RBS chairman steps down three months ahead of plan

Royal Bank of Scotland’s chairman Tom McKillop has stepped down three months ahead of time.

He was originally meant to be stepping down in April but his immediate departure today means that Sir Philip Hampton, currently deputy chairman and chairman designate, will now assume chairmanship of the group.

McKillop, along with Sir Fred Goodwin, has been widely blamed for the rabid expansionism that his directly resulted in RBS’ current woes.

The pair will be interrogated by the Treasury Select Committee next week (February 10), along with Andy Hornby, Lord Stevenson of Coddenham to explain how the current financial crisis occurred.