May 31, 2018

HSBC approaches RBS’s Ewen Stevenson for CFO role

HSBC has approached Ewen Stevenson, the chief financial officer at Royal Bank of Scotland, to replace Iain Mackay as its CFO after both men seemed to be passed over in the race to become chief executives of their respective banks. RBS announced on Wednesday that Mr Stevenson was stepping down after four years as finance director in which he is widely credited with having overseen a concerted clean-up of the bank's financial situation, putting it on track to restart dividend payments for the first time in a decade. People close to Mr Stevenson, who previously worked for 25 years at Credit Suisse's investment bank, said he decided the job offer from HSBC was too good to turn down over his uncertain prospects of becoming CEO at RBS. The 51-year-old New Zealander will stay at RBS until a successor is found and he may need to take some gardening leave before joining its rival. Mr Mackay has been CFO of HSBC since December 2010 when he took over from Douglas Flint, who became chairman until handing over to Mr Tucker last year. The HSBC CFO was one of the top internal candidates to replace Stuart Gulliver as CEO before the bank appointed John Flint, who is no relation to the former chairman.

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