• 25 Sep 2012 at 12:56 PM

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]

24 comments (hidden to protect delicate sensibilities)
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Comments (24)

  1. Posted by UBS Jefferies MD | September 25, 2012 at 1:03 PM

    Less competition for us!

  2. Posted by Financial Samurai | September 25, 2012 at 1:06 PM

    Still impressed the government owns a majority of RBS.

  3. Posted by Guest | September 25, 2012 at 1:06 PM

    Umm not really.

  4. Posted by Guest | September 25, 2012 at 1:14 PM

    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!)

  5. Posted by Right Sizing! | September 25, 2012 at 1:21 PM

    "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! "

  6. Posted by london | September 25, 2012 at 1:33 PM

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

  7. Posted by Guest | September 25, 2012 at 1:41 PM

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

  8. Posted by Everyone | September 25, 2012 at 1:46 PM

    Still unimpressed with your self-promotion.

  9. Posted by Guest | September 25, 2012 at 2:19 PM

    was that movie pre or post Tom Cruisicide?

  10. Posted by BoA | September 25, 2012 at 2:21 PM

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

  11. Posted by guest | September 25, 2012 at 2:28 PM

    John Thain wearing Bonobos? Yikes, that IS a nightmare!

  12. Posted by Guest | September 25, 2012 at 2:37 PM

    Examine your… sexuality.

  13. Posted by Guest | September 25, 2012 at 2:44 PM


  14. Posted by Guest | September 25, 2012 at 3:06 PM


  15. Posted by SellingLow | September 25, 2012 at 3:39 PM

    "Continuing to face strong market and regulatory headwinds."

    More like Hourican-strength winds.

  16. Posted by Guest | September 25, 2012 at 3:41 PM

    Is Evercore the official porn provider for the SEC?

  17. Posted by Guest | September 25, 2012 at 3:47 PM


  18. Posted by Flo | September 25, 2012 at 4:35 PM


  19. Posted by Gristina | September 25, 2012 at 8:28 PM

    If they deport me to Scotland for running brothel out of my Manhattan aprtment, I would definitelty consider a job at RBS.

    NYC Mama-sun

  20. Posted by Latam guy | September 26, 2012 at 1:23 AM

    Definitely not them

    – Jefferies IB

  21. Posted by Edmund | September 26, 2012 at 5:03 AM

    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.

  22. Posted by Guest | September 26, 2012 at 11:00 AM

    No not seriously i put it there for your amusement.

  23. Posted by Queen of Enland | September 27, 2012 at 4:47 AM

    RBS has 300 investment bankers ?!!!

  24. Posted by Wedding Dresses | September 30, 2012 at 11:10 PM

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