• 07 Nov 2011 at 12:20 PM

Layoffs Watch ’11: RBS

Cuts going down circa now. Read more »

  • 14 Oct 2011 at 10:47 AM
  • Banks

RBS Cancels Merriment Of Any Kind

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 »

  • 03 Aug 2011 at 6:17 PM

Layoffs Watch ’11: RBS

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 »

  • 21 Jun 2011 at 9:47 AM

RBS Employees Couldn’t Wait To Sell Shares

Senior staff at Royal Bank of Scotland sparked the biggest one-day sale of the bank’s shares since its government bail-out, as they disposed of £140m of stock issued as part of their bonuses. Of the 650m shares awarded to employees on Monday for their performance in 2009, more than half were immediately sold into the market. [FT]

In February 2010, RBS employee Jim Glover (AKA G-Love) was told that his services were no longer required by the firm, when it came to light he’d spent that last year or so instructing junior employees to submit wires that would normally go to a counterparty to pay for trades, and then approving them to, instead, go to his personal account. The Glove Love did so, it’s been suggested, because he wasn’t happy with what he believed to be an offensively paltry bonus that wasn’t sufficient enough to fund his dream: “to build beautiful luxury mountain homes in his favorite ski town, Windham, N.Y.” Now that Glover has pleaded guilty and faces a fine of up to $1.25 million (plus ten years in jail), his own dream house has been put on the block and it could conceivably be yours a ten-spot, as the auction requires no minimum bid. According to the listing: Read more »

Remember Jim Glover AKA G-Love? For those who need refreshing, JG is the guy who we reported almost a year and a half ago had decided to help himself to a bonus after deciding the one awarded to him by management wasn’t good enough. Read more »