The Royal Bank of Scotland Group (RBS), which is already in the midst of a massive upheaval in its mortgage-trading business, is losing the global head of asset-backed products and credit trading, according to a report from Bloomberg.
Last year, RBS began slashing its mortgage trading business and is currently looking at a potential payout of $4.5 billion to resolve claims of misconduct in its handling of U.S. mortgage securities.
Now, Scott Eichel, RBS’ leader of asset-backed products and credit trading, is departing.
From the Bloomberg report:
Michael Geller, a spokesman for RBS at Edelman, confirmed the departure. Eichel declined to comment when reached by telephone.
He joined RBS in 2008 from Bear Stearns Cos., bringing with him 14 other individuals who worked in securitized products at that firm, according to a statement at the time. Bear Stearns was being bought by JPMorgan Chase & Co. in a rescue deal facilitated by the Federal Reserve.
