RBS financial chief quits group

The taxpayer owns more than 70% of RBS.

Royal Bank of Scotland's finance director, Guy Whittaker, has agreed to quit the part-nationalised firm.

Mr Whittaker - who joined three years ago - presided over RBS's £24.1bn annual loss - the biggest in UK corporate history.

He was also part of the board that agreed the bank's bid for ABN Amro.

Mr Whittaker, who is paid £829,000, will receive no bonus, has waived long-term share options and will not receive special pension arrangements, RBS said.

But because he is on a contract with 12 months' notice, and is expected to leave by October, he will effectively be paid for six months after leaving.

RBS was heavily criticised after it was revealed that its former chief executive, Sir Fred Goodwin, was receiving an annual pension of £703,000.

'Logical time'

Mr Whittaker had "given everything to assist our creation of a new direction for RBS and give it the best chance of success", said the bank's new chief executive, Stephen Hester.

"Now that we have passed the 2008 year end and are fully focused on the three-to-five year journey ahead to standalone health, it is a logical time to make changes."

RBS was forced to write off billions on the ABN Amro deal and soaring bad debts.

The taxpayer now owns more than 70% of the bank after propping up the business with about £20bn.

The bank, which is due to give its latest trading update on Friday, announced 9,000 job cuts in April. It is aiming to make £2.5bn in savings over the next three years.