Royal Bank of Scotland, which three months ago signalled its intent to pull out of large parts of its markets business, has become the latest bank to refresh its senior rates line-up by hiring a new head of flow rates trading for Europe and Asia.

David Henness, who was most recently head of euro swaps and cross currency at Bank of America Merrill Lynch, has quit and is set to join RBS in the flow rates trading role after a period of gardening leave, according to people familiar with the matter. He has been listed as inactive on the Financial Services Register since April 27.