Anthony Britton, Royal Bank of Scotland Group Plc’s head of investment-grade credit sales in the Americas, is leaving the bank as its debt-trading and sales group in the region shrinks.
Britton, who’s been at the bank for nine years and was “one of the chief architects” of its credit platform, will depart the Stamford, Connecticut, office in August, according to an internal memo obtained by Bloomberg News. Richard Joyce, who joined the firm in 2010, will assume Britton’s role.
Ed Canaday, a spokesman for the Edinburgh-based bank, confirmed the contents of the memo. Britton declined to comment when reached on his mobile phone.
RBS has been shrinking its investment bank after coming under pressure from lawmakers and regulators to bolster capital. Britain’s biggest government-owned lender began cutting 2,000 additional investment-banking jobs as its chief executive officer Stephen Hester resigned last month.
RBS has made some hires in the debt unit this year, including Stephen Chronert, UBS AG’s former head of high-yield bond and leveraged loan sales in the U.S., for a similar role, and Kevin Dooley, a former UBS managing director, to run its par loan trading in the Americas.
“We are actively hiring to bolster our strong team of sales and trading professionals,” Scott Eichel, global head of asset-backed products and credit trading, said in an e-mailed statement. Across Wall Street, “business models are changing due to the regulatory environment, which has led to higher capital ratios, lower liquidity and the shift to more electronic trading,” he said. “When you have a shift this big, sometimes you need different capabilities.”
RBS is the 12th most-active underwriter of investment-grade sales in the U.S. this year, down from ninth last year and eighth in 2011, according to data compiled by Bloomberg.