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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.

London Bankers’ Failed Rehab [WSJ]


Getty Images

HSBC Doesn’t Need One In Seven Of You, Especially If You Work In London Or The U.S.

If you’re not an HSBC employee currently worried about coronavirus, you should be worried about your job.


Layoffs Watch ’22: Goldman Sachs

Dealmakers without deals to make are also dealmakers without jobs.

UBS human sacrifice

Layoffs Watch ’20: Iqbal Khan Gets Into The UBS Swing Of Things

That or he’s taking out his frustration over being spied on out on 500 of you, and then spying on the rest of you for good measure.

I can lose this much money with far fewer of you.

Layoffs Watch ’19: SocGen’s Investment Bank Stinks So It Needs A Lot Less Of It

Bright side: Those not good enough even for the French bank could also try for a certain German one.

By Carl Lender from Sunrise, USA (Real Estate) [CC BY 2.0], via Wikimedia Commons

Justice Department Lacks Staff To Take Banks’ Phone Calls, Accept Their Checks

Barclays, RBS and StanChart might be looking at a post-January 2021 resolution to their many, many problems in Washington.