What kind of business does this describe? Based in Stamford, Connecticut, it is a top-three player in the US mortgage-backed securities market, has revenues of $3.8bn, pre-tax profits of $2.5bn, profits per employee of just over $1m and a return on equity of 24%. Is it: a) a specialist proprietary trading firm; b) an obscure trading division of Goldman Sachs; or c) the US banking and markets division of a majority government-owned Scottish bank.

The correct answer is c) - the US banking and markets division of Royal Bank of Scotland, which is 83% owned by UK taxpayers. Five years after a kilted piper welcomed guests attending the groundbreaking ceremony for its shiny new $400m US headquarters - and billions of dollars of losses later - the division has, far from pulling out of the US market, reasserted its commitment to being a top-three player in trading mortgage-backed securities in the country. It also has ambitions to become a top-five player in US credit and interest rates trading.