The Royal Bank of Scotland will lose three of its board members in a drastic change at the top levels.
Sir Tom McKillop, chairman, will retire in April of next year; Sir Fred Goodwin, chief executive, and Johnny Cameron, chairman global markets, will both leave immediately.
The re-organization comes as RBS also said it plans to raise 20 billion in recapitalization.
“The steps we have announced today, taken in conjunction with the Government, will secure a stronger future for the RBS Group. We regret having to raise new capital but believe that decisive action is necessary in this unprecedented market environment,” McKillop says.
The company will likely name three non-executive directors to the board to replace Cameron and Goodwin. McKillop will remain until the firm’s general meeting in April.