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Layoffs Watch ’12: RBS

Like Bank of America, RBS has some big goals for the coming year, chief among them being the firing of several thousand investment bankers. (For those skeptical they can do it, according to a PowerPoint presentation presented yesterday, re: the “exits,” quite a bit of progress has already been made.)

Royal Bank of Scotland, Britain’s biggest government-owned lender, said it will cut 300 more jobs at its investment banking unit and is “on track” with its plan to exit businesses. RBS will eliminate 3,800 jobs at the division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts Monday. About 3,000 of the cuts will have completed this year, RBS said…The bank’s control of costs is “ongoing,” said Chris Kyle, chief financial officer of markets and international banking, at the presentation. “We will almost certainly hit this year’s number” in terms of the guidance, he said.

Royal Bank Of Scotland Cuts 300 More Jobs At Investment Bank [Bloomberg]
RBS Markets Investor Roundtable [RBS]

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24 Responses to “Layoffs Watch ’12: RBS”

  1. UBS Jefferies MD says:

    Less competition for us!

  2. Still impressed the government owns a majority of RBS.

  3. Guest says:

    Thanks Bess. Really helping keep me optimistic haha (although these posts remind me not to act like an entitled deuschbag elitist bitch and keep on the grind!)

  4. Right Sizing! says:

    "If you’re thinking about taking the next step in your career, then The Royal Bank of Scotland could be the place for you. With a global presence, the RBS group includes many market-leading customer and financial brands.  The breadth of opportunities that RBS offers is vast; you might be surprised to find just where we can take you! "
    http://www.jobs.rbs.com/global

  5. london says:

    the financicide continues.. its like the first hour of war of the worlds…

  6. Guest says:

    Why is John Thain haunting my dreams? I see his countenance everywhere.

  7. BoA says:

    Why does RBS feel the need to have an investment banking unit anyway?

  8. Guest says:

    MS…seriously?

  9. SellingLow says:

    "Continuing to face strong market and regulatory headwinds."

    More like Hourican-strength winds.

  10. Edmund says:

    Buying this turkey at the taxpayer's expense was the biggest error the UK government made during the financial crisis. It's now worthless as no-one sane is giving them any business and everyone competent has left. Keep the commercial banking and just shut down the investment bank asap. It's dead in the water.

  11. Queen of Enland says:

    RBS has 300 investment bankers ?!!!

  12. But yeah Many thanks for taking the time to chat about this, I consider strongly about it and in actuality like learning more on this topic. If possible, as you gain expertise, would you mind updating your website with more information? It is extremely helpful for me.

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