It is expected that 2,800 heads will roll at Royal Bank of Scotland. Global Banking and Markets (GBM) is the hatchetman de jour. Brace yourselves, dear friends.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
rumors are they hired three scots in kilts to play the bagpipes as each employee is told the news
first
MacWideclops
Greenwich Capital unit also getting hit. It is ugly.
what will happen to the worlds largest trading floor being built in Stamford?
Apparently at lot of the ABN Amro guys are getting laid off, rather than “legacy” RBS people.
@5: they told the Stamford development people in an article in the Stamford Advocate that they are “committed” to the property, etc. It is UBS that has the world’s largest trading floor, RBS wasn’t trying to match or beat that. RBS is moving their NYC staff and the Greenwich Capital staff to Stamford; but I bet there’s going to be available space. I saw a lot of UBS space being offered for sub-lease in a big color advertisement at the Greenwich train station.
Freeedommm!!!!!
@4 How bad. What groups?
@8: the fund of funds group >50% gone, an equities group 100% gone, that is what I have heard so far.
Deutsche layoffs apparently started yesterday in Europe and UK. Any news on NY?
@7 – Brilliant.
In cinemas soon sir Fred Goodwin starring in ” the last bank of schotland”
NY law associate killed by S& M lunatic.
Ny Post goes for Pulitzer
http://endofesq.com/?p=627
Has anyone ever actually seen a banker from RBS? Are we sure these people actually exist and weren’t just an error in a data base some where?
Get in the schtomach!
@14
Idiot.
@Vol
Yea, they’ve gotta office (or at least did in early ’07) on Park in the Kalokow bldg.
A moment of Silence for the passing of “The Body Shop” Strip club in Hollywood, CA *sniff* fire *sniff*
American Capital cutting appx 19% of it’s staff.
bulk of JPM ibanking cuts happening today, like right now
@Vol
Agree with @16.
@ Vol
normally you suck moderately but today you suck like a nilfisk..
I saw Kitten Natividad do her “Champagne Glass Bubble Bath” routine (in a giant champagne glass) at The Body Shop long, long ago when she was white hot. GM was profitable then.
@23: “GM was profitable then”? When was this, 1953?
@13
What the hell is “sissy slut training?” lmao.
Whatever it is, I’m coining that term.
From a reliable source: More than 50% of Greenwich Capital to be cut week of 12/16…..Ugly Indeed….IT and Ops basically gutted and replaced by the UK.
Are these RBS cuts in NY or London? What groups?
Has anyone ever actually seen an IT person from RBS? Are we sure these people actually exist and weren’t just an error in a data base some where?
@23
The Body Shop, r.i.p.
http://www.myfoxla.com/myfox/pages/News/Detail?contentId=8000948&version=7&locale=EN-US&layoutCode=TSTY&pageId=3.2.1
@26: That is incorrect. My significant other, to whom I’ve been married 10 years, says it’s a lot fewer. They did a major house-cleaning a year ago so there isn’t 50% to cut.
@26: That is incorrect. My significant other, to whom I’ve been married 10 years, says it’s a lot fewer. They did a major house-cleaning a year ago so there isn’t 50% to cut.
@30 – wideclops has been married 10 years…?
any news on severance package?
any news on associate numbers?
#10, any news from Deutsche, is it true their Prime Bro operations took a beating?
any news on wideclops numbers?
@33 A free round at St. Andrews.
@37 …and dinner with Fat Bastard. “I gotta a turtle head poking out that could choke a donkey.”
Is this RBS and RBS GC?
@37 …and dinner with Fat Bastard. “I gotta turtle head poking out that could choke a donkey.”
wideclops first year numbers?
how aboout the mortgages group – the bear guys?
@42: they got guarantees, so they’ll be in place and paid while the rest of the firm gets fired or 0′d out on their bonuses.
Stop with the wideclops, it’s not funny. You’re pathetic, get some new material.
what is wideclops anyway?
@8, @27, @39 Basically all the groups – Lev Fin, Loan Markets, Greenwich (though just U.S. today)
@12 Sir Fred’s been gone for awhile . . .
@16 Agreed
So much for happy holidays.
Gotta love ibanks.
@31 You and your 10 year husband haven’t a clue. There are tons of IT and Ops in Greenwich Capital and they will be half as many left by end of the year. MD knows all!!!!
This is all US based, no idea what’s happening in UK.
@46 – 12 here Fred is gone, no shit?!? Next thing you know they fire Jimmy Caine, or Chuck Prince..
@48: here is your quote:
“From a reliable source: More than 50% of Greenwich Capital to be cut week of 12/16…..Ugly Indeed….IT and Ops basically gutted and replaced by the UK.”
My S.O. (you presume Husband, rather than Wife?) says it is 10% overall.
You are NOW saying 50% of just IT and Ops. So make up your mind – is it 50% of all of Greenwich Capital – or just 50% of some backoffice ops? Get it right before writing out panic-mongering posts.
@50 Sorry for the confusion. I meant 50% of janitorial services. Hope your wife doesn’t get cut.
If she’s still employed, let me know, and I’ll go MER and crap the place up for her.
@51 N.A.S.T.Y., i like it
what about rbc?
what about rbc?
Free Rob Roys for all the sweaty socks that get canned. On me.
Jimmy “Weed” Cayne
54, ha ha , where did you move to, another PB?
“Can I give you a jingle in ten”, get cut from floor 3 in greenwich yet?
I heard from a reliable source that all the recent layoffs are in the front office trading/strategy and IT and Ops will be left untouched.
#54, fully agree. db prime brokerage ldn full of dogs-bodies. eq deriv was the place to be until it imploded.
@59
I agree. They even planning to expand some groups.
#54, fully agree. db prime brokerage ldn full of dogs-bodies. eq deriv was the place to be until it imploded.
#60, you were in London DB PB? When
I heard Rbs is doing great and hosting the next Victoria Secret fashion show
I heard Rbs is doing great and hosting the next Victoria Secret fashion show from a very reliable source
I heard Rbs is doing great and hosting the next Victoria Secret fashion show from a very reliable source
no eqty structured products until aug08
Ehh it’s not that bad on the 3rd floor Greenwich – I’m still here that’s all that matters
I heard Rbs is doing great and hosting the next Victoria Secret fashion show from a very reliable source
#63, no. i was eqty structured products until aug08.
usually pb anything is a pretty lousy place to be. its like a purgatory for the ones that couldn’t make the cut into trading or couldn’t make it in trading
rbs cut about 5% of 3000 north american staff, across all groups (though some groups were hit more than others)
which groups were impacted? how bad?
heard hong kong office had cuts as well in CIB and lev fin
RBS rocks!
What about RBS Sempra Commodities in Stamford. They are part of RBS GBM. They are actually a joint venture and so might not be so badly affected.
RBS Sempra – no heads are rolling. In fact certain senior traders are being another round of retention bonuses for 2009 ( 3- 8 mln/yr cash no claw back for losing money, which some of them do quite handily). They are already collecting 3-7 mln for 2008 retention (CASH) in addition to 4-8 mln (CASH) in guaranteed bonus money for 2008, despite losing money. This is comical cause where exactly does management think these old men are going. It’s nice the UK taxpayers are footing the bill
RBS UK has “formally invited” all private and corp banking managers to a “special meeting” on the 11th Feb
no further information has been disclosed regarding the meeting agenda
im sure there will be a Q&A
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The current economic condition is affecting many companies in US at this moment. The postal service, for example, is facing a grave time and the same battle as are all companies. The ever declining mail volume as well as the state of the national economy, e-mail, do not mail lists, eco-friendly printing and paper recycling have all added to put this pressure on the postal service to reduce the workforce. FedEx, for example, has a lot of upcoming layoffs. The worst of the FedEx layoffs are hitting Memphis, home of Elvis, and this is a case where it really is the Heartbreak Hotel. However, they also know to not be cruel, as employees affected, about 14,000 of them, will receive severance packages and job counseling, which may save them from payday loans for awhile. Other areas are going to be affected as well, but Memphis will be the hardest hit. It’s good that they get severance pay, because the affected workers couldn’t get payday loans as a result of the FedEx layoffs.
http://personalmoneystore.com/moneyblog/2009/04/03/fedex-layoffs-hit-memphis-hardest/
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