IE
Company: RBS
Not only are people at Ulster bank losing their jobs, they are being vilified as the worst business at RBS
Today was RBS results day. The bank made a big loss and slashed its investment banking bonus pool to a merest £390m. However, RBS’s Global Banking and Markets division remained profitable – unlike Ulster Bank, which was the only of RBS’s divisions to make a full year (£1bn) loss. Needless to say, headcount at Ulster Bank [...]
Forget Ulster Bank, there WILL be hiring in Ireland in 2012 and 2011 wasn’t that bad
Even as Ulster Bank prepares to cut 950 jobs, it’s not all bleak for hiring inIreland. A new survey by finance-focused recruitment firm Morgan McKinley has found that 65% of ‘professional employers’ intend to hire people in 2012. Nor was 2011 as bad as it may have seemed: last year, professional job opportunities inIrelandrose 34% [...]
Step forward all those who want to work in asset liability management in the insurance industry
Solvency II, the EU regulation directive for insurers set to come into force in January 2014, is already making itself painfully felt in a shortage of talent to meet growing demand in the UK’s asset and liability management (ALM) sector. At headhunters Barclays Simpson, Dean Simpson says it can be “a nightmare” hiring people with [...]
Lunchtime Links: RBS is declining to comment on the new rumour that it’s closing its entire equities unit
More colour on this morning’s RBS job abomination rumours. Bloomberg claims that the bank is contemplating shutting or selling its equities unit, ‘including’ – but not limited to – Hoare Govett. The implication is that the entire business will be closed. This seems a little weird given that RBS has been building its equities unit [...]
Why BarCap’s rate cuts will produce a domino effect
Until recently, the IT contractor 10% rate cuts had largely confined to a handful of investment banks which were retrenching in the UK anyway. Now, however, BarCap’s decision to slash contractor pay could prove to be the tipping point for universal rate cuts. From 5 December, BarCap (and Barclays Wealth) will cut rates by 10% [...]
Ulster Bank is still building its headcount, but can it last?
Royal Bank of Scotland has published its gargantuan Q3 results report this morning and, as has been the case for some time now, Ulster Bank remains in the red. It slipped to a 219m loss in the third quarter, down from 176m in the red during the same period in 2010, and has posted a [...]
EDITOR’S TAKE: Even bailed out banks need to pay more than €500k
To most people, the prospect of a €500k salary is the stuff of dreams. To an experienced chief executive of a large bank, it’s something of a derisory offer. AIB’s search for somebody to take over the helm has been going on for almost a year. David Hodgkinson has filling the void in the meantime [...]
Ulster Bank high-net-worth sales force moves to servicing the man-on-the-street
In another indication of the dwindling demand for private banking services in Ireland, Ulster Bank Wealth has transferred its entire sales team across to its Financial Planning business. Ulster Bank Wealth is, rather obviously, targeted at high net worth individuals, an exclusive club whose membership swelled during the Celtic Tiger years. As part of the [...]
GUEST COMMENT: The British government sees the sense in paying bonuses; the Irish government doesn’t
The UK has an Asset Protection Agency (UK Financial Investments Ltd), which oversees the taxpayers’ investment in the UK banks. Their role is to remove continuing uncertainty about the value of banks’ past investments, cleaning up banks’ balance sheets and providing them with greater confidence to rebuild and restructure their operations and increase lending in [...]
Hiring halts in Irish banks, but new opportunities could emerge
This isn’t hugely surprising, considering the tanking share prices and talk of greater government stakes and radical restructuring within Irish banks in the wake of the bailout announcement, but what little appetite they had to recruit has faded. As we’ve alluded to before, Irish banks have been quietly recruiting over the last 18 months, despite [...]
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