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Layoffs Watch '13: RBS Can't Fire You If You Quit First

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Some credit pros aren't waiting for the penny-pinching Scots to show them the door.

U.S. banks are picking off talent from Royal Bank of Scotland’s credit business, amid rumors that the bank will make further cuts in credit, according to people familiar with the matter.

Morgan Stanley, Bank of America Merrill Lynch and Jefferies have all hired from RBS in the past few months and Citigroup has picked up a former RBS trader….

According to a headhunter and another person familiar with the matter, RBS is set to make deeper, “sizeable” cuts to its credit business. Chief executive Stephen Hester has previously said the bank is undertaking a continuing review of its markets business.

U.S. Banks Pick Off RBS Talent [eFinancial News via WSJ MoneyBeat blog]

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Layoffs Watch '12: RBS

Like Bank of America, RBS has some big goals for the coming year, chief among them being the firing of several thousand investment bankers. (For those skeptical they can do it, according to a PowerPoint presentation presented yesterday, re: the "exits," quite a bit of progress has already been made.) Royal Bank of Scotland, Britain’s biggest government-owned lender, said it will cut 300 more jobs at its investment banking unit and is “on track” with its plan to exit businesses. RBS will eliminate 3,800 jobs at the division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts Monday. About 3,000 of the cuts will have completed this year, RBS said...The bank’s control of costs is “ongoing,” said Chris Kyle, chief financial officer of markets and international banking, at the presentation. “We will almost certainly hit this year’s number” in terms of the guidance, he said. Royal Bank Of Scotland Cuts 300 More Jobs At Investment Bank [Bloomberg] RBS Markets Investor Roundtable [RBS]

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