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 2015 General Election: Green party will not appear in TV debate alongside Ukip – says BBC
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Tim Cook: Apple CEO comes out as gay publicly for the first time 'It's among the greatest gifts God has given me'
Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...