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cashinmattress

Staff Confidence In Top Firm Said To Have Hit 'rock Bottom'

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The Financial Times reports that the ousting of Stephen Hester as Royal Bank of Scotland’s chief executive has sent staff confidence to 'rock bottom' and is set to accelerate a recent wave of defections from the group’s investment bank, senior insiders have warned.

According to the newspaper, some RBS executives said they feared Hester’s forced resignation would undermine efforts to retain senior investment bankers.

'People’s confidence as to whether the bank still has the commitment to maintain its world-class markets business is at rock bottom', one person close to the bank said. 'There are a lot of departure discussions within the bank'.

In the meantime, The Telegraph reports that Sir Philip Hampton has asked one of the City’s best known head hunters to lead the search for a new CEO for RBS.

The bank’s chairman, who on Wednesday presided over the premature resignation of Stephen Hester, has asked Anna Mann to find a successor to run the state-backed bank.

Her involvement suggests that neither Sir Philip nor Chancellor George Osborne had identified a successor to Hester in advance, adding to speculation that his surprise departure was sparked by a sudden disagreement.

Finally, Reuters reports that RBS will struggle to recruit a suitable replacement for Hester, someone who must steer it through privatisation and accept that political interference comes with the job.

Hester's departure presents RBS with the near-impossible task of finding an ideal candidate - an experienced banker untainted by the industry's scandals who has the skill to deal with its biggest shareholder, the government.

I imagine that this is blown out of proportion. Titanic passengers probably thought everything was OK right until the ship split into two.

....ideal candidate... so we know the traits of these charlatans... but what exactly are the skills, qualifications, professional designations... of an 'experienced banker'?

Somebody who hasn't been found out yet? Or who hasn't yet been indicted for their part in some epic scandal?

Funniest part...

Top firm = RBS!!! Hola. Get real.

Edited by cashinmattress

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'People’s confidence as to whether the bank still has the commitment to maintain its world-class markets business is at rock bottom', one person close to the bank said. 'There are a lot of departure discussions within the bank'.

:lol:

Come on which person "close to the bank" said that - come on own up.

Edited by billybong

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Finally, Reuters reports that RBS will struggle to recruit a suitable replacement for Hester, someone who must steer it through privatisation and accept that political interference comes with the job.

"Political interference" doesn't that mean back door bail outs or at least that's what was reported for the Ulster Bank (RBS) recently.

Sounds like a cushy job - big pay and any mistakes just get bailed out.

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hahahaha.

Presumably by 'staff' they mean bonus snuffling Investment bankers.

Because everyone I speak to in RBS says it's a hellhole of offshoring, bullying, a macho culture, overwork and disrespect.... and has been for some time. No-one I know is saying they'll miss Hester.

As a customer it reminds me of Microsoft - put up or shut up.IMO Post Hester it's a shambles - even more so than before.

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"Political interference" doesn't that mean back door bail outs or at least that's what was reported for the Ulster Bank (RBS) recently.

Sounds like a cushy job - big pay and any mistakes just get bailed out.

It really would be perfect for Gordon Brown.

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  • 243 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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