8th Aug 2014 13:46
LONDON (Alliance News) - Royal Bank of Scotland Group PLC is closing its Global Restructuring Group, an area of much controversy for the bank, Reuters reported on Friday, citing a person familiar with the situation, who also said the division's two most senior executives are to leave.
According to the report, the source said that staff members were informed by email of the plans to close RBS's Global Restructuring Group. The email also said that Derek Sach, who heads the division, and Aubrey Adams, who leads its property division, will both leave the bank on March 31 2015.
The division has been under fire after UK government advisor Lawrence Tomlinson accused it of profiting from pushing small businesses to collapse.
The bank declined to comment and would not say whether any severance payments would be made to Sach or Adams, Reuters said.
http://uk.reuters.com/article/2014/08/08/uk-royal-bank-scot-division-idUKKBN0G81CP20140808
By Samuel Agini; [email protected]; @samuelagini
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