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.
Actress sees off speculation about her appearance in an amazing way
Powerful images of strays taken moments before being put down
Enid Blyton’s Magic Faraway Tree really is being made into a film
The Washington Post editor helped Bob Woodward and Carl Bernstein bring down President Nixon
- 1 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 2 Disney announces new female-led film Moana
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Raphael Ravenscroft dead: 'Baker Street' musician who played the most famous saxophone solo for just £27, dies aged 60
Darren Vann: Indiana man arrested for murdering teenage prostitute confesses to six other murders - and police fear more
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...