Sunday 2 February 2020 3:39 pm

New RBS boss Alison Rose to be based solely in London

New Royal Bank of Scotland chief executive Alison Rose is to be based solely in London, even though the state-owned lender is headquartered in Edinburgh. 

Rose’s employment contrast lists RBS’s office on Bishopsgate as her sole place of work, the Sunday Times reported. Her predecessor, Ross McEwan, had a contract for London and Edinburgh.

Rose, who earns a £1.1.m salary and is the first woman to run any of the so-called big four lenders, took over as chief executive in November.

“Our chief executive is based in London and travels to other locations including Edinburgh,” an RBS spokesperson said. 

RBS is set to pay out a reduced bonus pot of £305m for 2019, according to Sky News. 

The figure, which was agreed with the government as RBS’s largest stakeholder, is the lowest since the bank was bailed out during the 2008 financial crisis.

The final bonus figures will be revealed alongside the bank’s annual results in a fortnight’s time.

A £2,000 cap on cash bonuses will remain in place, a source told Sky News. 

Under Rose, RBS executives are working on slashing costs at the state-owned bank. Last week, it was reported that RBS was considering axing thousands of retail banking jobs at Natwest in a bid to trim lending.