Some credit pros aren't waiting for the penny-pinching Scots to show them the door.
U.S. banks are picking off talent from Royal Bank of Scotland’s credit business, amid rumors that the bank will make further cuts in credit, according to people familiar with the matter.
Morgan Stanley, Bank of America Merrill Lynch and Jefferies have all hired from RBS in the past few months and Citigroup has picked up a former RBS trader….
According to a headhunter and another person familiar with the matter, RBS is set to make deeper, “sizeable” cuts to its credit business. Chief executive Stephen Hester has previously said the bank is undertaking a continuing review of its markets business.
U.S. Banks Pick Off RBS Talent [eFinancial News via WSJ MoneyBeat blog]