RBS’s plans for equities division hit by departure of senior executive

Author: By Simon Evans

In a note to staff, Royal Bank of Scotlan’s global equities chief Frank McKirgan said that Baptista was leaving to pursue “other opportunities”. The departure has prompted a reshuffle among senior staff at RBS’s equities operation.

“The new structure gives us the right platform from which we can deliver our ambition to build a £2bn equities business by 2013,” said Mr McKirgan.

On Friday, RBS’s chief executive Stephen Hester said the group would continue paying bonuses amid heavy losses and a wave of exits at the bank.

“In the past six months, the loss rate of our best-performing people has doubled,” said Mr Hester. “It is damaging. We need to make sure it does not get destructive.”

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