• News

    Glitchstock ’13 Comes To Consumer Banking

    Just in time for the holiday season, some hackers and/or technological ineptitude is making it […]

    / Dec 6, 2013 at 3:28 PM
  • RBS_2477565b


    RBS Market Manipulator Got Canned Because Some Janitor Posed As A Bond Guy And For No Other Reason, Says RBS Market Manipulator

    Time was, RBS had a lax policy on its employees manipulating the price of securities. […]

    / Aug 5, 2013 at 3:54 PM
  • ross-mcewan


    Bonus Watch ’13, ’14, ’15, Beyond: RBS CEO’s

    The new guy is well-aware you don’t make friends with salad and/or enormous packages (base […]

    / Aug 2, 2013 at 1:42 PM
  • News

    Controversial RBS Share Sale Was Totally Worth It

    Fact: The rights issue in question brought in £12 billion as the bank teetered on […]

    / Jul 30, 2013 at 4:49 PM
  • Banks

    Look Who Gets To Smash RBS Into Little Pieces

    The British are turning to a long-time collaborator to help handle their latest intractable issue.

    / Jul 2, 2013 at 4:16 PM
  • rbs


    UK Considering Taking An Ax To RBS

    The British government is considering breaking up Royal Bank of Scotland Group, the country’s Treasury […]

    / Jun 19, 2013 at 6:05 PM
  • rbs


    Layoffs Watch ’13: RBS

    Stephen Hester is in good company.

    / Jun 13, 2013 at 12:09 PM
  • RBS_2448864b

    dream gigs

    Who Wants To Be CEO Of RBS?

    Chairman Phillip Hampton will lead a search for a CEO successor and will consider both […]

    / Jun 13, 2013 at 10:00 AM


    Stephen Hester Is Gonna Go Ahead And Declare This Thing Mission Accomplished

    June 7, 2013: Apologising if he sounds “pompous”, Hester says the RBS job was something […]

    / Jun 12, 2013 at 1:10 PM
  • News

    Layoffs Watch ’13: RBS Can’t Fire You If You Quit First

    Some credit pros aren’t waiting for the penny-pinching Scots to show them the door.

    / May 29, 2013 at 11:26 AM
  • News

    Layoffs Watch ’13: British Banks Are Number One!

    When it comes to telling employees to take a long lunch and not come back.

    / May 28, 2013 at 4:40 PM
  • News

    RBS Japan I-Banking Chief Goes Out On A High Note

    Ryusuke Otani will bow out after overseeing two whole months at RBS Securities Japan in […]

    / Apr 11, 2013 at 3:48 PM
  • News

    RBS Has 12,000 Reasons To Wish It Had Just Taken That Bailout A Few Months Earlier

    Once, in 2007, the people who ran RBS though it would be a good idea […]

    / Apr 3, 2013 at 2:40 PM
  • News

    Soon-to-be-Former Bank of England Chief Suggests Radical RBS Surgery

    Mervyn King is leaving the Bank of England in a couple of months, and he’s got nothing to lose. So he’s spitting in George Osborne’s eye, blaming RBS for bollocking up the British economy and calling for a Solomonic solution to the problem.

    / Mar 6, 2013 at 5:47 PM
  • Stephen-Hester


    RBS CEO: A Lot Of Legit Companies Lose $9 Billion A Year

    The bank, which is 82 percent owned by British taxpayers, said its fourth quarter losses […]

    / Feb 28, 2013 at 3:21 PM


    Bonus Watch ’13: RBS’s Chairman Doesn’t Give A Baker’s Fuck If Parliament Thinks His CEO Is Overpaid

    Philip Hampton isn’t going to go so far as to say Stephen Hester earned it but he is going to to just put it out there that other bank CEO’s get paid a lot more, so if you think about it, Hester is barely making enough money to put food on the table. Relatively speaking.

    / Feb 11, 2013 at 3:49 PM
  • rbs


    RBS Executives Learn Something New Every Day

    Royal Bank of Scotland Group Plc executives told lawmakers they believed it was impossible to […]

    / Feb 11, 2013 at 1:12 PM
  • colluding


    UBS Libor Manipulator Should Have Had His Lawyer Girlfriend Screen His IMs Too

    You can question some of the life choices that Tom Hayes, a/k/a Trader A, UBS’s […]

    / Feb 8, 2013 at 1:36 PM
  • Bart Chilton: On The Case


    RBS’s Seating Arrangements Deprived The World Of Untold Embarrassing IM Conversations

    It’s getting to be a struggle to be amused by Libor manipulation chats. RBS took […]

    / Feb 6, 2013 at 1:34 PM
  • Is this about RBS? I dunno. I'm getting more into creepy lobby pictures, etc.


    RBS Isn’t Sure Its Foreign Subsidiaries Could Survive In Prison

    The Wall Street Journal story today about the next Libor domino to fall – RBS, […]

    / Jan 29, 2013 at 12:59 PM
  • rbs


    RBS: Those Libor Fines Don’t Pay For Themselves!

    Like many of its peers in the banking world, RBS used to make a habit of manipulating Libor (among other things). And, as recent reports suggest, the Royalest Bank of Scotland is probably going to be forced to cough up £300m (and fire a couple execs) to convince the government everyone is very sorry and it won’t happen again. How does the bank, which has not had a money-making quarter since the financial crisis,* plan to come up with the cash? By 1) taking back bonuses that were already paid out to people who were involved in the scandal and 2) reducing everyone‘s bonus this year.

    / Jan 11, 2013 at 11:11 AM
  • Bob Diamond, now and forever


    Fines For Banks Who Made Up Numbers Seem To Be Made-Up Numbers

    I assume that there’s someone somewhere whose job it is to think about this, but […]

    / Dec 13, 2012 at 5:30 PM
  • News

    RBS Traders Have Yet To Find Anything They Don’t Like To Manipulate

    Just because their manipulation of Libor has gotten the most notice doesn’t mean it’s the only thing like to mess with. Don’t box them into that corner, like your one-trick ponies at Barclays.

    Royal Bank of Scotland suspended a trader for trying to rig the Singapore dollar swap offer rate, indicating employees may have sought to manipulate more than just Libor, two people briefed on the matter said. Senior trader Chong Wen Kuang was put on leave earlier this year for trying to rig the interest rate to benefit his trading position, said the people who asked not to be identified because the bank is probing his actions. He is the first RBS employee to be suspended or fired for attempting to rig a benchmark other than the London interbank offered rate, one of the people said.

    RBS Said To Suspend Trader Of Interest Rate Rigging [RBS]
    Earlier: RBS Trader Whose Instant Messages Clearly Show Him (Allegedly) Engaging In Libor Manipulation Not Going Down Without A Fight

    / Oct 5, 2012 at 3:43 PM
  • News

    RBS Trader Whose Instant Messages Clearly Show Him (Allegedly) Engaging In Libor Manipulation Not Going Down Without A Fight

    One thing that most people probably agree on is that having their instant messages, e-mails, and phone calls end up court would be cause for at least a little embarrassment. Everyone’s thrown in an emoticon they aren’t proud of, some of us have used company time to chat with significant others about undergarments, and the vast majority of workers have spent a not insignificant amount of the workday talking shit about their superiors. Of course, the humiliation gets ratcheted up a notch in the case of people who ‘haha’ (and in extreme circumstances “hahahah’) their own jokes* which, just for example, involve habitual Libor manipulation. Tan Chi Min knows what we’re talking about:

    “Nice Libor,” Tan said in an April 2, 2008, instant message with traders including Neil Danziger, who also was fired by RBS, and David Pieri. “Our six-month fixing moved the entire fixing, hahahah.”

    And while having such an exchange become public would be tremendously awkward for most, you know what’s really ‘hahaha’ about this whole thing is that 1) Tan was the one who wanted people to read the above, which was submitted as part of a 231-page affidavit earlier this month and 2) He’s trying to use it as evidence that he didn’t deserve to be fired.

    The conversations among traders at RBS and firms including Deutsche Bank AG illustrate how the risk of abuse was embedded in the process for setting Libor, the benchmark for more than $300 trillion of securities worldwide……Tan, the bank’s former Singapore-based head of delta trading for Asia, [is] suing Britain’s third-biggest lender by assets for wrongful dismissal after being fired last year for allegedly trying to manipulate the London interbank offered rate, or Libor.

    Tan, who ‘allegedly‘ tried to manipulate the London interbank offered rate, also included this conversations as part of his defense:

    “What’s the call on Libor,” Jezri Mohideen, then the bank’s head of yen products in Singapore, asked Danziger in an Aug. 21, 2007, chat.

    “Where would you like it, Libor that is,” Danziger asked, according to a transcript included in Tan’s filings.

    “Mixed feelings, but mostly I’d like it all lower so the world starts to make a little sense,” another trader responded.

    “The whole HF world will be kissing you instead of calling me if Libor move lower,” Tan said, referring to hedge funds.

    “OK, I will move the curve down 1 basis point, maybe more if I can,” Danziger replied.

    And this:

    In another conversation on March 27, 2008, Tan called for RBS to raise its Libor submission, saying an earlier lower figure the bank submitted may have cost his team 200,000 pounds.

    “We need to bump it way up high, highest among all if possible,” Tan said.

    Tan also asked for a high submission in an Aug. 20, 2007, instant message to Scott Nygaard, global head of RBS’s treasury markets in London.

    “We want high fix in 3s,” Tan said in the message. “Neil is the one setting the yen Libor in London now and for this week and next.”

    Also this:

    “It’s just amazing how Libor fixing can make you that much money or lose if opposite,” Tan said on an Aug. 19, 2007, conversation with traders at other banks, including Deutsche Bank’s Mark Wong. “It’s a cartel now in London.”

    And this philosophical one, for good measure:

    “This whole process would make banks pull out of Libor fixing,” Tan said in a May 16, 2011, chat with money markets trader Andrew Smoler. “Question is what is illegal? If making money if bank fix it to suits its own books are illegal… then no point fixing it right? Cuz there will be days when we will def make money fixing it.”

    The defense rests.

    RBS Instant Messages Show Libor Rates Skewed for Traders [Bloomberg]

    *Although actually people who do this probably don’t even have the good sense to be ashamed of themselves.

    / Sep 26, 2012 at 12:42 PM
  • News

    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]

    / Sep 25, 2012 at 12:56 PM
  • News

    Libor Manipulating RBS Traders Were Apparently Cool With Libor Manipulation

    It’s hard to see what is news about the latest Libor news but it exists […]

    / Sep 25, 2012 at 11:17 AM
  • News

    RBS’s Algorithms Are Just Fine, Human Employees Another Story

    A trader at RBS has admitted to making a fat finger trade in the EUR/CHF […]

    / Aug 9, 2012 at 3:13 PM
  • News

    Layoffs/Hiring Watch ’12: RBS

    The bad news is that 600 of the Queen’s corgis are being let go. The good news, while it probably comes as little solace to those who will no longer receive birthday chickens, is that 300 or so new ones will be hired in their place.

    State-backed lender Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year, bringing total staff reductions at the bank since its 2008 bailout to around 36,000. RBS, 82 percent owned by the government, said the jobs would go as a result of new UK rules requiring retail financial products such as savings and investment vehicles to be sold by more highly qualified staff and charged a fee. “As a response to this we will be reducing the number of roles by 618 across the UK and creating 351 new roles,” an RBS spokesman said on Tuesday. “Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support. We continue to make efficiencies across our business to deliver greater value to our customers and shareholders,” the spokesman added.

    RBS Job Loss Hits 36,000 [Reuters]

    / Jun 19, 2012 at 2:20 PM