The Royal Bank of Scotland announced that they have found a new chief executive officer. Ross McEwan was confirmed to sit as the new boss for RBS and was immediately tasked to start selling 81% worth of stake.

McEwan took the over the rein after predecessor Stephen Hester was booted by the government last June. RBS said McEwan's first agenda once he starts working in October is to complete the banks restructuring program and ensure that bank shares rise above the breakeven price set by the government. The rise in shares will enable the bank to sell its stake. McEwan's promotion as Royal Bank of Scotland's CEO came less than a year after his arrival to run the bank's retail arm.  

British Finance Minister George Osborne said "I think he'll provide the leadership RBS needs as the bank puts the mistakes of the past behind it, and the government seeks to get the best value for the taxpayer from the money the last government put into the bank."

Osborne said that he was impressed with McEwan's visions for RBS. RBS Chairman Phillip Hampton commented that among all of the candidates to take over Hester's position, McEwan "emerged as the best candidate" and was the only candidate to be offered the job.

The government is targeting RBS to be less complex and follow rival Lloyds Banking Group's approach which is heavily focused on domestic lending. Hampton mentioned that McEwan's appointment will not change the bank strategy, saying that RBS already refocused its retail bank under Hester's stewardship. The bank was able to shrink its investment bank to account for 20% of its operating profit, compared with to the 60% prior to its rescue.