RBS Securities expanded the responsibilities of Scott Eichel, the global co-head of its MBS and ABS businesses. Eichel's role will now include oversight of the bank's U.S. flow credit trading.
The change in responsibilities will allow RBS to take advantage the additional opportunities to cross-sell and deliver services to its clients, according to an internal memo cited in a Bloomberg report.
In August 2008, the hiring of Eichel led the expansion of RBS' mortgage business when the bank added 16 professionals to its MBS team.
Fifteen of these hires joined RBS from Bear Stearns, including Eichel, who joined as co-head of ABS and MBS trading with RBS veteran David Cannon.
Eichel joined RBS along with six other traders from Bear Stearns, including his two senior traders, Adam Siegel and Paul Van Lingen.
Aside from Eichel, Siegel and Van Lingen, ABX trader David Dietche, CDO trader Matt Katke, CDS trader Keith Lind and ARMS trader Joe Steffa formed part of the group of six.
At that time, RBS has also hired John Suh from Bank of America Securities to trade mortgage derivatives.