Royal Bank of Scotland, the UK bank undergoing a radical overhaul after reporting a record loss, has hired a senior Credit Suisse banker as deputy chief executive of its global banking and markets division.

This week RBS reported that credit market and trading asset writedowns dragged its global banking and markets unit to a £11bn (€12.3bn) operating loss last year, prompting the bank into a drastic revamp that will involve abandoning leveraged and project finance lending and ceasing proprietary and correlation trading.