RBS deputy CEO departs early

Royal Bank of Scotland's (RBS) deputy CEO Chris Sullivan has left the bank earlier than expected.

Royal Bank of Scotland’s (RBS) deputy CEO Chris Sullivan has left the bank earlier than expected.

The lender had earlier said in February that Sullivan would retire in 2015 after overseeing the bank’s restructuring.

The early departure of Sullivan follows his criticism by parliamentarians on the issue on whether RBS’ corporate tunaround division Global Restructuring Group had been used to make money out of small businesses.

In June, Sullivan told the Parliament that the group is “absolutely not a profit center,” which contradicted a report published in November 2013 by former Bank of England deputy governor Andrew Large where it was revealed that the turnaround unit was an “internal profit center”.

However, in a letter published in July to committee chairman Andrew Tyrie, Sullivan corrected his previous statement saying that RBS now accepted Large’s version.

Sullivan, who has been working at RBS for about 40 years, served as head of the corporate bank from August 2009 to January 2014, and was designated in the role of deputy CEO in February.