The news on Wall Street layoffs just keeps getting worse.
Now RBS is going to cut 2,000 jobs as it completes its acquisition of ABN Amro, according to the Financial Times, which says:
John Hourican, the head of RBS’s global banking and markets division, told the Financial Times that a smaller, more focused business would deliver more stable profits, while avoiding the “strategic tourism” that saw past management teams pursue ill-fated expansion.
“The thing about the ABN Amro deal was it was a massive, bold undertaking at exactly the wrong moment,” Mr Hourican said. “You could not have chosen the more perfect ill-timing for any transaction.”
“It was the largest cross-border hostile of a bank ever undertaken, with the added complication of a consortium, combined with the fact that the market went south within days of the deal being consummated… It never had a chance of succeeding financially.”