RBC, the Canadian bank that has been investing heavily in building up an investment banking franchise in Europe, yesterday announced job cuts in London.
Nick Fothergill, head of European equities, has left the bank, along with three sales traders, two market-makers and two other salesmen.
Fothergill joined RBC Capital Markets from Nomura with over 17 years financial services experience in June 2010 as the bank began its ambitious hiring spree.
Last night an RBC spokesperson said: “Like all well-managed organisations, we review our business regularly to optimise efficiency and our priority is to build on a successful global business for the benefit of our clients and shareholders.”
The bank, which is ranked by some as the leading investment bank adviser on oil and gas transactions, has advised a growing number of clients over the past couple of years, including Ophir Energy, Salamander, Chariot Oil & Gas and Premier Oil.
It also played a role in the IPO of Direct Line, the most significant deal of its kind in the London market last year.
Observers said they weren’t surprised that the bank had decided to examine its cost base in the light of the recruitment activity it had undertaken since 2010.