Employees being shown the door this morning at BarcLehs, specifically Barclays Capital, are apparently being sent on their way with three months severance, no bonus (this figure was supposedly for analyst level). At this time we remind you that the ID badge belonging to laid off Lehman Brothers staffer Bella was auctioned off last year for $810, benefiting canines. If anyone happens to come across the tags* of, for instance, Dick Fuld, Joe Gregory, Erin Callan, etc, we would be more than happy to flip them for what we’re sure would be bank, and send the money to former BarcLettes in need.
Update: We’re told a recently promoted equities VP received 4 months + bonus.
*Discarded JO&C tissues, etc. Anything, really.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Plus, MS is coming to Chalotte:
http://www.charlotteobserver.com/597/story/469784.html
No bonus! Its because of companies like Barclays we’re in this shit, no bankers should be getting bonuses!
@2 – put down the pitchfork and back slowly away . . .
NYC, what have you done for me lately?
NYC might be the Detroit of the new millenium. Charlotte is the new place to be!!!
Can somebody please clarify whether 3 months severance is 3 months salary only or whether it is 3 months total comp (including 3 months bonus based on historical actuals)?
NYC, what have you done for me lately?
NYC might be the Detroit of the new millenium. Charlotte is the new place to be!!!
@2 – handbags at dawn!
@5. ha! you serious?? Salary. Plus you get to sign up for COBRA
which groups? 1st year associate numbers?
Comments like 5 point to a total misunderstanding about bonus comp. It comes when you do a good job and when the firm makes money. It goes away when the firm doesn’t make money. The whole point of a bonus is to serve as an incentive for you to deliver. Its not an entitlement.
“Can somebody please clarify whether 3 months severance is 3 months salary only or whether it is 3 months total comp (including 3 months bonus based on historical actuals)?
”
HAHAHAAHAH God Wall St is so pathetic.
Dude 3 months of your base pay and there’s the door.
@10, don’t agree at the junior level. Bonus is a misnomer. Without bonus jr. bankers are making on an hourly basis McDonald’s wages. Nobody would do the job for the base salary alone.
Number 5 just got axed.
I hear the Department of Sarcasm Awareness got 3 months PLUS bonus PLUS Healthcare
“Can somebody please clarify whether 3 months severance is 3 months salary only or whether it is 3 months total comp (including 3 months bonus based on historical actuals)?
”
HAHAHAAHAH God Wall St is so pathetic.
Dude 3 months of your base pay and there’s the door.
12 First, I’m going to ignore the “hourly rate at the McDonalds level comment” – cause you and I know that a lot of what analysts do is face time. Your other observation – essentailly that bankers can’t live on base alone – applies at every level. And would be an issue if year in and year out there were no bonuses. The reality though is that usually there is a bonus. In difficult times though you have to do without. And make up for it when times are good. Which is why, despite your comment, people are in fact willing to work for no bonus. The reason being, in case I need to drive home the point, thats not likely to happen often.
A guy on my desk just got the axe. 9 months severance – no bonus.
@16: Too incoherent, didn’t read.
16 is an idiot, hope he/she is already gone.
Can we get some info on which groups and people are getting hit?
Can we get some info on which groups and people are getting hit?
10/16 – you clearly don’t understand how banker comps work. Stay out of our business.
#5 here. In some countries outside the US, the law around severance is much more stringent. Severance is typically 1 month total comp/year of service, based on an average of the last 3 years actuals. Severance has nothing to do with whether you are in a good year or bad year.
so what’s the law for this group?
http://online.wsj.com/article/BT-CO-20090113-710765.html?mod=crnews
ING To Cut 750 Jobs In US, Citing Economic Conditions
Sales/Trading Equity Derivatives
Sales/Trading Equity Derivatives
@10 /16: not exactly.
Sales/Trading Equity Derivatives
bull shit @17
Comments like 10 point to a total misunderstanding about how Wall Street actually works and the meaning of “bonus”, despite the common understanding of the word.
Please re-read #12.
DB’s comment section is why I hate DB – a bunch of fucktards sitting around thinking they’re Masters of the Universe. If IB didn’t have bonuses, none of you would be willing to work on Wall St? As someone who put in the hours and was rewarded for them, and then saw the opportunities that came with an IB pedigree, I would have done it all over again for a much lesser/no bonus. The shock! The horror! How sad! Whatever dudes, IB’s not going to get most people anywhere (ie Forbes most powerful lists, etc), it’s what you take away from that and use to your advantage that makes the experience worth it.
“DB’s comment section is why I hate DB ” then stop reading, you asshole. and form a logical thought. db’s comments section should be why you hate db’s comments section, not the site/posts.
Callan JO&C tissues? Wait, but I thought….
@31 – right on… db’s comment section used to be good before they jumped the shark, you used to be able to find useful information that wasn’t in the media on stories like this where some people might have some interest.
i’ve noticed more ridiculous comments/commenters as bess posts more and more inane crap. carney was the only one who actually could think and put together a decent story
@34- you’re a fucking idiot.
haha, yes, carney’s mom @34 “inane crap” like layoffs news, internal memos, high up departures (fleming), hf performance numbers no one else has.
@34- carney left for clusterstock 4 months ago. and yet you’re still here. sad.
blodget@34, shouldn’t you be churning out more shitty posts for a site no one reads?
@31- then don’t read the comments, genius boy.
@31 “IB pedigree” Are you 22 years old? Are you kidding? In ESL, they should have taught you that ‘pedigree’ should be used exclusively in reference to dogs and the british.
@37- carney left 4 months ago? you sure? does he still have the login to the DB servers or something because he seems to be using the same stories as db on cluster…
@41- saw that too (the barclays layoffs one)…he does that shit all the time…notice how his story was just bs about how people were emailing their friends to say they’d been laid off.
@42– he didn’t even have the energy to replace “BarcLehs”(a DB TM) with Barclays! Lazy.
@43- i know, sad.
@10 Choke yourself.
@44 he should do the honorable thing– just forget the small talk, post the DB headline and the DB link to the story. that way click credit is given where click credit is deserved.
@46- come on, he would never do that. that’d be admitting db is superior to shittystock.
Given most analysts don’t get paid bonuses until mid-year, let’s focus on why bonuses matter to associates and up in terms of Wall Street vs. Main Street.
Average Wall Street associate makes $100,000 base salary.
Average corporate finance position for a similar level professional pays approximately $135,000 base salary.
Average number of hours worked by banking associate is 75-85 hours per week.
Average number of hours worked by similar level corporate finance professional is 45-55 hours per week.
Average bonus for banking associate this year is likely $150,000
Average bonus for corporate finance professional would be 25% of base salary
Hourly wage of banking associate before bonuses: $22.50 – $25.75
Hourly wage of similar level corporate finance professional before bonuses: $47.25 – $57.75
Hourly wage of banking associate after bonuses: $56.50 – $64.25
Hourly wage of similar level corporate finance professional after bonuses: $59.00 – $72.25
Therefore, please don’t say we don’t deserve our bonuses. We work 30-80% more than Main Street and get paid, with bonuses, the same basic hourly wage. Without bonuses we work 30-80% more and get paid nearly half of the Main Street hourly wage. So, for those crying we don’t deserve it, stop talking like you know anything, and try to live in our shoes for a week and see what you think we deserve.
45 Where is this mythical firm that pays bonuses at all times, without regard to profitability? Please share.
48 No one is saying simply that you don’t deserve a bonus. We’re only adding a qualifier: no matter how many hours you put in, you deserve one only if the firm prospers. Otherwise all those hours were useless. The whole comp scheme is founded on that principal: firm prospers, they share the prosperity; firm doesn’t, they share the pain. Too bad if the pain results in an hourly wage rate that sucks. Better luck next year.
50 is retarded
so anyone know if greg wnuk is fired yet
Barc/Lehs canned a ton of associate/ analysts including recent hires across all banking groups
The entire legacy LEH mortgage contract finance and warehouse lending group got axed
greg wnuk still alive baby!!! Go Greg Go!