Royal Bank of Scotland has said it is likely to shift its business further towards its retail and commercial banking units, which will most likely be at the expense of its investment bank, which this morning reported a 75% quarter-on-quarter fall in operating profit.

RBS's global banking and markets business this morning reported a 29% fall in revenues in the third-quarter results against the previous three months, as the unit maintained a "cautious risk appetite in a very subdued operating environment".