Royal Bank of Scotland announced plans this morning to downsize and reduce leverage in its investment banking business, as part of a slew of measures that will see the group raise £20bn (€25.3bn) in fresh capital underwritten by the UK government.

Guy Whittaker, group finance director of RBS said that in the global banking and markets divisions there would be an emphasis on customer-driven activities in credit financing, debt and equity capital markets, rates, currencies and commodities, and a heightened emphasis on customer flows. He was speaking to analysts this morning.