The British government is pretty worried about layoffs, going so far as to cover 80% of the salaries of the 6.3 million Britons who’ve been furloughed due to the COVID-19 epidemic. The British public has also made clear it will not look kindly on those companies making more permanent cuts amidst the crisis.
Unfortunately for some bankers at RBS, this reticence does not extend to them, and thus they won’t have the pleasure of getting new business cards later this year. The financial services industry is still enough of a pariah among both that a government-owned bank can get away with adding to the breadlines in a coldly innovative new way without either government or public making a peep.
In reporting quarterly results on Friday, the bank confirmed plans to shrink its investment bank this year. The effort involved firing over 100 bankers via video, according to a recent Financial Times report.
And the outcry, you ask? It couldn’t be heard over the hum of the dishwasher.