RBS severs ties with Hoare Govett
Royal Bank of Scotland has hired Morgan Stanley as its broker, formally severing ties with the Hoare Govett team that the state-backed bank sold to Jefferies earlier this year.
Hoare Govett's relationship with RBS was strained when the bank's chief executive, Stephen Hester, decided to offload the venerable City institution as part of a huge scaleback in investment banking. He had decided to reshape RBS so that it would never again carry the same risks that led to its taxpayer bailout during the financial crisis.
The broker – a role that essentially acts as a conduit between a company and its investors – has been hit by the loss of several FTSE 100 clients since RBS sold out in February, but being axed by its former parent is arguably the biggest blow. Other account losses include Rexam, the consumer packaging and beer can maker, and G4S, the much-criticised security group.
RBS has two brokers. The second, UBS, held on to its role while a swathe of other banks, believed to include JP Morgan and Goldman Sachs, pitched for what is one of the most coveted clients in the blue chip index.
RBS declined to comment.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 2 Fifa corruption: Europe plots to stage an 'alternative World Cup' in place of Russia 2018
- 3 How much sex should I be having?
- 4 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
- 5 Betting company 'refuse to pay' after student wins £1,000 from 50p bet on Roger Federer
Caitlyn Jenner, formerly Bruce Jenner, reveals new look on Annie Leibovitz shot Vanity Fair cover
Russian military jets and US destroyer clash in Black Sea 'posing danger to stability'
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Photographer who performed naked shoot in China's Forbidden City sparks outrage
Man on naked bike ride gets ejected after becoming aroused
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...
£25 - £30K: Guru Careers: We are seeking a highly-motivated and ambitious Comm...
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...