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Royal Bank of Scotland reportedly cut loose seven of 24 employees who manage portfolios of mortgage debt at RBS Greenwich Capital, and possibly is mulling additional staff reductions.
The departures included Rick Caplan, who was managing director of the company”™s collateralized debt obligations (CDO) team in Greenwich. Caplan previously was head of a Citigroup derivatives group, and in 2002 testified on Citigroup”™s structuring of derivative transactions for Enron.
Caplan”™s departure from RBS Greenwich Capital was first reported by Financial News and confirmed to Forbes magazine by RBS, who said the move was intended to bring its CDO business “in line with the realities of market volumes.”
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