RBS expands high yield

Royal Bank of Scotland has expanded its high-yield credit business in London, adding a new managing director in high yield, and building a new research team.

David Lofts joined as head of high yield and special situations in November; headcount in high-yield credit research now stands at six.

Lofts previously worked at US investment bank Jefferies, which has since hired Kenton Jernigan from Calyon as head of European high-yield sales and trading. Lofts had worked at Jefferies for two years