LONDON, Oct 1 (IFR) - Jeremy Walsh, head of covered bond syndicate at RBS, is leaving the bank after 15 years of service as the UK lender reshuffles its syndicate business, according to market sources.
Walsh’s departure comes as part of a broader restructuring of the bailed-out lender’s debt capital markets and client coverage teams for Europe and the Middle East, following a four-month review by UK client coverage head Richard Bartlett.
RBS has divided its syndicate coverage into three business pods. Corporates and financial institutions will be run by Philippe Bradshaw. Bradshaw previously ran the corporate syndicate at the bank. The combination of corporate and FIG on syndicate mirrors the changes that have already taken place in origination, where RBS put together its corporate and financial institutions teams into one under Gordon Taylor.
Meanwhile, frequent borrowers syndicate including SSA and commercial paper will be run by Romuald Balax, and the third pod, loans and high yield, by Iain Leigh Pollitt.
Kevin Connell will continue to run high yield syndicate and Jonathan Pughe will head up the bank’s loan syndicate business.
Walsh will be replaced by Damon Mahon, a director of bond syndicate at the bank since July 2011, who previously focused on ABS and corporate syndication. Mahon has been covering the ABS market and assisting with financials in recent months.
Mahon will work alongside Harman Dhami, who continues to focus on financial syndicate. Dhami and Mahon will report to Philippe Bradshaw.
RBS is heard to be making further changes to its loan, high yield and frequent borrowers, SSA and commercial paper business, where junior members of the team are said to be at risk. (Reporting by Aimee Donnellan, editing by Helene Durand, Julian Baker)