Layoffs Watch '15: RBS CEO Can't Give An Exact Number For Investment Bank Job But Sure, The Term 'Massacre' Would Be Fairly Accurate

He will absolutely not confirm the 14,000 out of 18,000 figure at this time but he will say visions of a bloodbath are representative of how things are going to play out.
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Does Ross McEwan's To Do list read "Fire 13,765 people"? No, of course not. There are a lot details, a lot of ins and outs, a lot of what have yous that go into this sort of thing and, quite honestly, if you asked him or his team, point blank, "Are you going to fire 13,765 of your 18,000 investment bank employees?" he would not be lying in answering "We really can't say." It could be a lot more than that! But at this time, a precise number is unavailable. If you're hellbent on some sort of approximation, however, "A slaughtering of epic proportions" would probably be close.

Royal Bank of Scotland has yet to decide how many jobs it will cut at its investment bank after announcing a major downsizing of the business last week, its Chief Executive Ross McEwan said on Tuesday. The Financial Times reported on Tuesday that up to 14,000 of 18,000 jobs at RBS's investment bank could be cut, citing two people familiar with the matter. "Until we've gone through and worked through the sale or rundown of these businesses, and also had good consultation with our unions and our staff, there is no number," McEwan told Sky News on Tuesday. However, McEwan acknowledged that the number would be significant and sources familiar with the matter confirmed to Reuters that thousands of jobs would be lost.

RBS boss says no number set for 'significant' investment bank job cuts [Reuters]
RBS Investment Bank Said to Cut Up to 14,000 Jobs in Revamp [Bloomberg]

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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]

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]