Shares in Royal Bank of Scotland dropped 7% at the start of today's trading session in London following news CEO Stephen Hester will step down later this year.
RBS shares fell 7.14% to 302p just after the market opened, while the FTSE was 1% lower at 6,236. After the market closed on Wednesday, the bank announced Hester is to leave his role as chief executive later this year as RBS "begins to prepare for privatisation". Hester, who took over at the part-nationalised bank five years ago, said the privatisation process should be led by a CEO "at the start of their journey". He will step down in December 2013, having joined the board at the height of the financial crisis in October 2008 and becoming group chief executive the following month....
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