Royal Bank of Scotland is expected to unveil a new second tier of management after today confirming a Financial News story that its most senior European investment banker will not be returning to his old job following a serious skiing accident in January.

As Financial News reported two weeks ago, questions were raised over the future of Marco Mazzucchelli when he had not returned to work after a three month period of leave that followed the accident. According to sources familiar with the situation Mazzucchelli had been sledging in St Moritz and sustained major damage to his knee.