Daily News: July 18, 2014

RBS Said to Be Unwinding Distressed Unit

Bloomberg reported that the Royal Bank of Scotland Group is winding down a distressed-debt unit as it scales back its investment bank to revive profitability, citing three people familiar with the matter.

Bloomberg noted that the departure of Jon Weiss, who was appointed global head of a special situations group after joining RBS’s Stamford, CT office in 2008, comes as the firm sells off some of its riskier investments and prepares to cut the distressed unit, two of the people said.

To read the entire Bloomberg article, click here.