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RBS severs ties with brokers
Royal Bank of Scotland (RBS) has dismissed its corporate brokers Merrill Lynch and Goldman Sachs, thereby distancing itself from the two key advisors of the Sir Fred Goodwin era.
RBS has appointed Hoare Govett, the advisor owned by RBS’s ABN Amro unit, according to reports. Merrill Lynch was the advisor to RBS on the takeover of ABN Amro, which led to it posting a loss of £24bn – the largest corporate loss in British history – and putting £325bn of toxic assets into a government scheme.