Royal Bank of Scotland, which closed its German mergers and equities business in a global strategy change last year, is hiring again, citing the strength of Europe’s biggest economy.
Bloomberg reports that RBS, which cut staff in Germany to about 350 at the end of 2012 from 400 a year earlier, is adding people in transaction services and sales as competition for clients intensifies amid Germany’s resilience to the debt crisis, Ingrid Hengster, the head of the Edinburgh-based bank’s business in Germany, Austria and Switzerland, said in an interview in Frankfurt.
'Germany is and will continue to be an important market for RBS', Hengster, 52, said. The decision to exit the deals and equities business 'was a global one and was driven by the desire to really stick to the fields in which we have a market-leading position. The impact was digestible. It was a difficult decision but in hindsight it was the right decision'.
RBS is 'one of the top five or six houses' for transaction banking worldwide, she said. 'Germany is a natural home for this business because there are so many export-oriented clients'.
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