Is it believed that Mr Bostock has quit RBS to become deputy chief executive of Santander’s UK division. Mr Bostock previously left the Spanish bank to join RBS in 2009. This is the second high-profile departure from the bailed-out bank in the past six months – in the summer CEO Stephen Hester was forced to resign.
Mr Bostock was a part of Mr Hester’s team selected to turn the bank around after it received a cash injection from the government during the credit crisis. He was responsible for setting up an internal ‘bad bank’.
RBS came under fire last month, when an IT glitch prevented its customers from making electronic payments on ‘Cyber Monday’, which is one of the busiest days of the year for online shopping. The bank had also experienced similar problems during the summer.
Even though RBS has received some bad publicity recently, it would appear that the reason for Mr Bostock’s departure is simply the prospect that he could take over the top role at Santander UK in the future. RBS has had a rough ride lately, but it is still a fundamentally solid firm and I feel it has been oversold.