Monday, Oct 27, 2008
Surely they must start cutting costs soon!! Maybe staff reductions?
reuters: RBS faces more writedowns as turmoil persists
Royal Bank of Scotland (RBS.L: Quote, Profile, Research) could this week announce billions of pounds of fresh writedowns due to a further deterioration in the value of risky assets as the financial crisis deepens, analysts forecast. The forecasts for additional writedowns range from 1 billion pounds to over 3 billion pounds ($1.5 billion-$4.6 billion).
Posted by mark @ 12:24 PM (402 views) Add Comment
5 Comments
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1. beartil2010 said...
I work at RBS - we started cutting costs in February. 10% reduction of all costs for contractors; cutting down on renewals for contractors (allowing attrition to do its work); removing more than 10% of perm staff.
Press didn't bother reporting it because they didn't know what was happening back then. RBS were well ahead already. Doesn't mean we're safe or anything, just saying that that has already happened.
2. mark said...
staff in Cheshire BS said today most will be redundant by xmas
3. Kruador said...
This is all the bailout was for - so they could keep writing down the assets without the balance sheet going red. There's probably still more toxic debt hidden on it that they're not admitting to yet.
4. japanese uncle said...
I have no tears if RBS goes down, but just for the fear of systemic meltdown, it should survive.
Why not make Freddie from Elm Street to repay his undeserved bonus, first of all?
5. Fjcruiser said...
what about RBS exposure to $1.2Trillion CDS then ? Any good news on this ?