I am amused to note that RBS has finally decided the time has come for it to get its core business right.
I am also a little worried it has taken so long. This was what I suggested the strategy of a nationalised RBS should be way back in October 2008 as it was being de facto nationalised.
The real question to ask is why it has taken so long to realise that this was the glaringly obvious thing to do all along?
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A lot of jobs has been lost. Even more are now going to be lost. The strategy has been in place since Hester started it when he joined, its takes time with the UK laws on removing redundant people.
Ah, so it suddenly realises it is a bank rather than an asset stripping hedge fund and has as a mostly nationalised bank, a duty to customers – perhaps the 5 years worth of scam and ‘delayed enlightenment’ are not accidental?
Well said Simon. However you are wrong in thinking its only 5 years. This has been going on at RBS Natwest GRG unit since 2007 and maybe even 2003.
They are up to their neck in unethical practice which is why they have such a huge team of muzzling lawyers both internally and externally.
As I said at the agm you don’t cure a cancer patient by cutting off a good leg and hoping he recovers you cut out the cancer.
However here its like the joke between the brain, the and the arsehole over who was boss. The arsehole won.
Here is the instructive joke with more than a passing similarity to one bank.
You don’t need brains to be a Boss.
When the body was first created, all the parts wanted to be Boss. The brain said, “I should be Boss because I control all of the body’s responses and functions.”
The feet said, “We should be Boss since we carry the brain about and get him to where he wants to go.”
The hands said, “We should be the Boss because we do all the work and earn all the money.”
Finally, the asshole spoke up. All the parts laughed at the idea of the asshole being the Boss. So, the asshole went on strike, blocked itself up and refused to work.
Within a short time, the eyes became crossed, the hands clenched, the feet twitched, the heart and lungs began to panic, and the brain fevered. Eventually, they all decided that the asshole should be the Boss, so the motion was passed. All the other parts did all the work while the Boss just sat and passed out the shit!
Moral Of The Story: You don’t need a brain to be a Boss—-any asshole will do
Posted with reservations – not least because I have been a boss, many times
This is too generic to be truly useful