RBS

  • 23 Feb 2012 at 7:34 PM

RBS Puts 10,000 Employees’ Pay On Ice

Earlier today the Royal Bank of Scotland reported a loss of £2 billion ($3.13 billion) for last year, which CEO Stephen Hester noted was in line with the estimates he projected in his five-year turnaround plan for the bank. To that end, Hester told reporters that contrary to popular belief, his team is working quite hard, “defusing the biggest-ever time bomb put in a banking balance sheet” and so, looking at it that way, “we are making progress.” Progress which should be rewarded monetarily, which is why bonuses were in fact distributed this year, to the ire of the many, many critics giving Hester guff for keeping his people moderately happy or at least not homicidal. Having said that, those thinking the firm has the money to not only pay bonuses but raise base pay *and* bring in dancing chickens should think again. Read more »

  • 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]

  • 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]

  • 31 Jan 2012 at 7:02 PM

Fred Goodwin Has Seen Better Days

The past couple years have not been what one might characterize as the best of times for former RBS CEO Fred Goodwin. After retiring from his post in November 2008, he missed out on helping the bank collect the award for biggest loss in British corporate history (£24.1 billion for the year), the windshield of his Mercedes-Benz S600 was smashed by a bunch of hoodlums, a brick was thrown through his window, and the banging of an underling came to light. He’s also had quite a bit of trouble getting a new gig on account of being “overqualified.” No, he’s had it pretty rough but the one thing that kept him going? That made life slightly more bearable? That kept him warm at night? The fact that he could look himself in the mirror and see an official Knight looking back. “Fuck ‘em if they can’t take a joke [vis-à-vis bombing a bank from the inside],” he’d say to himself. “One of us is a Knight and the other? Not so much.” When the neighborhood kids would throw shit throw shit at his house and spray paint “royal bum” on his front walk, he could at least comfort himself by muttering, “That’s Sir Royal Bum to you, thanks very much.” And now? He can’t even do that. Read more »

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 »

  • 12 Jan 2012 at 10:46 AM

RBS Feels Bad About Its Firings

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 »