delivering on our promises/media/Files/R/RBS... · Slide 8 delivering on our promises Clear...
Transcript of delivering on our promises/media/Files/R/RBS... · Slide 8 delivering on our promises Clear...
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delivering on our promises
delivering on our promises
delivering on our promises
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delivering on our promises
Sir George MathewsonSir George MathewsonExecutive Deputy ChairmanExecutive Deputy Chairman
19 April 2000
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Slide 3
delivering on our promises
May RBS summary results6 months to 31 March 2000
August Enlarged RBS Group resultsPeriod to 30 June 2000
February Enlarged RBS Group resultsPeriod to 31 December 2000
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Slide 4
delivering on our promises
May RBS summary results6 months to 31 March 2000
August Enlarged RBS Group resultsPeriod to 30 June 2000Progress report
October Divisional presentation
November Divisional presentation
February Enlarged RBS Group resultsPeriod to 31 December 2000Progress Report
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Slide 5
delivering on our promises
1999 Profit & Loss Accounts
RBSG Barclays Lloyds HSBC
£bn Proforma TSBNet interest income 5.2 4.6 4.8 7.4Non-interest income 5.9 3.7 3.2 5.9Total income 11.1 8.3 8.0 13.3Expenses 6.8 4.8 3.4 7.0Insurance claims 0.6 - 0.2 -Profit before bad debts 3.7 3.5 4.4 6.3Bad debts 0.5 0.6 0.6 1.4Profit before tax 3.2 2.9 3.8 4.9
Market Capitalisation 23.9 24.2 34.2 59.8RBSG Proforma based on RBSG Report & Accounts for year to September 1999, NatWest Ongoing Business Profit & Loss Account for year to December 1999 and annualised funding costs of transaction from Prospectus Supplement dated 31 January 2000
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delivering on our promises
Sir George MathewsonSir George MathewsonExecutive Deputy ChairmanExecutive Deputy Chairman
19 April 2000
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delivering on our promises
Fred GoodwinGroup Chief Executive
Fred GoodwinFred GoodwinGroup Chief ExecutiveGroup Chief Executive
19 April 2000
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Slide 8
delivering on our promises
Clear Business PlanDays 1 - 30
Application of new Group architecture− Clustering of business units− Creation of separate “manufacturing” division− Creation of single treasury function− Combination of head office functions
Confirmation of all key appointments and responsibilities− Make new appointments− Redeploy or remove surplus management
Alignment of internal control structure− Delegated authorities− Credit authorities− Board reporting
Finalisation of detailed 3 year operating plans for all units − Base case− Action plans
Alignment of bonuses and incentives to budgets
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Slide 9
delivering on our promises
Clear Business PlanDays 1 - 30
Application of new Group architecture− Clustering of business units− Creation of separate “manufacturing” division− Creation of single treasury function− Combination of head office functions
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Slide 10
delivering on our promises
Clear Business PlanBusiness Architecture
CUSTOMERS
MANUFACTURING
Citizens(USA)
WealthManagement
DirectLine
RetailDirect
RBS Corporate &Treasury
NatWest UlsterBank
•Coutts•Adam•Coutts Offshore / RBSI
•DLI•Privilege•Green Flag•Linea Directa
•RBS Advanta•RBS Cards•NatWest Cards•Joint Ventures•DLFS•Direct Bank
•Personal•Small Business•RSA
•Personal•Small Business•NW Life
•Personal•Business •Corporate
•Corporate - RBS & NW•Treasury - RBS & NW•Greenwich NW (UK)•Lombard•Specialist Businesses
•Personal•Business •Corporate
Operations•Mail•Payments•Cash•ATM•Call Centres•Mortgages•Card Processing
Services•HR Support•Finance Support•Purchasing•Property•Consultancy•Credit
Technology•Development•Service Delivery•Strategy & Architectures
Group Corporate Functions•Legal•Finance•Human Resources•Risk
•Strategy•Investor Relations•Corporate Affairs•Audit/Compliance
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Slide 11
delivering on our promises
Retention or Disposal?
Gartmore
NatWest Equity Partners
Greenwich NatWest UK
Greenwich NatWest US
Ulster Bank
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Slide 12
delivering on our promises
Retention or Disposal?
Gartmore
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Slide 13
delivering on our promises
Retention or Disposal?
Gartmore
NatWest Equity Partners
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Slide 14
delivering on our promises
Retention or Disposal?
Gartmore
NatWest Equity Partners
Greenwich NatWest UK
Greenwich NatWest US
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Slide 15
delivering on our promises
Retention or Disposal?
Gartmore
NatWest Equity Partners
Greenwich NatWest UK
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Slide 16
delivering on our promises
Retention or Disposal?
Gartmore
NatWest Equity Partners
Greenwich NatWest UK
Greenwich NatWest US
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Slide 17
delivering on our promises
Retention or Disposal?
Gartmore
NatWest Equity Partners
Greenwich NatWest UK
Greenwich NatWest US
Ulster Bank
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Slide 18
delivering on our promises
Clear Business PlanDays 1 - 30
Application of new Group architecture− Clustering of business units− Creation of separate “manufacturing” division− Creation of single treasury function− Combination of head office functions
Confirmation of all key appointments and responsibilities− Make new appointments− Redeploy or remove surplus management
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Slide 19
delivering on our promises
Corporate Banking & Financial Markets
Iain Robertson Chief Executive, Corporate Banking & Financial Markets
Johnny Cameron Deputy Chief Executive, Corporate Banking & Financial Markets
Brian Crowe Group Treasurer & Managing Director, Financial Markets
Stephan Harris Deputy Treasurer, Financial Markets
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Slide 20
delivering on our promises
Corporate Banking & Financial Markets
LargeCorporate
MidMarket
StructuredFinance
LeveragedFinance
AssetFinance
PrivateEquity
Payment,Trade &BankingServices
Johnny CameronCorporate Banking
FX, CurrencyOptions &
Equity IndexDerivatives
MoneyMarkets
InterestRate
Derivatives
SovereignTrading
Credit ProductsSecuritisation
& DebtStructuring
Sales andMarketing
Brian CroweFinancial Markets
Iain RobertsonChief Executive
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Slide 21
delivering on our promises
Retail Banking
Gordon Pell Chief Executive, Retail Banking
Benny Higgins Deputy Chief Executive, Retail Banking
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Slide 22
delivering on our promises
Retail Banking
NW RetailBanking
RBS RetailBanking
NetworkSupport
RoyalScottish
Assurance
NatWest Life
Benny HigginsDeputy Chief Executive
NatWestMarketing
RBSMarketing
RetailCredit
Strategy& Change
Management
Finance HumanResources
Gordon PellChief Executive
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Slide 23
delivering on our promises
Manufacturing
Mark Fisher Chief Executive, Manufacturing
Peter Hayes Director, Manufacturing Support
Martin Webb Director, IT Development and Services
John White Director, IT Integration
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Slide 24
delivering on our promises
Manufacturing
PaymentOperations
LendingOperations
AccountManagementOperations
TelephonyOperations
ManufacturingSupport
ITDevelopmentand Services
ITIntegration
PropertyServices
CentralServices
Mark FisherChief Executive
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Slide 25
delivering on our promises
Other Divisions
Norman McLuskie Chief Executive, Retail Direct
Cameron McPhail Chief Executive, Wealth Management
Ian Chippendale Chief Executive, Direct Line
Martin Wilson Chief Executive, Ulster Bank
Larry Fish Chairman, President & Chief Executive Officer, Citizens Financial Group
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Slide 26
delivering on our promises
Group Finance
Grahame Whitehead Group Chief Financial Officer
Bill Martin Head of Group Risk
Richard Gossage Head of Group Internal Audit
Finlay Williamson Head of Group Corporate Finance& acting Head of Investor Relations
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Slide 27
delivering on our promises
Group Finance
GroupFinancial Control
AccountingServices
GroupFinancial Systems
GroupFinancial
Integration
GroupCorporate Finance
GroupRisk
GroupInternal Audit
Grahame WhiteheadGroup Chief Financial Officer
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Slide 28
delivering on our promises
Other Central Functions
Miller McLean Group Director, Legal & Regulatory Affairs & Group Secretary
Iain Allan Group Director, Strategy
Howard Moody Group Director, Communications
Neil Roden Group Director, Human Resources
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Slide 29
delivering on our promises
Clear Business PlanDays 1 - 30
Application of new Group architecture− Clustering of business units− Creation of separate “manufacturing” division− Creation of single treasury function− Combination of head office functions
Confirmation of all key appointments and responsibilities− Make new appointments− Redeploy or remove surplus management
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Slide 30
delivering on our promises
Clear Business PlanDays 1 - 30
Application of new Group architecture− Clustering of business units− Creation of separate “manufacturing” division− Creation of single treasury function− Combination of head office functions
Confirmation of all key appointments and responsibilities− Make new appointments− Redeploy or remove surplus management
Alignment of internal control structure− Delegated authorities− Credit authorities− Board reporting
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Slide 31
delivering on our promises
Clear Business PlanDays 1 - 30
Application of new Group architecture− Clustering of business units− Creation of separate “manufacturing” division− Creation of single treasury function− Combination of head office functions
Confirmation of all key appointments and responsibilities− Make new appointments− Redeploy or remove surplus management
Alignment of internal control structure− Delegated authorities− Credit authorities− Board reporting
Finalisation of detailed 3 year operating plans for all units − Base case− Action plans
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Slide 32
delivering on our promises
Action Plans - Cost Savings
Annualised Number ofCost Savings Initiatives
£mBid document 1,180 111Improved initiatives 140 -Reduced initiatives (150) -Initiatives removed (70) (14)New initiatives 120 24Total 1,220 121Inflation 120 -Total plus inflation 1,340 121
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Slide 33
delivering on our promises
Cost SavingsAnnualised amount implemented in each period
550
350300
140
0
200
400
600
Dec-00 Dec-01 Dec-02 Mar-03
£m
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Slide 34
delivering on our promises
Cost SavingsImpact on Profit Before Tax
290
700
1050
1300
0
200
400
600
800
1,000
1,200
1,400
Dec-00 Dec-01 Dec-02 Dec-03
£m
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Slide 35
delivering on our promises
Staff Reductions Cumulative total
18,00016,000
14,000
9,000
0
5,000
10,000
15,000
20,000
Dec-00 Dec-01 Dec-02 Mar-03
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Slide 36
delivering on our promises
Integration Costs
650
500
200
50
0
200
400
600
800
Dec-00 Dec-01 Dec-02 Mar-03
£m
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Slide 37
delivering on our promises
Action Plans - Cost Savings
Annualised Number ofCost Savings Initiatives
£mBid document 1,180 111Improved initiatives 140 -Reduced initiatives (150) -Initiatives removed (70) (14)New initiatives 120 24Total 1,220 121Inflation 120 -Total plus inflation 1,340 121
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Slide 38
delivering on our promises
Action Plans - Revenue Benefits
Annualised Number of Revenue Benefits Initiatives
£mBid document 390 43Improved initiatives 95 -Reduced initiatives (30) -Initiatives removed (25) (5)New initiatives 125 11Total 555 49Inflation 40 -Total plus inflation 595 49
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Slide 39
delivering on our promises
Revenue BenefitsAnnualised amount implemented in each period
120
45
200230
0
100
200
300
Dec-00 Dec-01 Dec-02 Mar-03
£m
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Slide 40
delivering on our promises
Revenue Benefits Impact on Profit Before Tax
50
390
240
120
0
100
200
300
400
Dec-00 Dec-01 Dec-02 Dec-03
£m
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Slide 41
delivering on our promises
Clear Business PlanDays 1 - 30
Application of new Group architecture− Clustering of business units− Creation of separate “manufacturing” division− Creation of single treasury function− Combination of head office functions
Confirmation of all key appointments and responsibilities− Make new appointments− Redeploy or remove surplus management
Alignment of internal control structure− Delegated authorities− Credit authorities− Board reporting
Finalisation of detailed 3 year operating plans for all units − Base case− Action plans
Alignment of bonuses and incentives to budgets
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Slide 42
delivering on our promises
Actual v Expected?Days 1 - 30
Good Surprises Bad Surprises
Co-operation
Bureaucracy
Greenwich NatWest
Internet
Budget
Property
Remuneration
Avoidance behaviour
• Wine cellar • Cricket sponsorship
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Slide 43
delivering on our promises
ObjectivesDays 30 - 120
Communication
Commence revitalisation of NatWest brand
London business and property strategy
Select IT platform
Complete sale of RSA, NatWest Life, UBIM, UBIS, NWEP
EGM - Additional Value Shares