Royal Bank of Scotland Group Plc lost two debt traders to rival firms as Britain’s largest state-owned bank continues to scale back its U.S. operations.
Richard Dalessio, a director in the firm’s distressed and special situations trading unit, left yesterday and is joining Jefferies Group LLC as a managing director, according to a person with direct knowledge of the hiring. Brad Roberts, a former managing director and credit flow trader at RBS, started a new job at Nomura Holdings Inc. this week, said another person, who asked not to be identified because the move hasn’t been announced publicly.
RBS is losing employees as the Edinburgh-based lender faces political pressure to reduce bonuses and shrink its U.S. investment bank before stiffer capital rules are implemented. The bank said in May it plans to reduce its mortgage-trading business by two-thirds and cut employees from its U.S. special situations trading unit.
Dalessio, who trades bank debt, claims and other distressed assets, will be reporting to Drew Doscher, who replaced Rohit Bansal as head of distressed debt at Jefferies last year.
Michael Geller, a spokesman for RBS at Edelman in New York, Nomura’s Jonathan Hodgkinson and Richard Khaleel at Jefferies declined to comment.