RBS director stocks up

10th Jan 2012 15:50

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. 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 BuysCadogan Petroleum (CAD) Director name: Mr Ian BaronAmount purchased: 100,000 @ 24.59p Value: £24,590Angel Biotechnology Holdings (ABH) Director name: Dr Paul B HarperAmount purchased: 10,000,000 @ 0.20p Value: £20,000Matchtech Group (MTEC) Director name: Mr Adrian GunnAmount purchased: 8,799 @ 210.00p Value: £18,478Matchtech Group (MTEC) Director name: Mr Tony DyerAmount purchased: 5,875 @ 210.00p Value: £12,338NR