Royal Bank of Scotland Group (RBS) is planning to shut down its distressed-debt unit as part of its move to shrink operations of the investment banking division to boost profits, reported Bloomberg.
As a result, Jon Weiss, global head of a special situations group at RBS, has quit the firm.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
RBS has been scaling back its investment banking unit in the US due to the proposed tough capital rules and increasing political pressure.
RBS spokeswoman Sarah Lukashok told the publication that, "We are materially reducing our special situations group."
Additionally, the bank is shrinking its investment banking and international operations to focus on lending to British households and businesses.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
