Top firm continues to cut back investment bank

Honey I Shrunk The Banks

Still shrinking.

Royal Bank of Scotland has continued the cutback of its investment banking arm with the sale of the business’s equity derivatives operations to a French rival.

The Daily Telegraph reports that RBS said it had reached a deal with BNP Paribas to sell its structured retail products and equity derivatives to France’s largest banking group.

The sale was completed for an undisclosed amount, though RBS said it was 'not material', and will involve the transfer of up to £15bn of liabilities to BNP Paribas, which is already one of the larger employers in London where it runs much of its own investment banking business from.

In a statement RBS said: 'The proposed transaction is in line with the strategic repositioning and de-risking of the markets division of RBS Group as announced in 2013.'

About 200 staff are employed by the business and it is not known how many of these will be offered new roles by BNP Paribas.

To access the complete Daily Telegraph article hit the link below:

RBS continues investment bank cutback

Lloyds to domicile TSB in England as Scottish fears mount

image: © Elliot Brown

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