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Who are these ‘700 top investment bankers’ who’ve fled RBS?

If you read the Sunday Times yesterday, you could be forgiven for thinking RBS is a shell of its former self, populated only by second rate people incapable of getting jobs anywhere else.

The paper claimed that RBS has lost more than 700 of its top people, particularly in commodities, fixed income and credit derivatives.

However, according to most London recruiters and to RBS insiders, it’s really not that bad. They estimate that RBS has 8,500 to 9,000 front office bankers globally, and that although 700 have left, they weren’t the best of the best. The bank has also made some hires, notably in foreign exchange, and equities.

RBS declined to comment. But one insider said global banking and markets headcount is down, but only marginally.

Recruiters said key trading teams in London such as FX are largely intact. “Unless I’m missing something I really haven’t seen many people go,” says one FX recruiter. And RBS commodities exits have mostly been in the US, where the likes of David Messer quit in March.

According to the Wall Street Journal, RBS has given a big guarantee to Messer’s replacement, and raised commissions. Antonio Polverino is also thought to have been given a pleasantly large package when he joined from BofA/Merrill in May.

This may go some way to explaining the fact that although RBS is leaking, it doesn’t appear to be disintegrating – yet.

Comments (7)

  1. no point leaving now. i am in line for a huuuge bonus paid for by struggling, unemployed families. hahahahaha….

  2. You sir are a tw*t.

    Lefty Ruggieri Reply
  3. Sorry this article is empty of any piece of information.

    A journalist could not write a article based only on 1) the statement of another newspaper, 2) one FX recruiter feeling and 3) a friend in CDS in the royal bank of Scotland.

    It is clear that you do not know anything about what is happening in the commodities world and you are publishing such article based on assumptions only.

    In my opinion this is far from journalism.

  4. Guidu –

    1) It’s quite common for journalists to write articles based on the comments of other journalists. Simply read the Evening Standard (in particular) or Reuters, Bloomberg. the FT or the Wall Street Journal. All share information, but not all attribute it to each other. As this is a web article we are able to link in to our sources, thereby removing the need to reiterate them in their entirety.

    2) I spoke to three or four recruiters/headhunters in total, all of whom reiterated the belief that not many people have left RBS in London. It is their job to monitor who’s joining/leaving such firms and they are therefore well positioned to know what’s happening.

    3) It wasn’t a friend, but a senior individual.

    4) This isn’t journalism, it’s a blog.

    Sarah, Editor, eFinancialCareers Reply
  5. Many ‘journalists’ glean information from Wikipedia and Google News!

    Financial journalists simply spout yesterday’s market movements.

  6. This is general chit chat , the sort you will get at a cocktail party….dont take it seriously…

  7. @John D: you are a wiener, everyone knows the post boy doesn’t get a payout, not even at RBS.

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