Mass resignation hits RBS Coutts' Singapore branch

SINGAPORE/LONDON: More than a quarter of the staff at the Singapore office of private bank RBS Coutts have quit in a mass resignation and some, sources said, could be joining Swiss rival BSI.

The defections could be a sign that job-hopping is beginning to pick up in Asia's competitive wealth management market, which is recovering from last year's market meltdown.

RBS Coutts, part of Royal Bank of Scotland Group Plc, said yesterday "a little over 70 people" had resigned from the bank.