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RBS considers name change after decade of struggles

Scotland-Flag-Scottish-700x450.jpgThe Royal Bank of Scotland may look to rebrand after continued reputational damage stemming from a difficult decade since the Global Financial Crisis, according to the Times.

RBS chair Howard Davies told the Times the name of the bank is now under review as it looks to move focus away to investing in its other brands such as Coutts, Ulster Bank and Natwest.

Ten years on from the bank’s call for emergency funding to prevent its collapse, Davies says continued reputational damage continues to weigh RBS down.

Money Marketing reported last week that the bank will close a further 54 branches across England and Wales, resulting in more than 250 job losses.

The cuts are the third round this year are follow an early announcement of plans to restructure the group’s business model.

Despite this, RBS said in March it will continue to push its plans for a stand-alone digital bank.

Despite recording its first profit in 10 years last February, Money Marketing reported the bank is also still under regulatory review over unsuitable advice. 

The RBS is also struggling from its first dividend since the financial crash, agreeing last month to pay $4.9bn (£3.6bn) to US regulators to settle claims it mislead investors.

Howard says “near-constant firefighting” in the bank’s leadership team has also put customers off.

The government has put £45.5bn into RBS between October 2008 and December 2009 and now holds 62.4 per cent of ordinary shares in the company.

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  1. You can’t polish a turd.

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