RBS puts jobs at risk after Hoare Govett sale

Royal Bank of Scotland (RBS) has sold stockbroker Hoare Govett to US investment banking group Jeffries for a nominal sum, as part of its plans to downsize its investment banking division.

Jeffries said it would only absorb 50 staff as part of the deal, leaving 75 people in RBS's equities and capital markets division with an uncertain future.

RBS acquired Hoare Govett as part of its ill-fated takeover of Dutch bank ABN Amro. Up to 10,000 jobs could be cut at the state-owned bank as part of the restructuring of its investment operations.