State-owned Royal Bank of Scotland is cutting another 500 jobs from its investment banking division. The bank was unable to say if IT jobs would be hit. The bank is already looking for 1,000 to leave its technology services division. Negotiations with staff and unions are still ongoing but insiders have told The Register that …
I presume ...
.. the 500 will include the board of directors.
Now there's a surprise !
"Of the 1,000 jobs going, some 800 are expected to be offshored" for a tax payer bailed out and part owned bank, this is wholly unacceptable imho.
Hope the offshoring lives up to it's reputation and really fucks them over. After they're re-sold of course.
According to the announcements, it's not offshoring, it's a "global realignment of work in order to meet our strategic plans".
On the fence...
I am on the fence with this. Always bad news when someone loses their job but at the same time I am still fuming over the way the whole system treated/is still treating customers. Banks have gone back to their old ways - apart from the fact they dont lend money to small businesses (I speak from great experience here!).
Most top brass should have fallen on their swords (i would have held the sword) and the savings would have been so huge they would only have had to release a lot less staff. Many kept their mouths shut even though they knew the system was heading for a rather large iceberg. Many had binoculars and had seen impending doom from a long way off - but kept schtum....being complicit with their silence. A handful did go over the top but were of course cut down by top brass lewis guns. But only a handful, and no-one left the trenches with them.
After we have all suffered - schools rebuilding program being demolished, police force frontline (including counter-terrorism) resources being greatly reduced etc - now the bankers are taking the hit.
Welcome to the party.
PARIS: tearful because she needed all those people to handle all her money.
Do you understand the difference between Board Member, Senior Manager, Middle Manager, Trader, Analyst, Economist, Back room admin staff, Counter Staff, Middle Manager, IT guy, FM guy, HR and even cleaners? Or are they all just "bankers"?
Pandering to shareholders again
Once again they are just trying to prove to the shareholders that they are doing something about their monstrous debt.
In reality of course, the money saved is a drop in the ocean. Worse still, the business will inevitably lack vital skills and it will be the paying customer who ends up getting a crap service. Result is a poorer business. Why do these people not learn? Total knee jerk short term thinking.
Why have I been phoned by recruiters over the last 6 months about a deluge of really well paid IT jobs at, er, RBS??
Same goes for BarCap though
I'm certain Paris has the answer, or she could bail us all out. Fiscally or otherwise.
Offshoring = Delhi Commonwealth Games
I had to laugh about the Delhi Commonwealth Games and then I remembered that my numerous offshore IT projects have not been much different. Even non-IT people now know phrases from the news like: "Yes, it's ready, no it isn't but you can use it, yes, it is complete, no not quite yet, our standards are not the same as yours, we will add another 10,000 workers on the project, yes they are all highly skilled, we understand your business, they all speak good english, you did not clarify that you wanted something that actually works, etc..."
Are there people out there silly enough to think offshoring is still a realistic option? I can only think that this is a ruse to keep militant trade unions off the bank's back and that these jobs are dead-enders in any case and never actually be offshored.
To any managers reading this, every project you have ever offshored has been just like the athlete's village. It looks ok on the surface, but inside there is sh*t smeared all over the walls and a stiff breeze will cause it to collapse.
You may not have seen the consequences, usually because no-one dares tell you, but they are just as bad in most cases. Just like the village, there will be numerous people onshore, who rush in at the last minute, madly attempting to clean it all up before the big day!
if you need any more convincing, we had a "cultural awareness" presentation recently... it had a subtitle "When yes doesn't mean yes", it was mainly focused on trying to help us understand what the hell the offshore guys actually mean when they say something.
You can ask for the moon on a stick, get effusive agreement that it will be no problem, and even get nothing but positive progress reports, right up until you actually ask for it to be delivered, then you get told, "Well... We didn't really understand what you wanted so we didn't know where to start... If you could just point us in the general direction we'll get right on with it"
Govt wants some good news and cash
The Govt are allowing these saff cuts in an effort to boost the share price. What they want is for the share price to go to about 75p so they can sell a largish chunk of shares.
Once sold they can say that they've made a "profit" and managed to save many vital services due to this money being re-invested in the economy etc. etc. - They were hoping this would happen before the spending review but the market isn't wearing it.
How much profit would be made if you include the loss of revenue from the highly paid IT staff's tax and then the money going out of coffers to cover their inevitable time on the dole?
"Of the 1,000 jobs going, some 800 are expected to be offshored"
isn't that, erm, illegal? especially as with most RBS projects I've worked on, the offshore (i.e. Indian) staff come to the UK to learn the trade first and be "trained" by outgoing staff...
<-- thats an infosys consultant taking my coat.
Pissed off RBSer here...
Anon, becuase I work there, but:
1.1BN profit in 6 months
Only in profit because of the UK tax payers' bail out
Shipping jobs to india, making UK tax payers redundant
This should be a national scanal
I wouldn't mind losing my job (as much) if we weren't in profit and if that job wasn't going to be done in another country, but maily if we weren't in debt to the UK tax payer.
Which is pretty much what I said to my MP www.theyworkforyou.com
RBS are a disgrace, and It *is* a national scandal. Of course they can rename it 'global re-organisation' or whatever they want, but we all know it's bollocks...
advice: close all RBS accounts down and move elsewhere. A bit of a pain, but worth it. Hard to find any 'ethical banks' (true enough), although here's hoping to find one which doesn't use offshoring (rightshoring (tm)), or whatever you want to call it!
P.S - Please do the needful.
- Review Is it an iPad? Is it a MacBook Air? No, it's a Surface Pro 3
- Hello, police, El Reg here. Are we a bunch of terrorists now?
- Video of US journalist 'beheading' pulled from social media
- Netflix swallows yet another bitter pill, inks peering deal with TWC
- The Register to boldly go where no Vulture has gone before: The WEEKEND