Firm Executives Lose Their Fancy Sandwiches
More in BUSINESS NEWS
back-up- Top Firms Finally Hit By H1N1 Threat
- Top Firm Caught Out By Rogue Traders
- 'It's Not As If They Paid Great Bonuses In The First Place!'
- Top Firm Chain Letter
- Sisters Are Doing It For Themselves
- Dear All - 'I Am Not Interested' In Bank of America Job
- Bank of America, BNP Paribas, Goldman, JPMorgan, Galleon Group
- Old Traders Never Die - The Seance
- Click Here To Register For Free News E-Mail Alerts
- Speculation Mounts About Goldman's Bonus Plans
- Top Boss Tells Church Crowd 'Profit Is Not Satanic'
- Your Views On Bonuses (Poll Results)
- Bank of America 'Is Not A Monarchy'
- Bankers Will Have The Last Laugh On Pay
- 'There Aren't Many People Who Think Charlotte Is A Major Financial Center'
- Top Firm Delivers 'Another Big Disappointment'
- Bank Of America CEO Poll - Incredible Result
- Scruffy Civil Servant Warns Tax Dodgers
- BofA Said To Have Got Another Turn-Down
- Interview With Bernie Madoff
- Top Firm Dismisses Talk Of Further $10bn Writedown
- The Average British Soldier
- Top Firm Puts More Aside For Staff Compensation
- Firms On Alert As Insect 'Infestation' Crashes PC Networks
- Register Now For Free 'Old Traders Never Die' Updates
- Secretary Geithner's Written Testimony On Reform Of Financial System
- ISITC Europe Successfully Introduces New Operating Structure
- Dumb & Dumber - Incredible Details About Lehman Weekend Revealed
- The Cityboy Column
- The Man Bank of America Should Hire As CEO (But Won't)
- Goldman Needs To Give Away $1bn
- Top Firms Said To Have Lost $400m On Hedge Fund
- H1N1 Flu - Have You Got It ? (Quick Test)
- H1N1 Bank Call Center Transcript (You Couldn't Make It Up)
- 'It's Just No Fun Anymore!'
- Top Firm CEO Says He Won't Poach Staff From Rivals
- 'I Hate Recruitment Consultants' - Reader Comments
- Bohemian Bankruptcy
- 'I Hate Recruitment Consultants'
- Mack Attack - The Moment Big John Hit Back
- Compliance Training ? 'The Biscuits Were Good'
- Banker, Hire Thyself
- IT Recruitment - The Smart Way
- And Wall Street's Top Athlete Is...........
- John Mack On Saving Morgan Stanley
- Bankers Taught How To Be Killing Machines
- Banks Given Five More Days To Justify Bonuses
- Billionaire Madoff Investor Found Dead In Swimming Pool
- Top Bailed-Out Execs Averaged $18m Each In 2008
- The Vic Daniels Column - 26/10/09
Related Content
- Memo From Head of HR - New 'Poverty' Guidelines For Firm Executives (29/09/2009)
- What A Way To Lose Your Job! (15/10/2009)
- 'Tell Him To Get F...ed. I'm Trying To Save My Firm' (07/10/2009)
- Firm Said To Double US Headcount (06/10/2009)
- Top Firm May Rein In Bonuses (19/08/2009)
- Top Firm Said To Have Got Its Timing Wrong (Again) (26/08/2009)
The executive wing at the firm's global HQ in Edinburgh (known as Sir Fred's Folly) has apparently been turned into an open plan office, and senior directors there are said to have lost their fancy subsidized sandwiches. The newspaper quotes an RBS insider who said: 'With all the publicity about Fred Goodwin's pension, and thousands of staff about to lose their jobs, the new management felt they had to do something to signal a change of culture'.
Also capturing the austerity of the moment, was Citi Tuesday. As The New York Times reports, gone from the company's annual meeting were the 'arc cookies in the shape of the corporate logo', and the coffee. Shareholders spent 6 hours questioning Citi executives on an empty stomach.
In the meantime, Dow Jones Newswires reports that Credit Suisse confirmed Tuesday that it is to offer an additional $42.4m to compensate investors who were sold so-called 'capital-protected products' from Lehman Brothers. Credit Suisse has already paid out $85m in this respect.
And Reuters reports that Morgan Stanley may acquire some US regional banks in order to build up its retail operations. CEO John Mack told Japan's Nikkei newspaper: 'Now that we are a bank holding company, deposits are important to us. We are looking for potential opportunities to buy a bank that has a presence in...the US'.
Bloomberg reports that both BNP Paribas and Societe Generale have said that they plan to reduce hiring back home in France. BNP will cut recruitment by 36%, while SocGen will make a 27% reduction.
Reuters reports that UBS is mulling over the sale of all or part of hedge fund business Alternative & Quantitative Investments to management. The unit has $39bn in assets under management, and employs 350 employees. Bloomberg also reports that the Swiss bank has been ordered to transfer the assets it holds for LuxAlpha Sicav-American (a fund that invested in Bernie Madoff) to a bank chosen by the fund's liquidator. Failure to do so may result in a daily fine of $1.3m. UBS is worried that the money might also be claimed by Madoff's liquidator, and that it might find itself in the middle of a spat.
Finally, The New York Times reports that Texas financier Allen Stanford has once again insisted that he is no crook. Despite the US government claiming that up to $6bn of investor monies is unaccounted for, Allen told the newspaper: 'I don't think there is any money missing. There never was a Ponzi scheme, and there never was an attempt to defraud anybody'.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
