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RBS Hires Rod McWalters to Manage U.S. Loans, Develop New Group

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Dec. 2 (Bloomberg) -- The Royal Bank of Scotland Group Plc, the recipient of the world’s biggest banking bailout, hired Rod McWalters to help manage its U.S. loans.

McWalters, 43, is helping develop a new global group called the “active credit portfolio management team,” said Pholida Phengsomphone, an RBS spokeswoman. He will be a director in the bank’s Stamford, Connecticut, office and focus on selling loans and hedging with credit-default swaps.

He reports to Andrew Weinberg, head of transaction portfolio management for the Americas, and Richard Hubble, who heads trading and execution for the new group, Phengsomphone said. The global head of RBS’s new credit group is John Ryan, who joined the bank’s London office in April.

RBS, which has headquarters in Edinburgh, reduced the net loans on its balance sheet by 26 percent, to $572.6 billion, in the year ended Sept. 30, according to data compiled by Bloomberg. The bank reported a bigger-than-expected decline in bad-loan provisions in the third quarter, leading to a narrower loss than the year-earlier period.

Royal Bank of Scotland, which was rescued by the U.K. government, has taken $59.9 billion of writedowns and credit losses resulting from the financial crisis, according to data compiled by Bloomberg.

McWalters previously worked at Commerzbank AG, UBS AG and Deutsche Bank AG.

To contact the reporter on this story: Lisa Abramowicz in New York at labramowicz@bloomberg.net.

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

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