New chief executive confirmed by RBS

<p>RBS has confirmed a new chief executive.</p>

The share price of Royal Bank of Scotland (RBS) is down this morning (August 2nd) after the bank confirmed its new chief executive.

It was announced by RBS that Ross McEwan, the current head of the bank's retail arm, is set to take over the role.

He will be paid an annual salary of £1 million and will begin work in the position from October, replacing Stephen Hester.

RBS chairman Sir Philip Hampton suggested that the chief executive will be taking over one of the toughest jobs in the banking world.

"Our focus is now on building a really good bank for our customers and shareholders, returning the bank to private ownership, and playing our full part in supporting the UK economy," he said.

Despite his positive comments, the share price of RBS is down by around 4.5 per cent in the early stages of today's trading.

At 08:32 BST, stocks had fallen in value by 4.47 per cent, a drop of around 15 points.

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