The chief executive of UK private bank Coutts & Co is leaving to take up a new role managing the money of affluent clients at its parent Royal Bank of Scotland. Her move comes after the bank last month revealed it was cutting its UK staff by 150 as part of an efficiency drive by RBS.

Sarah Deaves is leaving Coutts, the UK's second-oldest bank best known for advising the Royal family, to take up a new role as a managing director of affluent banking at RBS, according to a statement from the private bank.