RBS

A trader at RBS has admitted to making a fat finger trade in the EUR/CHF pair Monday, a spokesperson for the bank told Reuters. The error caused a series of algorithmic trades from other traders to flood the market, sending the pair spiking for a short period of time. The trades which took place on the EBS foreign exchange platform sent the currency pair to spike to levels just shy of 1.21, the highest levels seen in a long time…EBS daily charts showed that the euro surged to 1.20928 francs from around 1.2015 within three minutes on Monday as the algorithmic traders went berserk…Initial reports had claimed that it was RBS’s algorithms that caused the spike. However, those reports were later proven wrong. It turns out that it was a simple fat finger trade that caused the spike and algos reacted to send the pair even higher. [MarketWatch, Reuters]

  • 19 Jun 2012 at 2:20 PM

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. Read more »

Sir Philip Hampton said investors who owned RBS shares before its £45.5bn bailout in October 2008 were likely to be dead before the bank’s value recovered to anything close to its pre-crisis level. “I don’t think shareholders wealth is likely to be restored any time in my lifetime or some lifetimes beyond,” said Sir Philip, who was brought in as the bank’s chairman in January 2009. [Telegraph]

  • 10 Feb 2012 at 10:46 AM

Layoffs Watch ’12: RBS

If it makes the canned feel any better, this is harder on them that it is on you. Read more »

Breaking his silence after the furore over his near £1m bonus and Fred Goodwin’s knighthood, Mr. Hester emailed employees admitting that such political and media attention makes the job more difficult. “There is no doubt that our position in the spotlight makes the job harder. But the best way to deal with it is to prove the critics wrong. To be purposeful, calm, and do our jobs to the best of our ability…We can’t control the outside world– whether the economic environment or the political one,” Mr. Hester, who noted RBS was still in a “loss-making phase” said. “That’s not unique to us. But if ever something has been proven over our last three years of history, it’s this – we can successfully overcome great obstacles. [Telegraph]

  • 06 Feb 2012 at 8:32 PM

“Another Guy In A Chicken Suit Spotted At RBS”

Why have there been multiple instances of guys dressed up as chickens descending on RBS’s Stamford trading floor, the most recent one being this past Friday? Read more »

  • 03 Feb 2012 at 2:52 PM

RBS Chairman: Bonus Backlash Came Out Of Nowhere

The Royal Bank of Scotland Group PLC’s chairman on Friday acknowledged that the bank had miscalculated the public and political reaction to the £963,000 (around $1.5 million) bonus in shares awarded to Chief Executive Stephen Hester, who subsequently turned down the payment…”We knew it would be a difficult reaction, but the speed and scale of it took us by surprise,” Mr. Hampton said in a briefing with reporters. [WSJ]