RBS's plans for equities division hit by departure of senior executive

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The Independent Online

Royal Bank of Scotland's attempts to strengthen its equities business has been hit by the departure of Michael Baptista, one of the key architects of the overhauling of the division.

In a note to staff, Royal Bank of Scotlan's global equities chief Frank McKirgan said that Baptista was leaving to pursue "other opportunities". The departure has prompted a reshuffle among senior staff at RBS's equities operation.

"The new structure gives us the right platform from which we can deliver our ambition to build a £2bn equities business by 2013," said Mr McKirgan.

On Friday, RBS's chief executive Stephen Hester said the group would continue paying bonuses amid heavy losses and a wave of exits at the bank.

"In the past six months, the loss rate of our best-performing people has doubled," said Mr Hester. "It is damaging. We need to make sure it does not get destructive."