Hester to leave Royal Bank of Scotland

Jun 12, 2013, 1:57 PM EDT
A file photo shows Royal Bank of Scotland (RBS) Chief Executive Stephen Hester speaking to media as he leaves after appearing at a Treasury Select Committee hearing at Parliament in London June 8, 2011.
REUTERS/Stefan Wermuth

Stephen Hester is to cease being chief executive at the end of this year, Royal Bank of Scotland announced. Hester took over RBS in late 2008 to replace the disgraced Fred Goodwin whose takeover of Dutch bank ABN Amro just as the global financial crisis was taking hold led to the bank's £45 billion nationalization by the U.K. government. “This is a board decision - it’s not mine," Hester said.