It may be a sign of the times, in economic terms, or perhaps simply the result of US banks having moved first to clear their balance sheets, but another of the City's oldest institutions - Hoare Govett - looks set to fall into US hands.
US investment bank Jefferies is close to buying Royal Bank of Scotland's corporate broking arm Hoare Govett, a person familiar with the matter said on Wednesday, according to a report in Bloomberg.
It is understood that a sale could be announced by Tuesday and would involve about 40 Hoare Govett staff and some other employees.
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As well, Bloomberg reports that Jefferies will pay only a nominal amount to buy Hoare Govett and that RBS has offered to provide funds to cover some staff costs.
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