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RBC closing down restructuring unit

Royal Bank of Scotland is closing down its Global Restructuring Group, which is riddlede with controversies and is being investigated over allegations that it profited from the financial distress of companies it was meant to help. Derek Sach, head of GRG, and Aubrey Adams, the unit’s head of property, have both agreed to leave the bank at the end of March 2015. The moves come only weeks after Sach was accused of being ‘wilfully obtuse’ by Andrew Tyrie, chairman of the parliamentary Treasury committee, for having denied that GRG was a ‘profit centre’, only for the bank to later admit this was the case. GRG, which is being investigated by the Financial Conduct Authority, will be replaced by a new restructuring team that will work alongside the rest of the bank to help distressed clients, rather than operating as a separate unit. Laura Barlow, former head of GRG’s UK team, will lead the new restructuring division.

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