If it was already mentioned, I apologize.
Article from The Deal:
"Royal Bank of Scotland ends M&A advisory business
RESTRUCTURING Good morning. We're having some early technical difficulties today, but Laura Board managed to get this dispatch out of London: Royal Bank of Scotland Group plc has quietly dismantled its M&A advisory unit after a potential management buyout never materialized, according to a person familiar with the situation.
The Edinburgh institution kept about 20 bankers on until the end of last year to handle remaining mandates but the unit now has just a small handful of staff left. CEO Stephen Hester began shrinking Royal Bank's investment banking business a year ago and disposals have included the sale of its Hoare Govett Ltd. brokerage unit last February to Jefferies & Co. LLC for a nominal sum and the April sale of its cash equities businesses in Australia, China, Hong Kong, India and Taiwan, including the cash equities sales desks in the U.S. and U.K., as well as equity capital markets and M&A advisory businesses in Australia and Asia to CIMB Group Sdn Bhd of Malaysia, for £75 million ($118.2 million).
Royal Bank had original envisaged that by the end of this year about 45 to 50 M&A bankers would move over to a spun-off M&A advisory business, led by John McIntyre, currently head of corporate finance for Europe, the Middle East and Africa, or even to a new owner. McIntyre, who joined Royal Bank of Scotland in late 2010, will now leave."
