LONDON Aug 8 Royal Bank of Scotland is
shutting its turnaround unit 'GRG' and has appointed a new
executive to lead the bank's restructuring work, a person
familiar with the situation said on Friday.
The person said that staff at the bailed out bank had been
informed of the changes by email. Derek Sach, who heads up GRG,
and Aubrey Adams, who leads its property division, will both
leave the bank on March 31, staff were told.
Laura Barlow, who joined RBS in 2009, has been appointed to
head up RBS's new restructuring unit, which will be more
integrated with the main bank than GRG was, said the source.
Customers will not see any change, he added.
GRG swelled with loans at the height of the financial
crisis, but has reduced in size dramatically as the economy
improved and some assets were transferred into the newly-created
RBS Capital Resolution (RCR) earlier this year.
In late 2013, UK government advisor Lawrence Tomlinson
accused GRG of forcing the collapse of businesses so RBS could
An independent review commissioned by RBS found no evidence
that the bank had set out to defraud its business customers but
RBS nonetheless announced that it would change some practices.
(Reporting By Laura Noonan; Editing by Simon Jessop)