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Well that is not what is going on at my D1's firm. But it is anecdotal info.
Like Bank of America, RBS has some big goals for the coming year, chief among them being the firing of several thousand investment bankers. (For those skeptical they can do it, according to a PowerPoint presentation presented yesterday, re: the “exits,” quite a bit of progress has already been made.)
Royal Bank of Scotland, Britain’s biggest government-owned lender, said it will cut 300 more jobs at its investment banking unit and is “on track” with its plan to exit businesses. RBS will eliminate 3,800 jobs at the division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts Monday. About 3,000 of the cuts will have completed this year, RBS said…The bank’s control of costs is “ongoing,” said Chris Kyle, chief financial officer of markets and international banking, at the presentation. “We will almost certainly hit this year’s number” in terms of the guidance, he said.
Barclays vows fresh course, axes 3,700 jobs
(Reuters) - Barclays' new chief executive pledged a fresh course for the British lender on Tuesday, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals.
Over-Hyped Career #1: Investment Banker
Remember Gordon Gekko from "Wall Street" and his "Greed is good" mantra? Well, it certainly was for Wall Street giant Gekko, who wheels around in limos, watches South Hampton sunrises, buys and sells precious art pieces like trading cards, and makes more money in a day than most of us see in a lifetime.
Back to Reality: First, we should note that Gekko does end up in jail. So there's that. And according to the U.S. Department of Labor, most investment bankers enjoy less South Hampton sunrises than long days in the office, since according to the U.S. Department of Labor, they work long hours.
The Department of Labor also says these people travel extensively, especially to other countries. All that for an average annual salary, according to the Department of Labor, of $72,060 - slightly less than Mr. Gekko.