Royal Bank of Scotland (RBS) has appointed an ex-Morgan Stanley e-Commerce chief to head up Electronic Distribution within its Markets and International Banking division.

Jeremy Smart has joined after seven years at Morgan Stanley, where he was head of fixed income e-commerce, and will be based in London.

Prior to his stint at Morgan Stanley he spent nine years at Deutsche Bank as a senior salesperson, where he was involved in the development and distribution of its electronic trading platform, Autobahn.

Smart will report to Fabian Shey, RBS' global head of prime services and client execution.

"Jeremy brings 16 years' experience to this new role and will play a pivotal part in helping us achieve our ambitious goals for the future of our Markets' electronic trading offering," said Shey.

"He will partner with sales and trading in Rates, Credit, FX and Futures in EMEA, Americas and APAC to grow our share of business over electronic channels."

In other news, RBS suffered a high profile IT failure in July, where millions of RBS customers couldn't gain access to funds in their bank accounts after a botched upgrade that was made to batch processing software CA 7 from CA Technologies, which impacted some accounts for more than a month.

The bank has since revealed that it will suffer losses of at least £125 million, which will principally cover customer redress, such as waiver of interest and charges.