RBS downsizes; drops global head of financial sponsors position

Royal Bank of Scotland has reportedly scrapped the position of global head of financial sponsors as a response to "market conditions". Fiona Paulus, who became global financial sponsors head last year, has been said to have moved to a new position as head of energy and resources in Europe, the Middle East and Africa.

Reports suggest that the UK bank, which was bailed out by the government in October, will now depend on its regional heads to oversee its private equity advisory operations.

This move can be seen as part of a recent trend of banks sizing down their leveraged finance teams as a result of the economic downturn, which has seen the buyout space in Europe decline sharply in the absence of debt.

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