
RBS loses markets CRO
Brush set to launch new venture; RBS’s group CRO also on way out

Royal Bank of Scotland has lost Martyn Brush, chief risk officer (CRO) of the UK bank’s trading division, NatWest Markets. In addition to the markets CRO role, Brush was also RBS’s group head of market and pension risk.
Brush left the bank in December and is understood to be launching a new venture.
The move comes after RBS’s group CRO, David Stephen, was revealed to be departing the bank shortly to join Australia’s Westpac in the same role. In a November 13 press release, RBS chief executive Ross McEwan thanked Stephen – who joined in 2010 and took up the group CRO job in 2013 – and praised the bank’s “excellent risk team”, saying it was “doing a great job”.
Vanessa Bailey, RBS’s chief credit officer, has taken on the role of CRO for NatWest Markets on an interim basis. It’s understood Andrew Cross – director of enterprise-wide risk at RBS – will take on Brush’s responsibilities for non-traded market risk.
A spokesperson for the bank confirmed Brush’s departure.
Brush was promoted to his current role in 2013, having previously headed the market risk role for RBS Global Banking & Markets, a post he’d held since joining the bank at the start of 2010.
Brush’s previous roles include a spell as managing partner of a private equity fund that invested in distressed US banking and finance companies, and two-and-a-half years as chief operating officer for the global banking and markets business at HSBC Americas.
While at RBS, he was at times an outspoken critic of the bank’s risk-taking, and of wider industry practices. In 2013, speaking at an industry conference, Brush said the bank’s UK inflation derivatives business had run up exposures that were “way outside” his risk appetite – in part, because of the long-dated nature of many inflation swaps, and the ratings-triggered termination clauses that many end-users insisted on.
“We as an industry didn’t think about the consequences of writing those clauses into agreements,” Brush said at the time.
UPDATE: This article was updated on January 8 to add the information that Vanessa Bailey is the interim CRO for NatWest Markets.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Risk management
Interest rate and liquidity risk special report 2023
This special report explores the ongoing impact of higher interest rates on bank capital and liquidity, and the steps they are taking to shore up their liquidity risk management practices in the current environment.
How higher interest rates are affecting bank liquidity
A panel of industry experts discusses the challenges posed to banks’ capital and liquidity by a persistently higher interest rate environment. They also share insights on adapting their liquidity risk management strategies, tools and technologies for a…
Hard concentration: clearing members want clarity from CCPs
FCMs complain they struggle to pass opaque margin calculations through to end-clients
Markets Technology Awards 2024: Fixes for the ‘forgotten middle’
Vendors spy opportunity in demystifying and democratising – opening up markets and methods to new users
Buy side still prefers bilateral repo despite LCH margin update
New model will cut margin faster after stresses abate, but costs still high for directional trades
Margin failings raise concern over Treasury basis trade
Opaque models at clearing houses cast doubt on calculations for concentration add-on
New developments in XVA: bank strategy in a changing world
Derivatives valuation has grown in complexity since the the financial crisis that began in 2007–08. It now encompasses a broader range of risk factors, including credit, funding, margin and capital – all of which can affect banks’ competitiveness and…
New UK clearing rules: same as the old rules?
Clearing experts doubt UK regulation can diverge significantly from Emir and global standards