The remnants of the once global investment banking business at Royal Bank of Scotland saw first quarter revenues wiped out by a huge expense bill, which included costs associated with the bank’s move to become a smaller, UK-focused operation.

The UK bank, which reported its first quarter results on Thursday, said revenues at its corporate and institutional banking unit, which includes its markets unit, were down 40% year-on-year to £804 million reflecting the impact of "business reshaping".