RBS director stocks up

Chris Sullivan, Chief Executive of RBS UK corporate, has purchased 603 shares in the firm in the same week it emerges the firm may be about to cut 4,000 jobs.

Sullivan, 53, bought the shares at £0.2075 each, in a purchase which takes his total number of shares to 244,010.

RBS, the 83% state-owned lender, is reported to be on the verge of shedding between 3,000 and 4,000 jobs.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The firm has come under increasing pressure from the coalition government to reduce its riskier investment banking activities in its Global Banking and Markets (GBM) division.

GBM earnings had been helping repair the RBS balance sheet in the wake of the 2008 financial crisis, but volatility caused by fears over Eurozone sovereign debt have seen profits drop by up to 80%.

An RBS spokesperson said: "We cannot make any comment until the announcement is made."

Earlier this week UBS cut its target price from 28p to 25p.

Top Director Buys

Cadogan Petroleum (CAD)

Director name: Mr Ian Baron

Amount purchased: 100,000 @ 24.59p

Value: £24,590

Angel Biotechnology Holdings (ABH)

Director name: Dr Paul B Harper

Amount purchased: 10,000,000 @ 0.20p

Value: £20,000

Matchtech Group (MTEC)

Director name: Mr Adrian Gunn

Amount purchased: 8,799 @ 210.00p

Value: £18,478

Matchtech Group (MTEC)

Director name: Mr Tony Dyer

Amount purchased: 5,875 @ 210.00p

Value: £12,338

NR