Thursday, Sep 02, 2010
This will drive houseprices up
Yahoo / reuters: Royal Bank of Scotland to cut 3,500 jobs in UK
"The news that the Royal Bank of Scotland is to cut another 3,500 staff from across the UK is a horror story," Rob MacGregor, national officer at the Unite trade union, said in a statement.
Since 2009, RBS has axed more than 20,000 jobs. The latest cuts come on top of a decision in May to shed 2,600 posts at RBS's insurance and British retail banking operations.
Posted by mark @ 12:25 PM (973 views) Add Comment
11 Comments
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1. timmy t said...
Close Mark but not quite... let me explain:
You see they're cutting jobs in administrative centres, so everyone losing their job is low paid - lower than the "average". By taking these people out, it puts the average salary up, thereby making houses more affordable...
2. sibley's b'stard child said...
This is great news; just think of how much more profit the Great British public will make from a more stream-lined RBS...
http://www.independent.co.uk/news/business/news/taxpayers-set-to-pocket-16327bn-from-bailing-out-britains-banks-2066270.html
3. symo said...
So thats potentially 3,500 forced sales onto the hosuing market?
4. mark said...
for every 10 people who lose a job another 10%-12% of people will lose jobs due to knock on effect, at least thats how i calculated it, I could be wrong.
5. hpwatcher said...
I don't think anyone should be celebrating this. What goes around, comes around.
6. sibley's b'stard child said...
HPW, I can't see anyone 'celebrating' this news; I think it's referred to as 'casting a sardonic eye'.
7. hpwatcher said...
All the same, I would not call it great news. It's 3500, less people buying the stuff my company sells.
It would have been far better to let it all happen around 6 years ago, when the slow down started. It would have all been over by now...but it seems that the govt want to spread this over 20 years instead of 2.
8. sibley's b'stard child said...
I suspect that we are both in agreement here, however the written word does not always convey dripping sarcasm effectively.
How about: This is 'great' news?
Inverted commas to the rescue.
9. enuii said...
Was talking to my sister who is an RBS bank branch manager and she is horrified that herbranch is scheduled to be taken over by Santander who are widely regarded as the worst bunch to work for in the UK. Her branch is also in a town where there are 3 other banks and building societies on the high street, strangely enough once the sordid little deal goes through all 4 banking establishments in the town will be owned by Santander resulting in no choice in local banking for the populace and at least half of them being shut down.
No choice = no competition.
10. mr g said...
Whilst Santander may be regarded as the worst bunch to work for in the UK they are also the most incompetent bank I have ever dealt with, 2 recent examples being:
An ISA transfer took 9 weeks as a result of Santander losing the cheque that the original ISA provider had sent within days of receiving the transfer request. After complaining, they made a goodwill payment even though the transfer was not complete at that stage. When the transfer did eventually go through, they made a further goodwill payment in error, which obviously I am not complaining about.
Their account statements are somewhat haphazard, 2 out my last 3 statements have missed a day, for example one statement ran from 25 June to 24 July, whilst the next was from 26 July to 24 August, what happened to 25 July?
The moral of all this is, treat Santander with extreme caution as they don't appear to know their a*se from their elbow.
11. Crunchy said...
9. enuii
Engineered boom and bust=centralisation=no competition.
It's that what globalisation boils down to.
"Competition is a sin."
J D Rockefeller. It's that Foundation within secret foundations again.