Late Links: RBS is cutting 20% of its corporate and advisory professionals
The redundancy announcements are suddenly coming thick and fast. As we predicted last month, RBS is making big redundancies in its investment banking team, having kindly allowed its employees to cash in their deferred bonuses first.
Reuters reports today that RBS is cutting 200 out of 1,000 people from its global banking team, which covers its wholesale and advisory divisions. Lloyds is also cutting 300 jobs across retail, wealth management and wholesale banking.
And in other news...
Stephen Hester admits that 25% of pre-tax profits are used to pay bonuses at RBS Banking and Markets. (Telegraph)
RBS had "too many people with the wrong skill sets" in Asia, lost 20% of its people last year, and is now rebuilding its Asian ECM unit and investment banking operations and has hired more than 40 APAC investment bankers so far in 2011. (Bloomberg)
After the teargas, banks are contemplating leaving Bahrain. (Financial Times)
Phil Sutterby, head of gas trading at BarCap, recently joined Mercuria taking two senior traders with him. (Financial News)
UBS is the best place in Europe to work for equity research, followed by BAML, followed by Morgan Stanley. (San Francisco Chronicle)
No one wants to work for the Financial Policy Committee. (Guardian)
