Layoffs Watch '15: Overhaul Of RBS Involves "Significant" Number Of People Being Told To Clean Out Their Desks

A bunch of employees in the investment bank get the honor of going first.
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The bank is starting slowly by asking 100 investment bankers to leave after lunch and not come back. After that, the sky is apparently the limit.

Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned bank, will eliminate about 100 jobs as part of an overhaul of its investment bank, according to two people with knowledge of the matter...RBS Chief Executive Officer Ross McEwan, 58, is shrinking the investment bank, exiting 25 countries around the world, cutting jobs and assets as he attempts to overturn seven straight annual losses. He’s said there will be “significant” job losses as part of the changes, without specifying how many positions will be lost at the Edinburgh-based bank.

RBS Said to Eliminate 100 Jobs at Investment Bank in Revamp [Bloomberg]

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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]