Investment banking: RBS digs its way into North America
High-yield business grows on deal wins; Citizens Bank ownership pays off
It has been an uphill struggle for RBS in the US since the financial crisis but recent deal wins, key hires and a stabilization in staff retention indicate that the UK government-owned bank might now have carved its niche across the Atlantic.
In March the firm announced the appointment of Shad Quraishi to head client structuring and solutions for the bank in North America. Quraishi was formerly co-head of capital markets at NewOak Capital. Before that, he was with UBS where he served as global head of the firm’s asset-backed finance business.
"We’re focusing on return on equity, winning repeat business and gaining share of wallet in the areas we have"
Over 2010, RBS added 100 staff to its global banking and markets business in Stamford, Connecticut, while the number of employees leaving the firm fell from a peak in July 2009 when almost 60 employees left in one month. The firm has made several high-profile hires this year, including Stephen Kemp from Merrill Lynch to head FX Americas and Fazal Merchant from Barclays Capital to run its global industrials business.