RBS shares shed 6% on H1 results as investors take profits

Shares in the Royal Bank of Scotland dropped as much as 6% after the bank reported its half year results and announced its new CEO.

This morning RBS confirmed that Ross McEwan, who was widely tipped for the job, will take over the top role from Stephen Hester in October. RBS shares rallied 5% on Thursday after reports McEwan would get the job and closed above 333p yesterday as the market awaited the news. However, the share price slumped below 313p this morning, despite the bank reporting a return to profit in the first half of the year, as investors cashed in their holdings following the results. Banking stocks were among the most traded in the blue-chip index this morning, following Lloyds' results yesterday ...