RBS sounds like it is in a lot of trouble. 84% government ownership and almost all deferred bonuses. Why would people work for them. I've heard a ton of people have left/been laid off. Does anyone have their 1st year's numbers?
What do people really see happening? RBS apparently got into most of their trouble through bad loans versus exotic derivative and prop desk trading. Are they going to be in the black anytime soon? What do you think will be the equity strategy for the government? RBS buyback or sale to public market?
I have also read that the UK is really cracking down on salaries. Do you think the US operations can still throw the corporate credit card around? Do you think US bonuses are deferred? Do defferred bonuses only get paid if you stay with the firm?
Also, Citi is the closest American comparison. Who would you take. Citi or RBS?
If you had no other offer, RBS is certainly better than nothing at all. Also I would argue that Citi is in much better shape than RBS.
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Well, they still pay bonuses...
RBS's IBD has been doing pretty well lately. They are hiring fairly aggressively from my understanding. Also, I don't think their analysts' bonuses have been affected at all (apart from decreasing in size along with all the other banks).
Are they hiring?
I'm guessing for the same reason people work at their second/third/fourth/last choices: they would take you.
I know a few going there next year. They cite the culture as most convincing.
Check out the article in the Economist from c. 3 weeks ago. Most of RBS' trouble was related to the ABN acquisition and subsequent prop trading bets made late into the downturn.
Found the Journal article to which I was referring.
http://online.wsj.com/article/SB100014240527487047849045751117210017008…
"However, Robert McKillop and Michael Lyublinsky, the co-heads of GBM Americas, said in the presentation this week that GBM Americas had continued hiring in the final three months of last year and over the course of this year."
"The GBM Americas business made $4.2 billion in operating profit last year. That compares with £5.7 billion ($8.59 billion) in operating profit by the GBM business globally.
RBS said in its presentation that it was the top-ranked manager of U.S. asset-backed securities and was the best bank for U.S. dollar interest-rate volatility, as well as being a leading underwriter of U.S. Treasurys.
A spokesman for RBS said: '2009 was an exceptionally strong year for our global banking and markets business, not least the Americas, where we have established a very solid foundation for 2010.'"
Seems like RBS is doing pretty well in America? Raped Morgan Stanley's opp income
"Most of RBS' trouble was related to the ABN acquisition "
Yea wow, was looking at their income statement in '08 - $65 billion in non-recurring expenses.
I wouldn't. Guy I interviewed with was a dbag.
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Their office looks pretty nice, albeit in Stamford http://www.nytimes.com/2010/02/18/business/18rbs.html
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