The Daily Telegraph reports that the last remaining senior manager to join Royal Bank of Scotland as part of its disastrous merger with ABN Amro has announced he will leave the taxpayer-backed lender next year.
Ron Teerlink, head of RBS’s business services division, has told the bank he will step down from the job in the first half of next year.
In the meantime, Bloomberg reports that RBC Capital Markets has hired Allen Fu to run collateralized debt obligation trading, a new business for the bank, according to two people with knowledge of the hire.
Fu joins from Citigroup Inc. (C) where he traded CDOs, backed by speculative-grade loans and bonds, said the people, who asked not to be identified because the hire hasn’t been announced publicly. Fu, who will be based in New York, will report to Mike Meyer, global head of credit at the investment-banking arm of Royal Bank of Canada (RY), the people said.
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