RBS Greenwich Capital Markets, the US securities subsidiary of Royal Bank of Scotland, has been forced to reorganise its collateralised debt obligation business amid turmoil in the structured credit markets and after the departure of a co-head of the division.

Rick Caplan, managing director and co-head of the US collateralised debt obligation business, is believed to have quit the bank, leaving Fred Matera in sole charge of the business. Caplan had focused on asset-backed securities while Matera had oversight for credit within the group.