John McFarlane retired last year from a long career in banking which included running Australia and New Zealand (ANZ) Banking Group for 10 years.

He was ousted from his position as chief executive in August last year, before a series of writedowns totalling $1.4 billion (£653 million) were announced at the company by his successor, Mike Smith.

Taking up a position at RBS represents a move back to his roots for the Scottish-born businessman.

During his time as head of ANZ, his stated strategy was to "de-risk" the bank by reducing its dependence on risky corporate loans and investment banking activities.

However, on his watch, it invested in Opes Prime, a funding broker involved in securities lending, which went into administration earlier this year, and in US monoline insurers.

Mr McFarlane is also a director at Westfield Group, which is building a huge new mall development at Shepherd's Bush, and another at Stratford as part of the 2012 Olympics regeneration plans.

He sits on the board of Toscafund, the London-based hedge fund and at Old Oak Holdings, its parent company.

He began his career in manufacturing with Ford, the car manufacturer, in 1969, and subsequently spent 18 years at Citibank, ultimately as head of its UK division. In 1993, he became a group executive director of Standard Chartered, before joining ANZ in 1997.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax