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RBS chief warns staff of economic uncertainties caused by Brexit

Published 28/06/2016

Ross McEwan, Chief Executive of RBS, has sent a memo to staff at the bank
Ross McEwan, Chief Executive of RBS, has sent a memo to staff at the bank

Royal Bank of Scotland chief executive Ross McEwan has issued a memo to staff, warning that the vote to leave the EU has created "short, medium and long-term" economic uncertainties.

Mr McEwan also moved to reassure employees that RBS is well placed to deal with the fallout.

He said: "We had planned extensively for both possible outcomes to ensure we were well placed to support our customers and colleagues.

"The result of the vote carries with it a range of unknowns about the short, medium and long-term prospects for the UK and its economy. Added to this, we now have a period of political uncertainty."

RBS's share price has taken a pummelling since the vote - falling to its lowest level since the financial crisis on Monday, before rebounding on Tuesday.

New Zealand born Mr McEwan also gave a nod to the bank's international workforce, amid fears that Britain could lose access to the single market.

He said: "As someone born outside the UK, I see one of this country's biggest strengths as its openness to the rest of the world, and the people of it.

"As a major employer and backer of the economy, we have a duty to ensure that we reflect that.

"The diversity of those who make up this bank at every level is key to our success. In uncertain times I want to ensure that everyone understands that."

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