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RBS investment bank unit targets tech and market data in cutback plans

17 October 2011  |  8145 views  |  0 RBS logo

The Royal Bank of Scotland's investment banking unit has put a freeze on software and hardware spending, cut back on market data costs and withdrawn subsidies for Christmas parties.

In an internal memo to staff, obtained by the BBC, Chris Kyle, chief financial officer, global banking and markets, RBS, outlines a range of cutbacks for the rest of the year at the struggling bank, which is 83% owned by the taxpayer.

Kyle demands a freeze on technology spending for the rest of the year, insisting "all hardware and software spend must contain the approval of the relevant ExCo member and Regional CFO so that it can be considered on an exceptional basis".

The unit is also looking to save cash on market data, putting a stop to any new premium terminal spending this year. It is also cancelling "non-essential" information services as well legal and compliance's real-time services.

Other measures include a mandatory two week holiday for all contractors and technical specialists in December, a ban on international travel for internal purposes and no new BlackBerrys.

Staff entertainment has also taken a hit, with an end to subsidies for Christmas parties and other events.

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