RBS winds down M&A division

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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.

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