The Queen did want to acknowledge all the work he’s done, though, so she threw the government worker a bone he can collect a few years from now. Read more »
Remember, back in late December, when RBS sent out a holiday card to employees telling them to buck up, because, contrary to what everyone had heard, management would not be taking a “knee-jerk approach” to laying off employees, but rather thoughtfully “re-examining business strategy and resource deployment” and hey, maybe they wouldn’t end up firing that many people at all? Well, they thought about it, and here’s what they came up with: Read more »
The bank will apparently be offering a few more details on the cuts management has been mulling over since since the third quarter of last year. Read more »
Nothing official yet but apparently various people’s contributions to the firm (or lack thereof) are being weighed. Read more »
Sometimes when we say that a financial report is a fun read we mean “in a nerdy, full of charts way,” but the British Financial Services Agency report on the implosion of RBS is actually quite full of bitchy gossip, though also 450 pages long so possibly not holiday-travel plane reading. Let the Guardian fill in the brackets:
Johnny Cameron, the former head of Royal Bank of Scotland’s investment banking division, has admitted he did not know how billions of pounds of complex loan structures linked to US sub-prime mortgages worked – despite pushing his staff to expand aggressively into this area. …
Cameron told the FSA: “I don’t think, even at that point [May 2007, well after sub-prime problems had begun to spiral in the US] … I had enough information. Brian [Crowe, his deputy] may have thought I understood more than I did … And it’s around this time that I became clearer on what CDOs [collateralised debt obligations] were.”
The dynamic here is kind of fun to picture: Cameron is a traditional corporate banker, used to glad-handing clients and sounding smart, in the senior role. Crowe is the harder-charging guy from a trading background. The report quotes a subordinate as saying “Johnny was the bigger thinker, more customer involvement. Brian was more focused on the markets and market risks.” You can imagine Crowe saying things like “Gaussian copula” and “DV01″ and “CDO,” and Cameron mumbling “yes, precisely so, I agree completely, more tea my good chap?” I’m pretty sure “Brian may have thought I understood more than I did” because Cameron wouldn’t dream of correcting him. Read more »
It’s called you’ll get nothing and you’ll like it. Read more »
As you may have heard, the last several years have not been so hot for RBS. In the last 12 months alone, the bank beat expectation by posting “a bigger-than-estimated first quarter loss” (with a loss of 1.4 billion pounds for the first half), employees have gotten canned, management has already informed staff that 2011 bonuses will be less than 2010′s, you can’t say “ABN Amro” without getting tased, they’re still mopping up the mess from ToiletGate, they just got downgraded by Fitch, and the Queen is riding all their asses. What was left to look forward to? Not much at all but at least there was the annual Christmas party which, since 2008 has amounted to one bag of (fun size) chips per head. It wasn’t a lot but it was something and now? It’s gone.
RBS is canceling Christmas for its investment bankers this year as the government-owned lender tries to reduce costs.
Okay, so, no Christmas party seems a bit harsh but employees can still get into the holiday spirit with non-Christ-based soirées, right? WRONG! There will be no Halloween parties, no pre-Thanksgiving raves, no New Year’s bashes, no Beamer’s Appreciation Day on RBS’s watch. Read more »
As you may have heard, we might be getting a little rain this weekend. Some people are approaching the threat of Irene with an appropriate level of seriousness. Others, like the those who live and work in Connecticut, have not, according to Governor Malloy, who has apparently been telling his people to get their asses in gear, lest he be forced to say “told ya so” JUST LIKE LAST TIME.
Malloy urged residents to take the storm seriously and begin making preparations now. “I hope people are listening better to me than they did about removing snow from their roofs,” he said.
While there are some people who should very much take Malloy seriously, others can listen to him just as much as they did when he told them to remove snow from their roofs. If you happen to work for RBS, for instance, you might want to stay out of the lobby this weekend, seen in the green area below, which a Category 1 Hurricane will flood. Burning the midnight oil at UBS, seen in white just across the road? While it may come as a shock, you’re good! Read more »
Apparently the Queen has had to let some people go. Read more »
RBS has a new internal motto called “Change the Bank.” What do the changes entail? Ixnaying on ealsday ikelay ABN AMRO-ay and firing a couple thousand employees. Read more »