A further restructuring ?
Royal Bank of Scotland will place the head of its bad bank in charge of investment bank to oversee a further restructuring, a person with knowledge of the matter said.
Bloomberg News reports that Rory Cullinan, 55, will take over from Donald Workman to oversee a further reduction of the investment bank, said the person who asked not to be identified because the details are private.
RBS has scaled back its corporate and institutional banking business, which houses most of the investment-bank activities, amid increasing regulatory pressures, with the division posting a $860m loss in the third quarter.
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