Comments left on our RBS-related articles in the past few days suggest that in the absence of anything resembling a cash bonus, employees at the bank are now holding out for redundancy packages.
Unfortunately, they may have missed the boat. This time last year, ex-insiders say RBS was paying some of the best packages on the market. One former RBS/ABN employee who was let go in the first round says he left with nine months’ salary after receiving a month for every year worked (six), plus various add-ons.
But with as many as 20,000 people at RBS now in danger of losing their jobs, future severance packages are likely to be a lot more frugal. One insider says there are rumours that these too will be capped.
For many RBS employees, the best bet may be to hold on until the bitter end. One non-recipient of a bonus at the bank describes the atmosphere as ‘angry’ but say there’s limited appetite for leaving.
Even RBS’ top performing FX staff appear willing to stay put for the moment. An FX headhunter who works with the institution says both BNP Paribas and Citi are selectively expanding their FX businesses and might be interested in picking up disaffected FX staff.
However, he says loyalty to the organization prevails: “RBS is one of the big places to be in FX – it’s got a very good name in the market and a lot of people have been there for a long time.”