LONDON (BLOOMBERG) - Royal Bank of Scotland Group Plc, Britain's largest taxpayer-owned bank, will eliminate about 100 jobs as part of an overhaul of its investment bank, according to two people with knowledge of the matter.
The lender promoted Scott Satriano, currently head of sales, to lead a reorganised unit of the lender's corporate and institutional bank, combining areas such as derivatives, structuring technology, debt capital markets and risk advisory, said one of the people, who asked not to be identified because the details are private.
The departures include senior figures such as Richard Bartlett, head of U.K. client coverage, and Eric Capp, head of loan and high-yield capital markets, two of the people said.
RBS Chief Executive Officer Ross McEwan, 58, is shrinking the investment bank, exiting 25 countries around the world, cutting jobs and assets as he attempts to overturn seven straight annual losses. He's said there will be "significant" job losses as part of the changes, without specifying how many positions will be lost at the Edinburgh-based bank.
"In line with the strategy to make RBS a stronger and more sustainable bank, we are simplifying the structure of our corporate and institutional banking division to better serve our corporate and financial institutional customers," a spokesman for RBS in London said in an e-mailed statement on Wednesday.