Royal Bank of Scotland dismissed most of its team overseeing debt capital markets in central and eastern Europe, Middle East and Africa amid a review of operations outside the U.K., according to two people with knowledge of the matter.
Bloomberg News reports that the bank cut about 10 jobs at the London-based unit covering loans, bonds and rates, said the people, who asked not to be identified because they’re not authorized to talk publicly. Dismissals are mainly related to Russia and central and eastern Europe, according to one of the people.
'RBS probably had one of the best teams in this region,' Ian Fitzgerald, CEO of Loans Specialist Advisory Services Ltd. and former head of loan markets at Lloyds Banking Group, said in a telephone interview. 'It’s a shame to see them retrenching, but the quality and now availability of these individuals is probably an opportunity for their competitors.'
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