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RBS exits retail structured product market

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Royal Bank of Scotland has announced it is pulling out of the retail structured products market.

The move comes as part of steps made by the bank to reduce the balance sheet of its markets business by the end of 2014, as announced in its 2012 full year results.

The bank also plans to halt its equity derivatives and peripheral market-making activities as part of the changes to the markets business.

The news arrives shortly after the bank announced plans to cut approximately 2,000 jobs by 2014.

The bank says the businesses that it plans to exit will be moved to a run-off organisation managed within the RBS markets division, where they will then go through a process of restructuring, asset sales and, where possible, business sales.

RBS says it will remain committed to delivering on its existing obligations to customers.

The end of last year saw RBS structured products managing directors Zak de Mariveles and David Lake leave the team.

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