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Bloomberg reported, citing three people familiar with the matter, that state-backed Royal Bank of Scotland Group Plc is shuttering a distressed-debt unit as it continues to shrink its investment bank. Bloomberg quoted RBS spokeswoman Sarah Lukashok as saying, “We are materially reducing our special situations group.” RBS did not respond immediately to a request for comment made by Reuters. Distressed debt involves the purchase of the debt of companies in or near bankruptcy at a deep discount.

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