Several weeks back, we mentioned that RBS had plans to cut about ten percent of the Stamford staff, with the timing being unclear though before the end of the year. Today we received a bit more info, namely that the assumption inside is that the bank will be cutting people slowly (just a few people have been let go so far), possibly to avoid press.
A bunch of high yield sales guys were let go last week. There isn't a person here who isn't quaking with fear. London might be doing back-office, operations, IT; but Stamford is doing higher-level. The cost of capital is too high, so the businesses just don't make money. Plus, they hired a bunch of Bear guys (mortgage guys in one egregious instance), gave them exorbitant guarantees, then Scotland said "oops, no money left for you other guys," and the Bear guys waited until the guarantee ended - having done no business of note - and then mostly took off. It seems like they're doing it in "dribs and drabs," maybe to avoid the press.
Earlier: Layoffs Watch '10: RBS