RBS Said to Hire Credit Traders in London as Bank Axes 100 Jobsby
Royal Bank of Scotland Group Plc is hiring three traders to target Europe’s booming financial-debt credit market, a focus of growth at a lender that’s cutting about 100 jobs from its investment-banking business.
Jason Harwood, the former head of financials trading at Nomura Holdings Inc. in London, and former Credit Agricole SA trader Amreetpal Summan are among the new hires, according to four people familiar with the matter, who asked not to be identified because the moves haven’t been publicly announced. They will be joined in London by Axel Bleymann, who traded pound-denominated financial bonds at BNP Paribas SA and will have a similar role at RBS, two of the people said.
RBS saw departures of senior figures and corporate-bond traders last week as Chief Executive Officer Ross McEwan shrinks the lender’s investment-banking business to help overturn seven consecutive annual losses. Meanwhile, it’s bolstering the team charged with tapping growth in the financial-debt market as banks sell record amounts of bonds to meet new capital rules.
Adam Durchslag, a spokesman for RBS in London, declined to comment on the new hires.
Harwood and Summan will work with traders Aliaksandr Burak and Benjamin Wood and report to James Marshall, head of emerging markets and financials trading, said one of the people. The hires form part of a development of the credit business led by Peter Duenas-Brckovich, the person said.
Total outstanding additional tier-1 bonds, the riskiest form of bank debt, will “markedly exceed” $200 billion and sales will reach a record by year-end, Fitch Ratings said this month.