Lunchtime Links: People are leaving RBS!

5 February 2010

2 minute read

Lunchtime Links: People are leaving RBS!

This may not seem particularly monumental given that RBS reportedly lost thousands of people last year, but it's notable that people are still leaving now, even though bonuses will be paid soon, even though they'll be able to cash in the stock component in just three months' time (as we revealed back in November), even though there are reasons to stay.

The departures don't exactly suggest an exodus, but they do suggest leakiness, even at this stage of game. A senior high yield credit research has crept off to Nomura in London. And an emerging markets debt salesman has departed for UBS in the US - suggesting UBS is not exclusively tapping the unemployed.

IT IS TIME TO HOLD BANK OF AMERICA, LEWIS AND PRICE RESPONSIBLE FOR A "FRAUD AGAINST THE AMERICAN PEOPLE." (Alphaville)

From the moment the merger was announced, Merrill was transparent with BoA

management about the losses Merrill was incurring. (Supreme Court of the State of New York)

Senate Democrats proposed a 50% tax on bonuses of more than $400,000 at TARP firms. (. (Bloomberg)

Goldman Sachs was failing and it was saved. Why is this so hard for Goldman to admit? (Baseline Scenario)

Financial innovation, on this view, is in large part the art of turning illiquid assets into liquid assets. And once an asset is liquid, it's susceptible to highly-dangerous booms and busts. (Felix Salmon)

Democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full. (Dani Rodrik)

Credit Suisse hires to aggressively expand its ETF business. (Financial News)

Morgan Stanley hires a 30 year Goldman veteran for equities trading, (Reuters)

BofA hires a Goldman banker for Asia Pac derivative sales and trading. (FinAlternatives)

Blankfein's other son said to be working at Goldman too. (DealBook)

Citigroup prop trader quits for a hedge fund. (Bloomberg)

Interdealer brokers aren't so hot any more. (MarketWatch)

Don't mention Piigs at BarCap. (Bloomberg)

The London real estate bubble - the biggest bubble of all - hasn't popped. (Wall Street Journal)

Browsing topless models is not a sackable offence. (BusinessWeek)

Pay in 2010 needs to be 'meaningfully lower' than this year. (BreakingViews)

If I get below 30,000 I will be very, very disappointed and quite shocked. (BBC)

Deutsche Bank has a Blackadder room. (Telegraph)

AUTHOReFinancialCareers UK

Insider Comment

Mi
Micky
9 February 2010
Iqbal,
You would be working in McDonalds the taxpayer.
Reply
sa
santa
5 February 2010
I hear ot on good authority that some senior managers at RBS are covered in tatoos and this is not just the female staff.
Reply
Ja
James
5 February 2010
You include the White Stripes in the same sentence as Phil Collins? Slightly shocked.
Reply
we
weasle
5 February 2010
the canteen is also a good place to huddle for a bit of warmth. i get by with a few white lightnings in the morning hastly drunk in that little park in spitalfields square. i sometimes forget my computer password and then wait several hours for a man to show from IT (if he's not gouching in a nearby phonebox).
Reply
RB
RB1KENOBIE
5 February 2010
there is nothing wrong with the rbs canteen. where else can you still get pie and jacket potatoe for 2.50
Its also a very pleasant place to spend the lunch hour
the trestle tables are on a first come first served basis..so that you can find yoursel sitting next to the mail room people one day and the cdo traders the next day.in these times that sense of oneship is important
the only problem is the background muzak ..nasty...Mantovani, Phil Collins and the White stripes on a seemingly continuous loop
Reply