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Prepare to be “integrated”: RBS swings axe at ABN London
ABN Amro staff in America were recently sent a “welcome package” by RBS including branded keyrings and “factsheets”. London staff aren’t being embraced with quite such… brio.
The bloodletting in ABN’s London office began on Monday, continuing through Tuesday and Wednesday. Some departments are expecting to see around two-thirds of employees cut.
FT Alphaville understands that ABN’s entire London merchant banking operation has been sacked, along with deep cuts in real estate.
Juniors in the debt capital markets outfit have already been ditched and the entire mortgage securitization team was given the boot on Tuesday.
According to two senior execs, leveraged finance is up for the chop on Thursday. “It’s going to be messy” we were told. “It’s like a morgue in here.”
So far, the cuts are being blamed on “market conditions”, though that veil might not hold up for long. In terms of headline numbers, job losses aren’t quite near the levels seen elsewhere in the City… yet.
Presumeably the real pain begins when the focus shifts fully to “integration”.
Fintag, meanwhile, points to the novel approach to firing RBS have adopted in some quarters:
Instead of only those being fired getting a call from HR, everyone gets a call. Up you go to HR and if the all clear is given you are back at your desk in 5 minutes. The purpose is to terrify everybody but not stigmatise those who don’t come back.
ABN declined to comment, et cetera.
15.00 Update: Another 90 gone from the trading floor, we hear…
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[…] 最近的唯一幸福的，是亲爱的steph过生日之际我不顾一切去了澳门大家一起看周杰伦演唱会一起重温venetian那个晚上的激动和兴奋。比起四五年前北京的工体，周董的舞台又绚烂的无与伦比，我在荧光棒的尖叫声中无比清晰的想到了lee,想到四五年前我们一起在北京工体的那个晚上。besides this,最近的生活无法形容,on the edge of collapse. life is like a box of sh*t, u’ll never know what you’re gonna get. 引一篇FT前天的新闻，于大于小，于近于远，世界是血淋淋的Prepare to be “integrated”: RBS swings axe at ABN London ABN Amro staff in America were recently sent a “welcome package” by RBS including branded keyrings and “factsheets”. London staff aren’t being embraced with quite such… brio. The bloodletting in ABN’s London office began on Monday, continuing through Tuesday and Wednesday. Some departments are expecting to see around two-thirds of employees cut. FT Alphaville understands that ABN’s entire London merchant banking operation has been sacked, along with deep cuts in real estate. Juniors in the debt capital markets outfit have already been ditched and the entire mortgage securitization team was given the boot on Tuesday. According to two senior execs, leveraged finance is up for the chop on Thursday. “It’s going to be messy” we were told. “It’s like a morgue in here.” So far, the cuts are being blamed on “market conditions”, though that veil might not hold up for long. In terms of headline numbers, job losses aren’t quite near the levels seen elsewhere in the City… yet. Presumeably the real pain begins when the focus shifts fully to “integration”. Fintag, meanwhile, points to the novel approach to firing RBS have adopted in some quarters: Instead of only those being fired getting a call from HR, everyone gets a call. Up you go to HR and if the all clear is given you are back at your desk in 5 minutes. The purpose is to terrify everybody but not stigmatise those who don’t come back. ABN declined to comment, et cetera.15.00 Update: Another 90 gone from the trading floor, we hear… >>>NICEWORDTOWP […]