Page 33 - RBS GRG F Case Study
P. 33
“It also includes a guide on exit fees - "Consider
ratcheting. Useful for property developments" - and
margin enhancement - "as per bank matrix unless/until
you agree an upside. Claim the margin until all limits
formalised"”. (23,24)
McEwan distanced RBS as a whole from the document,
saying "it was written in 2009 by a junior manager who is
no longer employed by the bank.” (24) Moreover, he said
the document had been
"identified by the bank and brought to the attention of
the FCA and the skilled person during the review".
However, the Treasury Select Committee said:
”information provided by RBS showed 30 of the 32
current employees at senior manager grade or above
within RBS Restructuring previously worked in its heavily
criticised Global Restructuring Group (GRG).
It added that 136 of 182 - 75 per cent - of total current
RBS Restructuring employees previously worked in GRG.”
(22)
Morgan said that this discovery suggested the overhauled
turnaround division at the bank may have been a mere
"rebranding exercise". She is now demanding that RBS
provides details of how staff training and rewards have
been changed to ensure the "toxic culture" within GRG
has been stamped out.
