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EXCLUSIVE-RBS asks restructuring chief to shrink investment bank

Reuters - UK Focus

LONDON/HONG KONG, Feb 24 (Reuters) - Royal Bank of Scotland (LSE: RBS.L - news) will hand its restructuring chief Rory Cullinan responsibility for overseeing another major scaling back of its investment bank including its exit from Asia, three sources told Reuters.

The changes will see Donald Workman hand over the responsibility for running RBS's investment bank to Cullinan, who already runs RBS's internal 'bad bank' and is overseeing the sale of RBS's U.S. business Citizens (NYSE: CIA - news) and its Williams & Glynn business in Britain, an enlarged role.

It is not clear what role Workman will take.

The bank, 79 percent-owned by the government, is under pressure from lawmakers to focus on lending to British households and businesses. (Reporting by Matt Scuffham, Steve Slater in London and Michelle Price in Hong Kong, editing by Sinead Cruise)