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200 staff axed by Royal Bank



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Published Date: 10 April 2008
ROYAL Bank of Scotland has shed up to 200 workers in its debt and investment banking divisions.
Most of the redundancies are at the RBS offices in Bishopsgate, London. Staff losing their jobs were mainly from the bank's leverage finance, real estate lending and securitisation operations.

It is understood that the Edinburgh-based bank took the action in response to the ongoing financial uncertainty and the cuts are thought to be focused on business areas hit hardest since the credit crunch.

RBS is thought by analysts to be one of the UK's banks most heavily exposed to credit markets.

A spokesman for RBS said: "Most global financial institutions are reviewing their business in light of the current market conditions and we're no exception."





The full article contains 129 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

  • Last Updated: 10 April 2008 10:51 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
  • Related Topics: Royal Bank of Scotland
 
1

A Friend of Fernando Poo,

10/04/2008 16:07:56
"Most of the redundancies are at the RBS offices in Bishopsgate, London. Staff losing their jobs were mainly from the bank's leverage finance, real estate lending and securitisation operations."

However, after the Bank of England cut interest rates by a quarter point, a security guard was despatched to run after them and shout "No! Come back! It's OK. The Bank cut interest rates! The Credit Crunch is over!!!"


 

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