Not only are people at Ulster bank losing their jobs, they are being vilified as the worst business at RBS

Today was RBS results day. The bank made a big loss and slashed its investment banking bonus pool to a merest £390m.  However, RBS's Global Banking and Markets division remained profitable - unlike Ulster Bank, which was the only of RBS's divisions to make a full year (£1bn) loss.

Needless to say, headcount at Ulster Bank is being slashed. The bank announced last month that it's cutting 950 people or 16% of its workforce by the end of the year. 600 people are to go in the Republic and 350 are to go in Northern Ireland.

Today, Stephen Hester appeared unsympathetic to the plight of these surplus staff - suggesting they, not RBS's investment bankers, are to blame for the banks' woes.

“For all those who say investment banking is this evil thing, as a terrible activity which lost all the money, the most money that RBS lost, the least wise decisions were property lending in the U.K. and Ireland of which Ireland was the worst of all,” Hester said on today's call with analysts. RBS has pumped “too much” money into the unit, he added.

None of this sounds particularly positive for anyone who doesn't lose their job at Ulster Bank in the latest round of redundancies.