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Job cuts at RBS

RBS merger with ABN AMRO will mean job cuts for members of staff

Rumours that 7,000 employees will loose their jobs following RBS recent takeover of ABN are spreading like wildfire.

But despite the bank refusing to reveal the total number of job losses, it can confirm that wholesale banking will be worst hit.

A spokeperson fro RBS says: Since the acquisition of ABN AMRO we have consistently said that as we brought our two wholesale banking businesses together there would be job losses over the course of the next two years.
This is unfortunate, but inevitable.

The spokepserson says: In light of current conditions in some parts of the global credit markets we are also looking at the appropriate size for our businesses affected by this downturn.

We have an expanded customer base, geographic footprint and product range as a result of the ABN AMRO acquisition and the launch of our commodities joint venture with Sempra which provide us with good opportunities for growth going forward.”


Cattles rustles up rights issue

Sub-prime lender Cattles has launched a 200m rights issue to be underwritten by Citigroup and HSBC. The lender says that although it has received strong support it will use the rights issue to diversify its funding and finance its long-term growth.

Promise makes 70 redundancies

Promise Finance has shed up to 70 jobs after going into administration. The Wolverhampton-based firm decided to close its business-to-client operation due to worsening market conditions but will continue to operate in the business-to-business sector.

MPC split on April rate cut

Three members of the Bank of England’s Monetary Policy Committee voted against April’s base rate cut. Tim Besley, David Blanchflower and Andrew Sentance voted against it, saying the economic slowdown is not as severe as expected.

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