LONDON - Royal Bank of Scotland said Tuesday that Nathan Bostock resigned as chief financial officer after less than three months in the job.
Mr. Bostock will join Banco Santander’s British unit as deputy chief executive and chief risk officer, a spokesman for Santander UK said. Mr. Bostock was promoted to finance chief at R.B.S. at the beginning of October, after Ross McEwan took over as chief executive.
In a brief statement, R.B.S. said Mr. Bostock had “informed the board of his intention to resign from his role as group finance director†and that “arrangements for his successor will be announced in due course.â€
The bank, which is majority-owned by the government after a 2008 bailout, did not give a reason for the resignation but added that Mr. Bostock would remain at the bank to help with an orderly handover of his responsibilities.
Mr. Bostock’s resignation is the latest setback for Mr. McEwan and R.B.S., which apologized last week after a systems crash left millions of its customers unable to pay with their debit or credit cards. A week earlier, the bank said it would hire the law firm Clifford Chance to review its lending practices after criticism from two separate reports.
Before becoming finance chief, Mr. Bostock was R.B.S.’s head of risk and restructuring. Most recently, Mr. Bostock worked on the creation of a so-called internal bad bank that would group all of R.B.S.’s less liquid and toxic assets together. The step followed a government review into whether R.B.S. should be split up to aid its recovery.
