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The crunch at ABN Amro: (dis)integration update
The latest from the ABN Amro London front line doesn’t look too great. Especially if you work in leveraged finance or debt. There’s a credit crunch on Bishopsgate.
Justin May, ABN Amro’s global head of debt capital markets left the bank on Friday, FT Alphaville understands. He was clapped off the trading floor.
Following May was James Courtenay, the bank’s global head of leveraged finance. A round of applause also expected.
Further down the ABN foodchain, the bloodletting continues in more brutal fashion. RBS’ HR department continues to exercise its imagination:
ABN’s structured credit traders were apparently told on Thursday that they should report to RBS’ London office in preparation for a move there on Monday. Terminals needed to be checked and such like. And when they got there… they were all fired.
Needless to say, they could not return to their old desks.
ABN declined to comment.
Related links
Prepare to be “integrated”: RBS swings axe at ABN London - FT Alphaville
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[…] ABN’s structured credit traders were apparently told on Thursday that they should report to RBS’ London office in preparation for a move there on Monday. Terminals needed to be checked and such like. And when they got there… they were all fired (full story). […]
Sadism is probably a prerequisite for HR work…
this really is not nice.
Is this for real? If so, all I can say is that sadistic morons really should not be allowed to work in HR…