Royal Bank of Scotland has announced the departure of the two top bosses of its investment banking business.
Chris Marks, the chief executive of the NatWest Markets arm, and chief financial officer Richard Place have stepped down, but will stay on to ensure an “orderly transition” until June and March next year respectively.
They have been replaced on an interim basis, with Robert Begbie, RBS treasurer stepping up as chief executive and Robert Horrocks, RBS treasury finance director, as chief financial officer.
The Edinburgh-headquartered banking giant has launched an internal and external search for permanent replacements.
Alison Rose, chief executive of RBS, said: “The directors of RBS and NatWest Markets and I would like to thank Chris and Richard for their commitment and dedication to this bank, its staff and its clients.
“They have set the foundations for the continuing transformation and simplification across NatWest Markets as RBS has been re-shaped to focus on serving its customers in the UK and Ireland, whilst also managing complex organisational changes around ring-fencing and Brexit.
“NatWest Markets plays a crucial role within RBS, allowing us to provide our customers with the products and services they need to succeed. Prior to joining group treasury, Robert worked in our markets division for many years and has the experience and expertise required to lead NatWest Markets.”
Marks added: “I am proud to have been a part of the journey to transform the bank and I’d like to thank the many talented people I‘ve had the pleasure of working with.
“In the face of challenging operating conditions, we continued to provide market-leading products and services to our clients, whilst being relentless in improving efficiency.
“I wish the new leadership team all the best for the future and am confident that they can build on the considerable progress we have made in recent years.”