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.
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Fracking is turning the US into a bigger oil producer than Saudi Arabia
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
How climate change helped Genghis Khan: Scientists believe a sudden period of warmer weather allowed the Mongols to invade with such success
- 1 Hells of residence: Inside Macedonia's horrifying student accommodation - where the walls are green and the food is black
- 2 Arrest made after man is found by the side of the road with his penis cut off
- 3 Michael Schumacher 'experience' gives F1 legend chance to 'show his character', says Lewis Hamilton
- 4 Girl found in the Amazon rainforest with neighbour Grover Morales after going missing for 7 months
- 5 Disney's Frozen is 'very evil' gay propaganda, says Christian pastor
iJobs Money & Business
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£55000 - £70000 per annum + benefits: Pro-Recruitment Group: In-House Corporat...
£80000 - £100000 per annum + benefits: Pro-Recruitment Group: In-House Opportu...