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The Masked Tulip

Hsbc And Rbs Begin Investment Banker Cull

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Between 10pc and 20pc of investment bankers at HSBC and Royal Bank of Scotland could lose their jobs as a major slowdown in business has forced managers to begin laying off hundreds of employees.

HSBC began firing staff earlier this week and is expected to make several hundred investment bankers redundant as it looks to cut total staff numbers by 30,000 within the next two years.

The redundancies are taking place across the bank's global banking and markets business, which employs several thousand staff in London.

A spokesman for HSBC declined to comment on the number of investment banking staff that could ultimately lose their jobs.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8882283/HSBC-and-RBS-begin-investment-banker-cull.html

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What is an investment banker nowadays? My guess is they're now salesmen for the banks' funds working on comission, does anyone know?

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Funny that, on the very same day when the PM has promised government loans to SME's brokered through HSBC and RBS.

Really funny.

link

Part of the government’s Regional Growth Fund, the money will be administered by RBS NatWest and HSBC, which have agreed to participate in the scheme following an intervention by Lord Heseltine.

RBS and Natwest will facilitate £70m, HSBC £25m. The banks will not profit financially from the administration of these schemes.

Edited by cashinmattress

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My big ears tell me that all of the major banks in London are 'repositioning themselves' - the usual 10% cull is being increased to 20% at some banks, a lot of contractors are being told "rate slash or no new contract (whether at end of contract or not" and there is a complete dearth of activity in corporate finance.

Part of that is just the way it goes - you make money when times are good, then you lose it. But the trickle down is less money spent by them, fewer advisors needed, who need fewer mechanics, nannies, gardeners, teachers and life coaches (of course not all of these are essential ! :) ) - and as important, less money in tax receipts for UK plc.

Is it a bad thing, nope, is it unfortunate for those concerned - yes, but that's what you sign up for - volatility and instability....

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the trickle down is less money spent by them

Is it a bad thing, nope, is it unfortunate for those concerned - yes, but that's what you sign up for - volatility and instability....

Not sure I agree with the trickle down (a few crumbs tossed from the table doesn't make up for stealing the loaf in the first place), but I do agree its definitely not unfortunate for them. The average Investment banker has had roughly 4 years redundancy support money from the average citizen to get their affairs in order, the likes of which hasn't been seen in manufactoring or other proper wealth creating industries who actually "do" things. If the Investment Banker were worth their money they'd have seen this coming and either been milking it until their number was finally up, or repositioned themselves for a different career.

It's time for the average person to dig deep, and start pushing the sh!te uphill for once to the Executives, politicians and banking elite.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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