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Case study RBS Royal Bank of Scotland or Lloyds TSB UK: Assessment Task: Taking the role of a management coach/facilitator, you - Essay Example

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Analysis of the Leadership Style at the Royal Bank of Scotland Executive Summary The objective of this report is to analyse the leadership approach being implemented in the Royal Bank of Scotland Group (hereinafter referred to as RBS). The RBS is a three-centuries-old financial institution which has suffered adverse effects from the financial crisis of 2008 due to a failure of leadership, and was only saved by a multibillion-pound government bailout…
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Case study RBS Royal Bank of Scotland or Lloyds TSB UK: Assessment Task: Taking the role of a management coach/facilitator, you
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Download file to see previous pages To meet the demands of its strategic plans, RBS has instituted the Leadership Development Programme (LDP) to establish a new leadership culture and practice that are intended to instil a higher level of competence, skill, discipline, and effectiveness to sustain the bank after its transformational process. The LDP serves the long-term goals of RBS and to some extent its short term objectives, employing in combination the various leadership styles and theories that have been reviewed. A set of recommendations are suggested in conclusion. Background on the RBS Royal Bank of Scotland The Royal Bank of Scotland was established in 1727 by Royal charter. Since then, the bank’s history had been inextricably linked with the history of Scots and also of Britain herself. From its original place of business in Edinburgh, RBS eventually opened branch offices, beginning with the prospering city of Glasgow and spreading to other cities. RBS provided financing that was in demand for trade, capital investment, and the growth of manufacturing during the industrial revolution (RBS Group,2013c). In the intervening years, the bank grew and evolved with the changing economic environment. The RBS opened savings accounts for small-scale savers in the 1920s, and pursued its large-scale interests with the acquisition of London merchant bank Glyn, Mills & Company in 1939. It survived through two world wars, and in the 1950s to the 1960s it introduced new services, including mobile and drive-in banks, personal loans, savings stamps, and a precursor to the automatic teller machine. In the 1970s, RBS became the first British clearing bank to offer a house purchase loan scheme to customers, and also the first to have all its branches connected online in a central computer system located in the head office (RBS Group,2013b). Presently, RBS has approximately 700 branches, mostly in Scotland but also throughout England and Wales. Its business strategy, in effect from 2009, is two-pronged: (1) to stabilise the company, eliminate risks and make it safe to eventually exit the government bailout; and (2) to focus its energies on serving customers well. To achieve this strategy, RBS aimed to become a “much smaller, more focused and stronger bank” by restructuring its operations (RBS Group Annual Review 2012). Its efforts are being rewarded with renewed profitability in the amount of ?1.37 billion for the first half of 2013, compared to a loss of ?(1.68) billion in the first half of 2012 (RBS Group,2013c). Leadership and leadership styles There are an indeterminable number of successful leadership approaches because successful leaders all incorporate elements of their own individual styles into the general approaches. However, a review of the types of leadership styles is helpful for prospective leaders to strategically plan how to approach a specific leadership situation. A cursory review of the major leadership approaches is shown in the table in Appendix A, to provide a bird’s eye-view of the historical development of leadership theory. There are a number of contemporary leadership theories which have been grouped by Bolden, et al. (2003) into five categories: The Trait Approach to Leadership – Derived from the Great Man theory, the trait approach seeks to identify those principal characteristics possessed by successful leaders, ...Download file to see next pagesRead More
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