UK
So, rumours have been rife this week that deep cuts within RBS’s investment banking division are on the cards, but now there’s an ominous sign they could be imminent. The Times reports that the resignation of its deputy head of global banking an markets, Leith Robertson, means further investment banking redundancies are due to be announced. He is generally credited as being “the face of RBS” to private equity firms as he set up the leveraged lending division in the 1990s.
Meanwhile, The Independent says that RBS is looking to offload some, if not all, of the Asian operations it acquired from ABN Amro, as well as US commercial banking functions.
French banks’ management merry-go-round. (Financial News)
BofA’s Ken Lewis subpoenaed over Merrill deal. (Bloomberg)
BarCap is on the brink of selling BGI. (FT Alphaville)
No it isn’t. <a href="http://uk.reuters.com/article/topNews/idUKTRE51I2BM20090219" target="_blank"(Reuters)
Barclays Global Investors recruits senior Citi executive. (Dealbook)
Sir Allen Stanford was about to launch UK investment arm. (Telegraph)
Maybe he wanted another Gulfstream Aerospace G-IV. (Business Insider).
Crisis proof banking jobs. (Financial News)
More “magic circle” partner lay-offs. (Reuters)
No bonuses should be paid at bailout banks, says CBI chief. (Guardian)
Go work for a Canadian bank – “the envy of the world”. <a href="http://www.ft.com/cms/s/0/55654d74-fec3-11dd-b19a-000077b07658.html?nclick_check=1" target="_blank"(Financial Times)
43k on champagne in one night for City banker, but the tax payer could foot the bill for other corporate jollies. (Telegraph)
Let them eat burgers. (Guardian)
“By pandering to public opinion by clamping down on City bonuses, the public finances will suffer.” (Independent)
City Boy take note: Cocaine has never been cheaper. (BBC)
RBS will RULE THE WORLD JUST WATCH
Duvernay Royal Dutch Shell? BAH! WE WILL DO DEALS 198198X THE SIZE OF THAT HAHAHHAH
GOLDMAN SACHS? JP MORGAN? YEAH RIGHT – RBS WILL BE THE NEW KING OF M&A
This is why RBS is where it is now….
Give it a few years and things may just improve. You’re laughing now but just wait!
whats M & A ?
RBS, UBS it is in our blood..
LMAO speaks the truth. The funny thing is i work at a major US IB (now a bank holding company). I know a lot of high flighers at my firm, but people retain a modest persona. The most cocky bankers i meet around london have been from places like Dresdner, RBS and such firms which have been as stable as Russian gas supplies through the Ukraine.
As for Praying@RBS – yes things at RBS will change. The government is pot committed with its share of RBS, things will improve, but not before radical reform.
Still praying…! Hope M&A is spared!
true – alot of cocky bankers there compared to people from places where they are “allowed” to be cocky
i think there are alot of rbs “lifers” at rbs – never leave for another bank or came from another bank and are ultra loyal, while the rest of us european bankers have jumped around banks alot, always going for the highest bidder (ahh the good old days) – so experiencing different cultures and practices and so on. it’s natural for rbs guys to feel they are the best as they do not know much about the outside.