Royal Bank of Scotland, which acquired the investment banking assets of ABN Amro in October, is closing the Dutch bank's equity capital markets joint venture, ABN Amro Rothschild, at the end of the month, with up to half the staff understood to have already left.

A banking source said Royal Bank of Scotland, which acquired the joint venture as part of its €99bn ($145.4bn) breakup of the Dutch bank, took the decision to close it this morning. The source added that half of the staff were already “"on the street".”