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Royal Bank of Scotland Group's Investment Head Resigns

Wednesday - 2/6/2013, 7:17pm  ET

LONDON -- John Hourican is to step down from his role as the head of Royal Bank Of Scotland Group's investment banking arm, it has emerged. 

The move follows management changes across the banking sector, with senior executives at Barclays stepping down in recent days in the "bank's best interests" as banks seek to move on from the Libor rate-fixing scandal. RBS's fines over the scandal are expected to total 500 million pounds.

Hourican has led RBS's investment banking division since the end of 2008, having joined the company 17 years ago. However, it is believed the majority of the rate fixing occurred before he became head of the bank's investment division.

RBS shares had gone on a bit of a slump in January, as shareholders remained cautious over the implications of the Libor fines -- and that's likely to remain the case until the full extent of the investigation becomes clear across the sector.

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This article was originally published as Royal Bank of Scotland Group's Investment Head Resignson Fool.com

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