Search Icon

RBS executive to leave after complaining of being 'bored' at work

Rory Cullinan is to leave state-backed bank RBS next month after a series of messages revealed that he was 'bored' at work

Ed Miliband has made unworkable proposals for addressing deficiencies in competition and capping pay at RBS
Rory Cullinan has helped to rebuild RBS Credit: Photo: Bloomberg

The chairman of Royal Bank of Scotland’s investment bank is leaving just weeks after messages he sent to his daughter were revealed, showing he was “bored” at work.

Rory Cullinan used photo-sharing app Snapchat to send images featuring captions that read: “Not a fan of board meetings xx”, “Boring meeting xx” and “Another friggin meeting”.

The pictures then ended up being posted on Instagram around Father’s Day last year by the investment banker’s daughter, but only revealed in a national newspaper early this month. Mr Cullinan's daughter had uploaded the photos with the message: “Happy Father’s Day to the indisputable king of Snapchat.”

Mr Cullinan drew heavy criticism for not taking his role seriously, with opponents highlighting that RBS remains majority Government-owned. He will now leave the bank after more than six years.

RBS said on Monday that it had "reached agreement with Rory Cullinan ... that he will leave the company". He will remain with the lender until the end of April. Ross McEwan, RBS's chief executive, said: "We would like to express our thanks to Rory for his very significant contribution to the rebuild of RBS."

Mr Cullinan was made responsible for scaling back the bank's investment arm in February. He was already in charge of RBS's "bad bank", the sale of US business Citizens and its Williams & Glynn operation in the UK.

He said on Monday that he was "pleased and proud to have played a significant part in restoring RBS to a safe and sound agenda". He wished all his colleagues continued success.

Last month analysts described Mr Cullinan as "phenomenal", remarking that it was not a surprise that he had been given more responsibility by Mr McEwan on the back of "his experience and what he's delivered".

RBS said that Chris Marks and Mark Bailie would join the bank's executive committee as joint CEOs of corporate and institutional banking, in Mr Cullinan's place.

Mr Cullinan was appointed as head of RBS's "bad bank" in December 2013, and received £533,000 in share allowances last year, the largest sum awarded to any employee.