LONDON, Oct 20 (IFR) - RBS has folded its hybrid and liability management team into the bank’s syndicate business, according to sources familiar with the matter, as the after-effects of the recent overhaul of the bank’s investment bank continue to be felt.
The decision to move the two division into syndicate is an unusual step as both hybrid and liability management usually sit within a bank’s origination business.
As a result of the merger, David Leeming, who heads up the UK lender hybrid capital and liability management team, will now report to Jonathan Peberdy, head of syndicate and transaction execution at the UK-based bank.
Leeming, who was promoted to his present job at the end of October 2014, previously reported to Gordon Taylor, who runs investment grade debt capital markets across corporates and financial institutions.
RBS took the axe to its ever-shrinking investment bank in early October. The move led to the departure of UK client coverage head Richard Bartlett, syndication head Eric Capp and UK corporate coverage chief Nicholas Bamber
The bank has subsequently lost another two senior bankers. Kevin Connell, who was a managing director on the high-yield syndicate, has left the bank -- as has Damon Mahon, a director in the bank’s investment-grade bond syndicate, who reported to Philippe Bradshaw, head of investment grade Syndicate
Iain Leigh-Pollitt, RBS’s head of leveraged credit and loan syndicate, remains at the bank and reports to Peberdy. (Reporting by Helene Durand; Editing by Sudip Roy, Gareth Gore)