'Terrified' Staff Learn That They HAVEN'T Been Laid Off
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RBS, so the story goes, doesn't just want the 'chosen' few to get that dreaded telephone call from HR asking them to come up to a private interview room to get kicked hard between the legs. So, the bank is apparently calling everyone up and, provided you get the thumbs up, you can return to your desk and carry on working. According to Fintag 'the purpose is to terrify everybody, but not stigmatise those who don't come back'. Nice.
And on the subject of those RBS job cuts in London, we've heard that 100 ABN fixed income folks went earlier in the week, together with some RBS credit traders (FT Alphaville has heard reports that some 90 traders have gone in total so far this week, and quotes two unnamed bank personnel who have said that 'it's like a morgue in here'.). Another 100 or so are also thought to have gone in leveraged loans, property finance and commercial-backed securities.
The cuts themselves are thought to be down to market conditions, and not due to the merger with ABN (in other words, the REAL cuts will come at a later date). An RBS spokesperson wouldn't confirm any specific job cuts or numbers, but said: 'Most global financial institutions are reviewing their business in the light of market conditions and we are no exception'.
Finally, Reuters reports that a Swiss pensioner in Zurich, feeling sorry for outgoing UBS Chairman Marcel Ospel, started a collection up for him. And just how much cash did she raise ? The equivalent of just 5 cents! (Mind you, more profit than UBS made in the last 15 months!) Never mind, Marcel, things can only get better.
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