Royal Bank of Scotland is seeking to hire a European high-yield trader for its London office, says an official familiar with the search. The position is newly created and the trader will report to Stuart Booth, head of structured credit. Booth could not be reached for comment. Although many other firms are scaling back in high yield, RBS is hiring because it has a small team in place and wants to maintain its presence until the market pulls out of this quiet period, notes the official. Nick Coates heads up RBS' high-yield origination effort and the firm also has three analysts covering the asset class.