The Royal Bank of Scotland might’ve set a new record for losses in UK corporate history last year, requiring the gov to step in and stop the ass bleeding, but do not fear ’cause just this morning CEO Stephen Hester announced a “new strategy for RBS to restore the Bank to standalone strength as soon as practicable.” That strategy is: shitcan lots of employees. The firm plans to cut approximately 9,000 jobs. Oh, and PS:
RBS also said on Tuesday that its latest placing and open offer has been snubbed by investors, with only 0.7 per cent taking it up. This means the government stake in RBS has risen from 58 per cent to 70 per cent.
Awk.
Jobs are all back-office according to Bloomberg, so not like it matters…
@1- it’s notable in that rbs has cut thousands of jobs already and still is far from done. that place is an absolute shit house. the question is it it worse than its US counterpart (Citi)?
Those who have not been laid off have simply jumped ship. Namely everyone at Sempra.
I hope the kid who did the vending machine challenge Friday doesn’t get laid off.
sounds like some Spring cleaning in preparation for a takeover/buyout bid.
@5 – seems unlikely given the UK government now owns 70% of the bank.
@6, do you think they want to be in the business of running banks? RBS is not a national treasure.
govt. “should” act as any rational shareholder would. Someone comes along and offers a premium for your stock b/c they see synergies, you jump on it.
@6- pretty sure that’s not a long term plan.
RBS Lev Fin was still lending in summer
FIG is 25+ bankers
@7 – You forget one important aspect of a nationalised banking group – Politics
No sane Government would sell UK parts of RBS with elections coming up in the near future.
@10 – As a UK citizen, recent evidence points to the conclusion that we may not have a sane government on this side of the pond….