Lunchtime links: Shock - RBS to make more redundancies
Not particularly surprisingly, it emerged this morning that RBS might be required to make some more job cuts. The new(ish) chairman, Sir Philip Hampton, said the bank needs to reduce costs by 2.5bn in the next three years and that this will clearly mean that, "some of our people will lose their jobs." Unfortunately, he couldn't say which people or where, but we predict a touch more trimming in the markets division associated with ABN AMRO, in the absence of which RBS says it would have posted an operating profit last year.
"I've asked Sir Fred if he would consider a voluntary reduction and he's told me he's thinking about that." (Guardian)
Full G20 communiqué. (The Government)
Another senior ML banker makes his escape. (Reuters)
Dutch pension manager, MN Services, sets up in the UK. (Financial News)
Deutsche shakes up private equity team. (Private Equity News)
Job cuts come to insurance. (Insurance Daily)
More lawyers, less bankers in deals (And people will no longer run at you with money). (Wall Street Journal)
US banks will not be popular if they both buy and sell toxic assets. (Financial Times)
Demonstrations on Wall Street. (Dealbreaker)
We have all been invited into a new world of the same old thing but with the end of freedom and civil liberties and more debt. (Fintag)
