RBS apparently laid off its entire Leveraged Finance Group globally yesterday, which, we’re told, “includes everyone (Group heads, MDs, VPs, Associates and Analysts) at their New York office, LA office, London headquarters and multiple other European offices.” Tipster Fred Goodwin added: “For some perspective, the Leveraged Finance Group at RBS pre-credit crisis was the premier leveraged finance platform in Europe for many years.”
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How many people are in the group globally?
whither the emergence of Europe as the premier PE region? oh, my mistake, I suppose they were just talking about growth equity… y’know, cold-callers with funny names from TA (London) offering you 40/40/20
RBS = Really Bad Strategies?
@1 – 0.
I am the CEO of a hedge fund. What is “40/40/20″?
I am TA Associates cold-caller, what is a deal?
I’m sure the RBS Leveraged Finance Group didn’t see that coming.
@AB- you’ve seemed kind of bitter today. what’s wrong, muffin?
@7…best comment of the day! Well played!!
@AB
Interviewed there ~2 years ago, remember discussing with one fo the Directors (maybe SVP?) how strange it was that sh!t hadn’t hit the fan yet…
Fortunately, I bombed the rest of the interview, so yea, thats fun.
@4 – Touche…
Yes baby!!!
did the vending machine contest kid get laid off?
@8 – thanks for caring. Cause I’m staring out my window looking at the people lying around central park on a beautiful day and I’m thinking about how much more I’m going to have to pay in taxes now that they took deferrals away while those dickheads got stimulus checks last year. thanks for being there for me.
Don’t know who provided the info but it’s not completely right.
From RBS-GC’s 2006 Annual Report (They didn’t publish one for 2008 or 2007… Even asked them about it, with no response. Hmm):
From our launch in 2002, Leveraged
Finance has delivered consistent
growth. In 2005 we more than doubled
our lead transaction volume
and financed some of the highestprofile
deals in the market, including
Hertz Corporation — the largest U.S.
LBO in over 15 years. Our success
with Hertz was a direct result of
delivering the “RBS Franchise” to
our client. The Global Asset Backed
Finance, Structured Asset Finance,
and Lombard businesses across
London, Greenwich and Paris were
all instrumental in winning this highlysought-
after mandate.
While the business has exhibited
tremendous growth over the past
four years, we believe there are even
greater opportunities available to us.
To continue RBS’s success in a market
that is constantly evolving, we
will maintain an unwavering focus on
client relationships and a dedication
to delivering world-class execution.
Blah-Blah.
-mrp
@15- care to educate us then?
@7 FTW
@15
So they’re keeping the janitor on?
14 Actually I was in CP yesterday (after an early afternoon doctor’s visit) and the place seemed filled with people that looked like they could be unemployed analysts. Maybe I was mistaken and they were in fact grad students, but I doubt it. So don’t be hatin. I’ll bet on some level they’re happy to be out in the sun, but when all is said and done would rather be in long pants in the office doing what we do and takin home a check 2x monthly.
@19 – Thanks for the perspective. However, I like being miserable and bitter
In the desert
I saw a creature, naked, bestial,
Who, squatting upon the ground,
Held his heart in his hands,
And ate of it.
I said, “Is it good, friend?”
“It is bitter – bitter,” he answered;
“But I like it
Because it is bitter,
And because it is my heart.”
@19 – So true. Parks are nice, but paychecks are nicer.
@1
Stop nerding. Who cares? I bet you got fired
@1
Stop nerding. Who cares? I bet you got fired
i am offended by posts 6, 9 and 22 – editors please remove them
is that chap euan still there?
They were just in marketing their prowess…too funny.
#25 – Yes, unfortunately, as Global Head of Portfolio