Page 241 - Bank Case Studies

”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.

In addition, the committee also flagged up worries over the

"surprisingly low" compensation so far paid out to small

businesses affected by GRG and has asked to be provided

with quarterly updates from the bank. Just £1m had been

paid out in direct loss claims, the committee noted, with

current trends implying it will pay out less than £5m in direct

loss claims in total - far less than the £280m set aside by the

bank for GRG complaints. (22)