RBS reportedly is sharpening its axe in preparation for job layoffs.  Dealbreaker's Bess Levin reports:   

"Here’s the deal: at the very highest levels, about 3 weeks ago, they started bandying around 10% cuts being necessary.  The word is just now beginning to filter down to the merely higher-ups that this will be necessary and to start getting ready for it.  Timing is unclear, but before year-end is what people are preparing for.  RBS will honor deferred bonuses (remember, everyone got screwed in 2008 and 2009) but those getting the ax will get screwed on this year’s bonus.”   [Dealbreaker, 10/13]