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.
Comments
5
Posted by guest, Dec 04, 2008 9:51AM
what will happen to the worlds largest trading floor being built in Stamford?
6
Posted by guest, Dec 04, 2008 9:55AM
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.
9
Posted by guest, Dec 04, 2008 10:01AM
@8: the fund of funds group >50% gone, an equities group 100% gone, that is what I have heard so far.
10
Posted by guest, Dec 04, 2008 10:17AM
Deutsche layoffs apparently started yesterday in Europe and UK. Any news on NY?
12
Posted by guest, Dec 04, 2008 10:28AM
In cinemas soon sir Fred Goodwin starring in " the last bank of schotland"
13
Posted by guest, Dec 04, 2008 10:37AM
NY law associate killed by S& M lunatic.
Ny Post goes for Pulitzer
14
Posted by VOL IS KING, Dec 04, 2008 10:37AM
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?
17
Posted by Anal_yst, Dec 04, 2008 10:43AM
@Vol
Yea, they've gotta office (or at least did in early '07) on Park in the Kalokow bldg.
18
Posted by guest, Dec 04, 2008 10:44AM
A moment of Silence for the passing of "The Body Shop" Strip club in Hollywood, CA *sniff* fire *sniff*
22
Posted by guest, Dec 04, 2008 11:04AM
@ Vol
normally you suck moderately but today you suck like a nilfisk..
23
Posted by guest, Dec 04, 2008 11:06AM
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.
25
Posted by Clown Capital , Dec 04, 2008 11:12AM
@13
What the hell is "sissy slut training?" lmao.
Whatever it is, I'm coining that term.
26
Posted by guest, Dec 04, 2008 11:26AM
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.
28
Posted by guest, Dec 04, 2008 11:32AM
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?
30
Posted by guest, Dec 04, 2008 11:41AM
@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.
31
Posted by guest, Dec 04, 2008 11:45AM
@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.
35
Posted by guest, Dec 04, 2008 12:08PM
#10, any news from Deutsche, is it true their Prime Bro operations took a beating?
38
Posted by guest, Dec 04, 2008 12:17PM
@37 ...and dinner with Fat Bastard. "I gotta a turtle head poking out that could choke a donkey."
40
Posted by guest, Dec 04, 2008 12:17PM
@37 ...and dinner with Fat Bastard. "I gotta turtle head poking out that could choke a donkey."
43
Posted by guest, Dec 04, 2008 12:50PM
@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.
44
Posted by guest, Dec 04, 2008 12:52PM
Stop with the wideclops, it's not funny. You're pathetic, get some new material.
46
Posted by guest, Dec 04, 2008 1:06PM
@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
48
Posted by guest, Dec 04, 2008 1:29PM
@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.
49
Posted by guest, Dec 04, 2008 1:32PM
@46 - 12 here Fred is gone, no shit?!? Next thing you know they fire Jimmy Caine, or Chuck Prince..
50
Posted by guest, Dec 04, 2008 1:42PM
@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.
51
Posted by guest, Dec 04, 2008 1:52PM
@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.
54
Posted by guest, Dec 04, 2008 1:56PM
#35, i wouldn't be surprised. db pb (ops) is a bloated cesspool anyway. i should know, i used to work with them.
56
Posted by guest, Dec 04, 2008 2:31PM
Free Rob Roys for all the sweaty socks that get canned. On me.
Jimmy "Weed" Cayne
58
Posted by guest, Dec 04, 2008 2:37PM
"Can I give you a jingle in ten", get cut from floor 3 in greenwich yet?
59
Posted by guest, Dec 04, 2008 3:07PM
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.
60
Posted by guest, Dec 04, 2008 3:09PM
#54, fully agree. db prime brokerage ldn full of dogs-bodies. eq deriv was the place to be until it imploded.
62
Posted by guest, Dec 04, 2008 3:11PM
#54, fully agree. db prime brokerage ldn full of dogs-bodies. eq deriv was the place to be until it imploded.
64
Posted by guest, Dec 04, 2008 3:14PM
I heard Rbs is doing great and hosting the next Victoria Secret fashion show
65
Posted by guest, Dec 04, 2008 3:14PM
I heard Rbs is doing great and hosting the next Victoria Secret fashion show from a very reliable source
66
Posted by guest, Dec 04, 2008 3:14PM
I heard Rbs is doing great and hosting the next Victoria Secret fashion show from a very reliable source
68
Posted by guest, Dec 04, 2008 3:15PM
Ehh it's not that bad on the 3rd floor Greenwich - I'm still here that's all that matters
69
Posted by guest, Dec 04, 2008 3:15PM
I heard Rbs is doing great and hosting the next Victoria Secret fashion show from a very reliable source
71
Posted by guest, Dec 04, 2008 4:33PM
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
72
Posted by guest, Dec 04, 2008 7:00PM
rbs cut about 5% of 3000 north american staff, across all groups (though some groups were hit more than others)
76
Posted by guest, Dec 11, 2008 10:20AM
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.
77
Posted by guest, Dec 28, 2008 9:10AM
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
78
Posted by guest, Feb 06, 2009 5:48PM
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
this follows a VR package offered to Ulster bank of 7wks for each years service
79
Posted by guest, Feb 08, 2009 9:46PM
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They have a promotion going: use promo code SP50 to get a 50% off the first month's service.
suggest you give it a try !
80
Posted by Scott B, Apr 08, 2009 5:59AM
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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Posted by guest, Dec 04, 2008 9:50AM
rumors are they hired three scots in kilts to play the bagpipes as each employee is told the news