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Another day, another downgrade. Reduced to surviving on two pints of lager and pack of crisps at recent Christmas parties, misery was heaped on Royal Bank of Scotland's highly-paid investment bankers on Friday as they were told that they would have to fund this year's bash entirely out of their own pocket.
Famed in days of yore for their Champagne-soaked antics, staff in the lender's investment banking division were informed on Friday that even requests for banker must-haves such as BlackBerry mobile phones and free taxis before 10pm were all on the banned list.
The memo sent by Chris Kyle, the division's chief financial officer, is likely add to the sense of gloom at the bank after this week's downgrade of RBS's credit rating by Fitch. "As we head into the last quarter, there is a current need to further tighten and minimise the rate of spend on non-staff costs," Mr Kyle told staff working in the controversial unit, which continues to pay million-pound salaries.
The investment bank is also imposing a mandatory two-week holiday from December 19 to December 30, on all contractors and...Read more HERE
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