Departing boss of Royal Bank of Scotland takes a £5.4m-a-year job in Australia

The departing boss of Royal Bank of Scotland has taken a £5.4million-a-year job in Australia.

Ross McEwan, who wrestled bailed-out RBS back to profit after the financial crisis, will be chief executive of the National Australia Bank once his replacement has been found.

Australia’s scandal-hit lenders are fighting to repair their reputations after a public inquiry uncovered widespread wrongdoing.

NAB chief executive Philip Chronican said: ‘Ross McEwan is the ideal leader.

‘RBS has been through many of the same challenges which NAB faces around culture, trust and reputation.’ 

Howard Davies, RBS’s chairman, said: ‘The search for a successor remains ongoing, and the effective date of Ross’s departure will be confirmed.’ McEwan, who was paid £3.6million last year, had said he was to leave RBS in April next year.

He is credited with repairing its balance sheet after the bank received a £45billion bailout from the Government in 2008.

Under his leadership, the 62 per cent state-owned lender hacked back its international operations, closed more than 1,000 branches and cut almost 48,000 jobs.

In 2017 the lender made its first profit after a decade of losses.