.
RBS will spend £6bn addressing deficiencies in its technology and ramping up the marketing of brands such as NatWest and Direct Line, said Hester.
And he added that efforts to make £2.5bn in cost savings by 2011 were ahead of schedule.