RBS said to eliminate 100 jobs at investment bank in revamp

London: Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned bank, will eliminate about 100 jobs as part of an overhaul of its investment bank, according to two people with knowledge of the matter. RBS Chief Executive Officer Ross McEwan, 58, is shrinking the investment bank, exiting 25 countries around the world, cutting jobs and assets as he attempts to overturn seven straight annual losses. He’s said there will be “significant” job losses as part of the changes, without specifying how many positions will be lost at the Edinburgh-based bank.

The departures include senior figures such as Richard Bartlett, head of UK client coverage, and Eric Capp, head of loan and high-yield capital markets, said the people, who asked not to be identified because the details are private. RBS promoted Scott Satriano, currently head of sales, to lead a reorganised unit of the lender’s corporate and institutional bank, combining areas including derivatives, structuring technology, debt capital markets and risk advisory.