Royal Bank of Scotland is expanding its workout team to deal with the surge in problem property loans.
Formerly known as specialised lending services, the group’s global restructuring group was established in the early 1990s to provide a solution for businesses experiencing trading difficulties.
It tackles problems from every division across the bank, including commercial property, and is thought to employ around 100 staff in London. “This is one area of the business that is still growing,” said a staff member at the bank.
Chief executive Stephen Hester said that the group will trim its business to core activities, with a review to be concluded by the second quarter.
