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Later next month, Rod Eddington, BA's chief executive, will publish the results of an internal report that will lead to further rationalisation and job cuts.
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MERGE 11 currencies into one, and further rationalisation is bound to follow, even or especially among the national central banks of the euro-zone.
Further rationalisation is expected as the bank attempts to reconcile its asset value with the discounted value caused by its interwoven ownership structure.OM Gruppen's bid for the London Stock Exchange failed, after only 6.7% of shareholders accepted the Swedish company's offer of £1 billion ($1.4 bilion).
Concluding that this had reduced duplication and improved efficiency, he proposed further rationalisation by amalgamating Training and Maintenance Commands to form a new organisation, Support Command.
Further rationalisation of the former MIS estate is projected, with some areas not expected to be commercially replanted as a consequence of being established on poor quality sites or other factors such as long distances to markets.
It said: "In our view, this is likely to involve further retrenchment and rationalisation of the business, with profit recovery a long way off".
Analysts at Deutsche Bank: "Given the more difficult revenue environment we expect questions to management on potential further cost rationalisation".
With Icap management suggesting its cost response is likely to be limited to support function rationalisation and slowly lowering comp.
There needs to be rationalisation of staff so that a lot of the money we get goes into development".
But Czech leaders do not, deep down, believe in the EU's common line on Russia, which amounts to the rationalisation of impotence.
Mr Bartlett points out that since the brutal first five years, when the emphasis was on cost-cutting, Mr Welch has tried to balance rationalisation with revitalisation.
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