Jerry Yoon, who was head of equity derivatives flow in Asia for Royal Bank of Scotland Group Plc, and Nick Langford, who ran convertible bond sales in the region, said they have left the bank.
The departures come as RBS seeks to combine its investor products and equity derivatives businesses into its global trading arm, according to a Sept. 28 internal announcement seen by Bloomberg. Approvals to move ahead have been obtained, according to a second internal statement on Nov. 8.
RBS, Britain’s biggest taxpayer-owned lender, is among banks that are shrinking payrolls following the global financial crisis. Banks worldwide have announced more than 190,000 job cuts since the start of last year, data compiled by Bloomberg show, as stricter rules, Europe’s sovereign debt woes and waning demand for investment banking services hamper profitability.
“In line with market conditions, we are undertaking an internal review that will lead to increased efficiencies for the business,” said Yuk Min Hui, an RBS spokeswoman in Hong Kong. The bank remains “committed” to its investor products and equity derivatives business, she said.
Yoon and Langford, reached by telephone, confirmed their departures when asked whether they had left the bank.
RBS will eliminate 3,800 jobs at its investment banking unit 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. Hui declined to identify specific individuals.
Chief Executive Officer Stephen Hester has cut assets by more than 800 billion pounds, eliminated 36,000 jobs and scaled back the securities division since taking over from Fred Goodwin when the lender was rescued by the U.K. government in 2008.