RBS Director of Retail Structured Products McIlwain Leaves

David McIlwain has left Royal Bank of Scotland Group Plc (RBS), where he was director of retail structured products, according to online records of the Financial Industry Regulatory Authority.

McIlwain worked at the Edinburgh-based bank since August 2010 after departing Morgan Stanley in July 2009, according to Finra. McIlwain declined to comment when reached on his mobile phone.

RBS will eliminate 3,800 jobs at the investment-banking division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts on Sept. 24. About 3,000 of the cuts will be completed this year, RBS said.

Ed Canaday, a spokesman for the bank, declined to comment.

RBS is the 17th-biggest underwriter of structured notes in the U.S., distributing $3.7 million of the securities in five trades, according to data compiled by Bloomberg.

To contact the reporter on this story: Kevin Dugan in New York at kdugan4@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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