RBS ditches Christmas party subsidy
Saturday 15 October 2011
Part taxpayer-owned Royal Bank of Scotland is ditching its Christmas party subsidy for investment bankers as part of a range of cost-cutting measures.
The move was disclosed in an internal memo sent by Chris Kyle, chief financial officer of RBS's investment banking division.
It said the firm will not be subsidising staff entertainment for the rest of the year and that the end-of-year party subsidy, which reportedly stood at £10 a head, will be stopped.
The decision means any Christmas party will have to be funded entirely out of bankers' own pockets.
The 11-point email outlines a range of other changes to be introduced with a view to driving down costs at the 83% state-owned bank.
Bosses have also put a stop to purchases of new BlackBerry phones or other telecoms equipment and the bank is not going to pay for any new magazine or newspaper subscriptions.
Staff members working into the evening have also been informed that RBS will not pay for their taxis home until 10pm and they have been reminded that all travel taking less than four hours must be in economy class.
An RBS spokesman said they would not be making any comment.
- 1 Scarlett Johansson new band 'already hit with legal complaint' from another The Singles
- 2 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 3 What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Nine things we know about Isis militant 'Jihadi John'
What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
'Jihadi John': Mohammed Emwazi – from British computer programmer to Isis executioner
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...