RBS Strengthens Banking Business With Harry Potter-Themed Gala


In recent weeks, we've received word that RBS will be "downsizing" bonuses by "at least" 30 percent this year; that it may lay off around ten percent of the staff in the coming months; and that employees have had their holiday party celebrations capped at one bag of (fun size) chips per head. So we were in need of some good news for the royalest bank of Scotland and here it is-- these chippies can throw a party! Specifically, one centered around a children's novel, which set the firm back a pretty penny but you know what? It was worth it and sorry, they're not sorry.

About 400 executives and clients were treated to entertainment including a re-creation of the wizards' high street Diagon Alley, flying Quidditch players and swooping Dementors.

The party for investment bankers, which was held late last month, is thought to have cost close to £100,000 at around £250 per guest.

The TaxPayers' Alliance claimed taxpayers would be outraged but RBS said: “Spending time with customers at events like this one strengthens our business.”

Bailed-out RBS throws bankers Harry Potter party [This Is London via BI]


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. State-backed lender Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year, bringing total staff reductions at the bank since its 2008 bailout to around 36,000. RBS, 82 percent owned by the government, said the jobs would go as a result of new UK rules requiring retail financial products such as savings and investment vehicles to be sold by more highly qualified staff and charged a fee. "As a response to this we will be reducing the number of roles by 618 across the UK and creating 351 new roles," an RBS spokesman said on Tuesday. "Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support. We continue to make efficiencies across our business to deliver greater value toour customers and shareholders," the spokesman added. RBS Job Loss Hits 36,000 [Reuters]