Skip to main content

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.
  • Author:
  • Updated:

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]


Layoffs Watch '15: Macquarie

The bank is set to ask half its bankers in Asia to clear out their desks.

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]

Layoffs Watch '15: Barclays

John McFarlane's reputation for telling staff to GTFO precedes him.

Layoffs Watch '15: Credit Suisse Wants You! (To Help It Cut Costs By 3.5 Billion Francs)

This is not so much a request as a requirement you're unlikely to get around, unless anyone is considering chaining themselves to their desks.

Layoffs Watch '15: Barclays

Cuts are said to be going down at the bank circa now.