RBS chief outlines investment bank plans

RBS chief executive Ross McEwan

Royal Bank of Scotland chief executive Ross McEwan has outlined the company’s fast-moving plans to shrink its global investment banking operations as it moves to reduce the number of countries the division operates in to 13 or 14 from 37 when he took the job.

In an interview with Bloomberg Television, McEwan said: “The work in the corporate and institutional bank primarily will be finished by the end of this year.”

McEwan ruled out a full disposal of the RBS investment bank division, Bloomberg reported.

“Why would we give up great strategic positions where we are some of the biggest players of these market places, where we can make money? We’ll show that over the next three to four years.”

McEwan said the RBS investment bank has strategic strengths in rates, foreign exchange, and credit including debt capital markets, but “the rest, we have moved away from.”

See the full Bloomberg interview here: http://www.bloomberg.com/news/articles/2015-12-14/rbs-investment-bank-to-return-to-profit-after-overhaul-ceo-says

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.