ROYAL Bank of Scotland (RBS) has seen the two top bosses of its investment banking arm step down amid a shake-up of the struggling division by new chief executive Alison Rose.

RBS said NatWest Markets chief executive Chris Marks and chief financial officer Richard Place have quit, but will stay on to ensure an “orderly transition” until June and March next year, respectively.

The banking giant has launched an internal and external search for permanent replacements.

The clear out comes as Rose looks to address the under-performing business.

She said the departing bosses had “set the foundations for the continuing transformation and simplification across NatWest Markets as RBS has been re-shaped to focus on serving its customers in the UK and Ireland, whilst also managing complex organisational changes around ring-fencing and Brexit.”

She recently said complexity was getting in the way of delivering customer service and value across the wider bank, as she stepped up to the role.

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