RBS Said to Hire Ex-Nomura Banker Shah in Financial Institutionsby and
Harsh Shah to report to Scott Satriano in RBS investment bank
Joins to run financial institutions origination and solutions
Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned lender, has hired Harsh Shah to advise financial institutions, according to two people with knowledge of the matter.
Shah, who was previously the global head of structured sales at Nomura Holdings Inc., is moving to the Edinburgh-based lender to become head of financial institutions origination and solutions, said one of the people, who asked not to be identified because the hire hasn’t been made public. He’ll report to Scott Satriano, the bank’s head of financing and risk solutions, the person added. Shah couldn’t immediately be reached for comment.
The hiring follows a reorganization by RBS last year to simplify the structure of its corporate and institutional banking unit, which houses bond underwriting, derivatives sales and securities-trading operations. The bank moved to eliminate about 100 jobs as part of the changes, with the departures of senior figures such as Richard Bartlett, head of U.K. client coverage, and Eric Capp, head of loan and high-yield capital markets.
RBS Chief Executive Officer Ross McEwan announced plans in February last year to shrink the loss-making corporate and institutional bank, cutting global operations to focus on U.K. and western European clients. The bank is exiting 25 countries around the world and has sold loan books ranging from the U.S., to Singapore and Indonesia as part of a plan to cut risk-weighted assets to as little as 30 billion pounds ($43 billion) by 2019 from 107 billion pounds in 2014.