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Fire 80% of those responsible for the $260B LOSS (as @ Dec 08) instead of axing 80% of Sporns who have no part to play in your fiasco!
According to the Sunday Times RBS will split into a good bank and
bad bank in a dramatic rescue restructuring in which assets worth several hundred billion pounds will be put up for sale.
Stephen Hester, RBS chief executive, will outline the plans this week as he unveils the UK"s biggest-ever corporate loss of up to 28 BLN GBP. He will cut costs by more than 1 BLN GBP a year, a move expected to lead to the loss of about 20,000 jobs, more than half of which will be in the UK. Large parts of the group"s investment-banking business will be earmarked for sale or closed down. Its Asian operations and retail operations across central and eastern Europe will also be sold off. According to the Times all of these operations will be bundled together in a "bad bank" inside the group, which will report its figures separately. The "good bank" will comprise retail and commercial banking in Britain, America and a handful of other countries where RBS has a significant presence.
The Article goes on to say that this week"s results are expected to confirm a loss of between 7 and 8 BLN GBP, and a further write-down of up to 20 BLN GBP on its acquisition of ABN Amro. The 8 BLN GBP of credit losses suffered by the bank can be traced back to just 500 people, according to banking sources. About 80% of those responsible for the losses have already left the company, sources say. Market sources believe the bank has made profits of several billion pounds through trading in the foreign-exchange markets, both in its operations in London and in its RBS Greenwich division in America.
According to the Sunday Times RBS will split into a good bank and
bad bank in a dramatic rescue restructuring in which assets worth several hundred billion pounds will be put up for sale.
Stephen Hester, RBS chief executive, will outline the plans this week as he unveils the UK"s biggest-ever corporate loss of up to 28 BLN GBP. He will cut costs by more than 1 BLN GBP a year, a move expected to lead to the loss of about 20,000 jobs, more than half of which will be in the UK. Large parts of the group"s investment-banking business will be earmarked for sale or closed down. Its Asian operations and retail operations across central and eastern Europe will also be sold off. According to the Times all of these operations will be bundled together in a "bad bank" inside the group, which will report its figures separately. The "good bank" will comprise retail and commercial banking in Britain, America and a handful of other countries where RBS has a significant presence.
The Article goes on to say that this week"s results are expected to confirm a loss of between 7 and 8 BLN GBP, and a further write-down of up to 20 BLN GBP on its acquisition of ABN Amro. The 8 BLN GBP of credit losses suffered by the bank can be traced back to just 500 people, according to banking sources. About 80% of those responsible for the losses have already left the company, sources say. Market sources believe the bank has made profits of several billion pounds through trading in the foreign-exchange markets, both in its operations in London and in its RBS Greenwich division in America.
