Bloomberg reports that, according to its sources, Lazard, recently appointed to search for buyers for Royal Bank of Scotland's equities and advisory operations, has been given five weeks to do its job before managers start axing employees.
In the meantime, The Financial Times reports that several senior staff in RBS's advisory business, including John McIntyre, the bank's head of corporate finance, are said to be considering a management buy-out for the unit, and taking anywhere between 25 and 125 staff with them. The unit itself , which employs between 150 - 250 staff worldwide, is thought to have attracted little interest from other buyers (in its entirety).
And Reuters is reporting that the unit's Middle East M&A business could be spun-off, as there have been a number of buyers who have indicated an interest.
The news agency also reports that French bank Natixis is planning to cut 277 positions over at its corporate and investment banking unit, 127 in France and the rest internationally. The bank remains confident, however, that the jobs will go from retirements and natural wastage. A hiring freeze is in place in the business for 2012, and this could be extended to 2013 as well.
Finally, Reuters also reports that, according to a bank auditor's report obtained by the news agency, BNP Paribas could save an estimated 170 of the planned 1,400 job cuts over at its corporate and investment banking division should it decide to scrap its dividend for 2011 instead. Any jobs likely to be 'saved' will come in France (of course).
50 Shades of Embarrassing
A Price To Pay - The Inside Story Of The NatWest Three
