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People: RBS drops equity derivatives and retail structured products

RBS cuts businesses it saved from the axe last year; O'Connor takes up Isda chairman's role full time; Deutsche's Wayne takes on US forex role; new role for Lipton at Bank of America; Williams swaps Allen & Overy for Milbank

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Royal Bank of Scotland (RBS) will axe its structured retail investor product and equity derivatives business lines just under 18 months after it saved them from an earlier restructure.

On January 12 last year, the bank said it would sell or close its cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses, but keep its equity derivatives and structured products business lines within the newly created markets division.

RBS said at the time: “We remain

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