The Royal Bank of Scotland last month announced that it has appointed Bruce Fletcher as its new group chief risk officer, subject to final regulatory approval.

Fletcher is currently chief risk officer for HSBC’s Global Retail Banking and Wealth Management business. He will replace David Stephen, who is moving to Westpac, following an orderly handover of his responsibilities, the company said.

In May 2018, RBS reached a tentative settlement of $4.9 billion (£3.6 billion) with the U.S. Department of Justice concerning the sale of toxic residential mortgage-backed securities between 2005 and 2007.

“The bank has made good progress and has great potential, and I look forward to building on this further in the future,” Fletcher said.  

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