RBS boss admits 'trepidation' as he starts new job

Ross McEwan says his predecessor Stephen Hester left with "a very big smile on his face"

Related Stories

Royal Bank of Scotland's new chief executive, Ross McEwan, has admitted "a high level of trepidation" as he steps into the helm.

"I take the job on with a high level of trepidation, slight levels of fear but absolute delight," he said in a speech to staff on his first day in the top job.

Mr McEwan said it was "an absolute thrill" to take on the new role.

"It's one of those 'wow' experiences," he added.

Mr McEwan said he planned to refocus the bank on customer service, vowing to make it the best in the UK.

"We exist because of the customers we serve and we should never forget that. Our job is to serve our customers. Without our customers we are nothing as a business."

He also said the bank needed to repay taxpayers for their faith in the firm.

UK taxpayers still own 81% of RBS after it was bailed out for £45bn in 2008 at the height of the financial crisis.

Mr McEwan stressed that its tax-payer funded bailout meant the bank had to live up to a higher standard than any other UK bank.

"We should never forget that obligation," he added.

Mr McEwan has taken over the reins from former chief executive Stephen Hester.

The 56 year-old is originally from New Zealand and previously headed the bank's retail arm.

He will be paid a £1m annual salary for the role.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

BBC Business Live

  1.  
    WILLIAM HILL 08:34:
    Betting slip

    William Hill - the high street and online betting chain says "record-breaking World Cup wagering drives second quarter operating profit growth" - but pre-tax profit was down 15% at £222m.

     
  2.  
    IAG SHARES 08:21:

    IAG shares are off to a strong start on the back of the results announcement. They're up 4%.

     
  3.  
    RENTOKIL INITIAL RESULTS 08:19:
    Horrible moth

    Rentokil is a whopping player in the pest control business. "Revenue growth was particularly strong in our Pest Control category," it reveals, "reflecting good growth... supported by improved organic performance and a number of pest control acquisitions." Growth through acquisitions; not scary. Improved organic performance? Does that mean there are more moths, rats, wasps and such for it to kill?

     
  4.  
    HEADLINES
    • BA and Iberia parent IAG in profit
    • Rentokil profits rise 38%
    • Strong US jobs growth expected
     
  5.  
    IAG PROFITS 08:05:
    A British Airways Airbus A380

    Spanish cousin Iberia is becoming less of a drag on IAG's overall performance it seems. IAG says Iberia's restructuring continues to have "a positive impact". Last week Iberia agreed a deal with unions "on collective redundancies for pilots and ground staff" that could see a further 1,427 jobs axed. IAG says: "This will create new opportunities for Iberia to enhance its profitability further in the next two or three years."

     
  6.  
    RUSSIA SANCTIONS 07:51:
    Russia adidas shirt

    European companies say sanctions against Russia are already taking their toll, reports the Financial Times. Adidas shares dropped 15% after its profit warning yesterday - it's closing stores in Russia. Also seeing an impact are Volkswagen and Siemens.

     
  7.  
    DIRECT LINE RESULTS 07:41:
    Dog

    Direct Line is the largest motor insurance group in the country. It reports an 8% rise in six month profits to £225.1m. Brands include Churchill, Privilege and the Green Flag roadside recovery service.

     
  8.  
    IAG PROFITS 07:28: BBC Radio 4

    IAG boss Willie Walsh tells Today the airline group is "doing very well" and is on course to deliver its full year guidance. The conversation quickly turns to safety. British Airways and Iberia have been avoiding Ukrainian airspace since March, he says. "We don't look at the cost at all. It's simply a case that we look at whether it is safe to fly over an area or not," he adds. "We don't fly over Libya or Syria." But the airline judges that it is now safe to fly over Iraq.

     
  9.  
    IAG PROFITS

    British Airways and Iberia Airlines owner International Airlines Croup has swung into profit. It has reported pre-tax profits of 155m euros (£123m) for the last six months, compared with a loss of 177m euros a year earlier.

     
  10.  
    RENTOKIL INITIAL RESULTS 07:10:

    Office services business Rentokil Initial said its half year profits rose 38.9% to £66.8m.

     
  11.  
    US ECONOMY 06:59: Radio 5 live

    More from Terry Savage on the US economy. She says the US Federal Reserve policy of quantitative easing "has created all of this money... and all that money has not gone into, so far at least, good paying jobs or homebuilding. It's gone into the stock market and... made the rich a lot richer."

     
  12.  
    PORTUGAL BANK 06:47: BBC Radio 4
    Woman outside BES

    Bill Blain from Mint Partners tells Today Portugal's government has a tough decision to make on BES: "Does it bail it out as 'too big to fail', or does it stand back and let the bank sort itself out? Many want the debt holders to pay the cost of this."

     
  13.  
    TOUGH MUDDER 06:36:
    Man leaping

    The Today programme likes a natter with a company boss of a Friday morning. Today's is Will Dean from Tough Mudder. People pay him £100 to spend time on an obstacle course - jumping, swimming, crawling through mud and so forth. Why? "It's not a race its a challenge. It's about team work over 12 miles. Its a set of individual challenges to test you mentally and physically." Fine.

     
  14.  
    PORTUGAL BANK 06:28: BBC Radio 4

    Shares in Banco Espirito Santo lost 42% yesterday after the bank announced a loss of 3.6bn euros (£2.8bn). Bill Blain from chief strategist at Mint Partners tells Today this is "Deeply concerning for all bankers looking at Europe. It's [Europe] had 450bn of new capital to sort out the relationship between sovereign debt and the banks. What the Banco results show shows is the bank remained a piggy bank for the family".

     
  15.  
    US ECONOMY 06:15: Radio 5 live

    The US releases jobs data later today - GDP figures earlier this week showed the US economy growing strongly. Expectations are that another 230,000 jobs could have been added to the US economy in July and that the unemployment rate may - we'd stress the may here though - have fallen below 6%.

     
  16.  
    US ECONOMY 06:07: Radio 5 live

    US financial expert and businesswoman Terry Savage tells Wake Up to Money the US economic recovery is still difficult to read: "It's kind of a glass half full/half empty kind of thing. Different parts of the economy have picked up, particularly consumer spending on autos and other big items," she says. "It's not what we would call a booming economy . It's just so much better than what we have had for the last few years."

     
  17.  
    06:01: Rebecca Marston Business reporter, BBC News

    In a short while we'll have results from William Hill and British Airways owner IAG trading updates. And we'll have an eye on everything else that's going on. bizlive@bbc.co.uk @bbcbusiness.

     
  18.  
    06:00: Matthew West Business Reporter

    Morning folks. So what's happened overnight? Well the World Trade Organisation has failed to agree a global customs deal.... again. But manufacturing in China grew at its fastest pace in more than two years in July, according to the latest figures.

     

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.