Which Royal Bank to Trust with your Money
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A friend of mine works at RBS and came across with this gem...
Last Friday news emerged that the bank was considering a Rights Issue. My friend does not work in RBS's Investment Banking unit (who would normally be more interested in share issues), but were nevertheless worried about any adverse consumer reactions, and decided to monitor the pattern of customer withdrawals.
Of course, fears proved groundless - a bank that made nearly £10billion of profit last year (more than the year before) was not going to have a problem.
However, one particularly careful customer went to his RBS branch to withdraw his £40 000 of savings, which must have showed up as a significant cash movement. However, the same careful customer's money showed up again when he went to the "competition" further down the High street to deposit his cash.
As he opened an account in the other bank, he said where the money was from, presumably insinuating that the hapless jocks shouldn't look after his life savings any more. So why did this show up in the RBS cash monitoring, you may ask? The chap had opened an account with NatWest!
For any reader who is not as well-informed as the the normal HitC clientel, we can point out that NatWest was acquired by the "hapless jocks" in 2000.
Morale of the story: by all means by an activist saver and investor, but don't run your financial affairs without command of basic facts.
Or in other words, don't walk (out on one bank, we feel like adding) before you can crawl.
Of course, fears proved groundless - a bank that made nearly £10billion of profit last year (more than the year before) was not going to have a problem.
However, one particularly careful customer went to his RBS branch to withdraw his £40 000 of savings, which must have showed up as a significant cash movement. However, the same careful customer's money showed up again when he went to the "competition" further down the High street to deposit his cash.
As he opened an account in the other bank, he said where the money was from, presumably insinuating that the hapless jocks shouldn't look after his life savings any more. So why did this show up in the RBS cash monitoring, you may ask? The chap had opened an account with NatWest!
For any reader who is not as well-informed as the the normal HitC clientel, we can point out that NatWest was acquired by the "hapless jocks" in 2000.
Morale of the story: by all means by an activist saver and investor, but don't run your financial affairs without command of basic facts.
Or in other words, don't walk (out on one bank, we feel like adding) before you can crawl.
Here Is The Writer : MrSMartinPants
SMartinPants is a global, polyglot sort of chap who works in investment banking just outside the Square Mile. He has a range of City work and life experience to draw from, and still thinks of himself is 'just visiting' London, despite living through umpteen economic/bonus cyles and housing bubbles. He is probably an Outperform rated single at this moment, but could also be the subject of a boardroom rumour of a fervent take-over - or indeed a friendly merger.
view more articles by MrSMartinPants
Article Comments & Ratings
Nicky 23rd Apr, 1:21pm
I know this is picky but "clinetele" is spelled with an e, while "moral" in the sense above is spelled without it... Funny article anyway...
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