Royal Bank of Scotland is winding down its mergers and acquisitions (M&A) division after failing to secure a buyer for the business.
The state-backed lender decided to exit the M&A arena a year ago as part of its strategy to shed non-core assets.
Bankers at the unit had hoped to find an investor to support a spin-off advisory boutique. However, those plans did not succeed and sources said the unit, which had employed about 40 bankers, is being closed down. One insider said: “It’s dead. Most people have left.”
RBS declined to comment.
• HSBC is hiring a former US deputy attorney general with a background in fighting drug cartels to help the bank avoid a repeat of money-laundering lapses that led to a record $1.9 billion (£1.2bn) fine. Jim Comey will join as a non-executive director in March and will be a member of a new committee to combat financial crime.