• 30 Oct 2008 at 10:56 AM

Layoffs Watch ’08: BarcLehs

By Bess Levin

Cuts are said to be going down in BarcLehs operations circa now. Severance is 2 months pay plus two weeks for every year with the firm, and a lump sum based on some percentage of 2007′s bonus.

Comments (29)

  1. 1
    Posted by guest | October 30, 2008 at 10:59 AM

    http://www.youtube.com/watch?v=e0daTVnJmt8
    SPODE

  2. 2
    Posted by guest | October 30, 2008 at 11:02 AM

    Any chance of someone at dealbreaker producing a benchmarking / side-by-side analysis of all redundancy packages offered by financial instituons over the last few months ?

  3. 3
    Posted by guest | October 30, 2008 at 11:08 AM

    2- and w/ a breakdown of roles/depts affected, too pls. TIA!

  4. 4
    Posted by guest | October 30, 2008 at 11:08 AM

    Bess..do a piece on GS What’s going on with it? Didn’t see any news coming out

  5. 5
    Posted by guest | October 30, 2008 at 11:08 AM

    Heard the gay guy from HR just barfed all over his desk. Apparently not the Untouchable he though he was.

  6. 6
    Posted by guest | October 30, 2008 at 11:12 AM

    i heard GS are cutting the pre-announced 10% on 5 Nov

  7. 7
    Posted by guest | October 30, 2008 at 11:17 AM

    @7 – expect Blankie’s sacrificial lambs to be walked to the slaughterhouse sometime next week. Wonder what the Hebe vs. Goy ratio will be on culls?

  8. 8
    Posted by guest | October 30, 2008 at 11:19 AM

    i heard GS are cutting the pre-announced 10% on 5 Nov

  9. 9
    Posted by guest | October 30, 2008 at 11:22 AM

    @8
    I am thinking 10:1

  10. 10
    Posted by guest | October 30, 2008 at 11:26 AM

    2 months is pretty damn solid
    Anyone heard anything from inside JPM?

  11. 11
    Posted by guest | October 30, 2008 at 11:29 AM

    That is a pretty solid severance…fuck me.

  12. 12
    Posted by guest | October 30, 2008 at 11:32 AM

    I hear the lump sum is 10% of 2007 bonus, minimum of 3K…

  13. 13
    Posted by guest | October 30, 2008 at 11:45 AM

    If you work at GS, should you call in sick on Nov 5? can they lay you off if you arent there?

  14. 14
    Posted by guest | October 30, 2008 at 11:51 AM

    @15 – sure, if you get wind you are one of the culls. Just make sure you barge into Blankfein’s office the day before and barf some major chunk all over his desk.

  15. 15
    Posted by guest | October 30, 2008 at 11:51 AM

    @15
    Years ago at Kidder Peabody, my friend was on vacation when the whack went down. He found out when he returned and his ID no longer opened the door. So, yes, they can fire you in absentia.

  16. 16
    Posted by guest | October 30, 2008 at 11:55 AM

    What if they just take away your Swingline and move your desk to the basement storage room?

  17. 17
    Posted by guest | October 30, 2008 at 12:03 PM

    @14
    what depts? and any more info?

  18. 18
    Posted by guest | October 30, 2008 at 12:03 PM

    how many people is BAC cutting?

  19. 19
    Posted by guest | October 30, 2008 at 12:05 PM

    #17 – how can it be proceeded technically once you havent signed the paperwork?
    Normally they ask you to sign the paperwork in exchange for severance package.
    Otherwise you’re still technically employed

  20. 20
    Posted by guest | October 30, 2008 at 12:05 PM

    @18
    Won’t make a difference once the Bobs fix the glitch in accounting. Please pass the cake down.
    SPODE

  21. 21
    Posted by guest | October 30, 2008 at 12:08 PM

    its actually 3mos. severance.

  22. 22
    Posted by guest | October 30, 2008 at 12:14 PM

    you don’t have to sign a damn thing for them to fire you. It’s not like launching a nuclear missile where you both have to turn your key…

  23. 23
    Posted by guest | October 30, 2008 at 12:18 PM

    You have to sign to get severance but you actuall dont sign anything to get fired.. ya just get fired!

  24. 24
    Posted by guest | October 30, 2008 at 12:19 PM

    #21 New York state recognizes employment “at will”. You can quit (no need to give 2 weeks notice) and you can be fired at any time.
    Read your employment contract. The firm can shut off all of your access to the premises and technology at any time for any reason. If you call in sick they call you up and schedule your exit interview and hand you a box of stuff from your desk. Then that’s that.

  25. 25
    Posted by guest | October 30, 2008 at 12:53 PM

    how about if you’re on medical leave? can you still get fired?

  26. 26
    Posted by guest | October 30, 2008 at 1:10 PM

    @28: you can be a pregnant, disabled American Indian out on medical leave and they can fire you – it’s “at will”

  27. 27
    Posted by guest | October 30, 2008 at 2:20 PM

    I believe the point of signing the paperwork is you claim you wont sue the firm blah-blah-blah
    So if you’re black lesbian woman on maternity leave and you got fired, you potentially have a shot…

  28. 28
    Posted by guest | October 30, 2008 at 3:09 PM

    @29 – yeah, because companies really want to open themselves up to the potential lawsuits for something like that.
    and also, companies are required to discuss your termination with you (i.e. explain remaning insurance coverage and the like) so it’s not like it’s a flippant decision to fire someone while they are away.

  29. 29
    Posted by guest | October 30, 2008 at 6:40 PM

    Heard CS started cutting 500 from Tuesday

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