eFinancialCareers

You arrive at work. You’re asked for your pass, phone and company car keys. After being accompanied to your desk to collect your belongings in a black garbage bag, you’re escorted from the building.

Edinburgh is rife with rumours of redundancies conducted in the mode that symbolised the demise of the “Loadsmoney” boom in the City in the 1980s.

Is this the modern picture of redundancy in banking and financial services?

Carolyn McAdam, head of group communications at RBS, dismisses rumours that redundant staff have been required to leave RBS premises immediately. She says departing employees are only accompanied if they are planning to work for a competitor or are departing under a cloud.

Mark Elliott, head of media relations at HBOS, says he cannot add to the statement that Royal Bank of Scotland Corporate was cutting around 90 posts nationwide.

However, a Scottish outplacement executive who helps redundant banking staff back to work tells us, “We have definitely seen an upturn in financial services organisations seeking support in reducing headcount.”

He reckons the increase in activity over the past year is of the order of 50-100% from both existing and new clients.

He adds there has been “no dramatic change” in the use of the “black bag approach” but that “very abrupt exits” are the norm in firms trying to protect client information.

Colin Rorison, managing director of outplacement company CSP Scotland, believes Scots outplacement providers are on the cusp of a substantial increase in business.