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'Let customers hang themselves': RBS Bank Bosses

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'Let customers hang themselves': RBS Bank Bosses
« on: Dec 03, 2017, 05:07:11 am »
 

EvadingGrid

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Daily Mail

'Let customers hang themselves':
How RBS bosses turned blind eye to abuses of small firms in division of bank that was meant to help troubled businesses

http://www.dailymail.co.uk/news/article-5139873/RBS-turned-blind-eye-abuses-small-firms-division.html

* RBS's notorious Global Restructuring Group exploited struggling firms
* It extracted arbitrary and complex fees without any explanation about why
* Financial Conduct Authority report says staff told to target ‘basket cases’
* Training manual also said 'you need to let customers hang themselves'

Royal Bank of Scotland bosses turned a blind eye to abuses of small firms in a division of the bank that was supposed to help troubled businesses. The Mail on Sunday has seen a secret account of how RBS’s notorious Global Restructuring Group exploited struggling firms by extracting arbitrary and complex fees without explaining how they were arrived at or dealing with subsequent complaints. The Financial Conduct Authority has issued a 30-page summary of the findings but excluded references from the full report showing the management ‘were aware, or should have been aware’ of the problems.


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http://www.dailymail.co.uk/news/article-5139873/RBS-turned-blind-eye-abuses-small-firms-division.html



Last Edit by Larry
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Re: 'Let customers hang themselves': RBS Bank Bosses
« Reply #1 on: Jan 19, 2018, 04:51:33 am »
 

David Icke Bot

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The Daily Mail


Ruthless RBS bankers ordered staff to let struggling customers ‘hang themselves’ to make every penny during the financial crisis, newly uncovered documents reveal
http://www.dailymail.co.uk/news/article-5284609/RBS-banker-told-staff-let-customers-hang-themselves.html





'Ruthless bankers ordered staff to let struggling customers ‘hang themselves’ in an effort to squeeze out every last penny of profit during the financial crisis.

A damning memo by a manager at Royal Bank of Scotland sheds new light on the cutthroat culture at a turnaround unit meant to save failing firms from collapse.

RBS’s controversial Global Restructuring Group (GRG) has long been accused of deliberately wrecking firms it was supposed to rescue and seizing their assets.

The note – released by the bailed-out Natwest owner after pressure from MPs – shows the extent to which some staff were prepared to go.

Entitled ‘Just hit budget!’, it lists a set of principles employees should follow to grab as much cash as possible.

One section reads: ‘Rope: Sometimes you need to let customers hang themselves.

‘You have gained their trust and they know what’s coming if they fail to deliver.’

The letter is sure to reignite a row over the GRG, which RBS bosses insist was not systematically trying to destroy customers.

It was only made public after demands from the Treasury Select Committee chairman Nick Morgan, a Tory MP.

Labour MP Wes Streeting, a member of the committee, said: ‘Most people reading this would be absolutely horrified that a well-known and previously respected brand would behave like a bunch of sharks showing no duty of care to their customers whatsoever.'



Read More : Ruthless RBS bankers ordered staff to let struggling customers ‘hang themselves’ to make every penny during the financial crisis, newly uncovered documents reveal



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