RBS’s Asset-Backed Product Head Eichel Departs Investment Bank

Scott Eichel, the global head of asset-backed products and credit trading for Royal Bank of Scotland Group Plc’s investment bank, left the shrinking unit.

Michael Geller, a spokesman for RBS at Edelman, confirmed the departure. Eichel declined to comment when reached by telephone.

He joined RBS in 2008 from Bear Stearns Cos., bringing with him 14 other individuals who worked in securitized products at that firm, according to a statement at the time. Bear Stearns was being bought by JPMorgan Chase & Co. in a rescue deal facilitated by the Federal Reserve.

RBS last year announced plans to cut hundreds of jobs at its Stamford, Connecticut-based investment bank and shut down its mortgage businesses amid new regulations and a desire to focus on its U.K. consumer and business bank.

Competitors from Societe Generale SA and Barclays Plc to Royal Bank of Canada, Cantor Fitzgerald LP and hedge funds have swooped in to bolster their fixed-income teams with hires from RBS, Britain’s largest state-owned bank.

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