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 »

  • 11 Jan 2012 at 1:54 PM

Layoffs Watch ’11: RBS

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 »

  • 13 Dec 2011 at 2:07 PM

Layoffs Watch ’11: RBS

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 »

  • 07 Nov 2011 at 12:20 PM

Layoffs Watch ’11: RBS

Cuts going down circa now. Read more »