RBS chief Ross Mcewan resigns as bank warns over Brexit impact

Ross Mcewan has resigned as chief executive of the Royal Bank of Scotland, saying now is the “right time” to leave.

The 61-year-old New Zealander will serve a 12-month notice period and remain at the helm of the bank while an “orderly handover ” takes place.

A formal departure date and his final payout will be announced at a later date.

The resignation announcement came yesterday just hours before the bank’s annual general meeting in Edinburgh and marked the end of an era for the taxpayer-owned lender as it moves on from a torrid past decade.

RBS bosses warned at the meeting over a Brexit hit as uncertainty weighs on the economy.

Bank chairman Sir Howard Davies told shareholders that worries over the EU departure were hampering economic growth.

He said: “The UK economy has proved remarkably resilient, but lack of clarity about our future relations with the EU is undoubtedly having an impact, with consumer confidence muted and many businesses pausing on investment.” He took over the role in October 2013.