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.
Liam Neeson's Downton dreams
- 1 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 Scottish independence live: Scotland gives a clear 'No' in historic referendum - as it happened
- 3 iOS 8 is full of shiny new features - but it's terrible news for app developers
- 4 Friends 20th anniversary: Six things we wouldn't have without influential comedy series
- 5 Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Scottish independence referendum results: David Cameron pledges plans for 'English votes for English laws' by January
Scottish independence live: Scotland gives a clear 'No' in historic referendum - as it happened
Scottish referendum results: David Cameron set to unveil major devolution of powers to England
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...