Bob Janjuah Leaves RBS
One of the world's last few remaining permaskeptics, Bob Janjuah, has severed ties with the UK's most bailed out and nationalized bank, RBS, reports Bloomberg. And just as the departure of David Rosenberg from Merrill in early 2009 marked the start of a period of complete market schizophrenia, we hope that the purging of negativists from the Royal Bank of Scotland is not indicative of just such another period, at least on the other side of the Atlantic. However, unlike last March when the several trillion in global stimulus funds was only just entering the economy, this time around not even the ritualistic sacrifice of bears will do much to stop the slide. And just to confirm that this is likely a localized issue to RBS, the Chief Markets Econoist Kevin Gaynor has also left the firm.
RBS will continue to provide research with its team of strategists based in London, the Asia Pacific region and the U.S., the Edinburgh-based bank said today in a statement. Global economic research will be led by Chief European Economist Jacques Cailloux.
“We have a strong research franchise that we will continue to grow,” said RBS in the statement.
We are confident that the RBS taxpayer-funded research franchise can easily hiure all the Moody's rejects. The question who, aside from one or two persistent publications, will care about what they have to say.
Best of luck Bob and keep in touch.