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RBS to Close Cash Equities Unit With 1,200 Staff, Times Reports

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Jan. 7 (Bloomberg) -- Royal Bank of Scotland Group Plc will close its cash equities unit, which employs about 1,200 people, because of its small and irregular profits, the Times of London reported, citing unidentified people familiar with the decision.

The business is one of the investment banking divisions that won’t be retained in a longer-term plan to be announced next week that aims to prepare the bank for the end of U.K. state control, the newspaper said today.

While RBS hasn’t found a buyer for the entire equities division, Oriel Securities Ltd, Numis Corp Plc. and Jefferies Group Inc. are interested in buying Hoare Govett, its small corporate equities broking arm, the newspaper said.

RBS spokeswoman Kath Allen declined to comment.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher in London at dschumacher@bloomberg.net