Peter Nielsen, who rose up through Royal Bank of Scotland to run the trading business that the lender is now shrinking, is leaving after more than two decades at the company, said a person with knowledge of the matter.
Bloomberg News reports that the former global head of markets will leave the bank in the summer, said the person, who asked not to be identified because his departure hasn’t been announced publicly. He is currently on gardening leave after helping to reshape the securities unit as it exits 25 countries and RBS focuses on consumer and commercial lending in the U.K. and Ireland, the person added. Nielsen didn’t return messages by telephone and e-mail.
Nielsen was one of the last senior RBS investment bankers to remain with the lender after its $65bn bailout by the British government at the height of the financial crisis. His departure comes as Chief Executive Officer Ross McEwan seeks to cut costs and shrink risk-weighted assets at the investment bank to about $42.6bn by 2019 from $152bn in 2014.
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