"Massive" layoffs are said to be going down at Barclays circa now, affecting equities at all levels but especially first and second years. Apparently not everyone was brought up to speed that there'd be any whackings today-- one victim's boss (and his boss's boss) had no idea about the layoffs, with the global head calling a bunch of employees into his office and letting them know they were getting canned due to "restructuring and non-performance based" reasons, without telling their direct managers first.
Update: One employee says it's rumored the cuts, which started yesterday but "went into full swing today" will continue until next Friday and will be "rather substantial."
Posted by guest , Jun 23, 2009 2:23PM
W I D E C L O P S
Posted by guest , Jun 23, 2009 2:25PM
fuck you neil diamond
Posted by guest , Jun 23, 2009 2:25PM
HR, with spreads that are even W I D E R
Posted by guest , Jun 23, 2009 2:26PM
wow that's cold...
Posted by guest , Jun 23, 2009 2:26PM
Bob Diamond. I meant Bob Diamond.
-2
Posted by guest , Jun 23, 2009 2:26PM
Jesus. What is this, about the 10th round?
Posted by guest , Jun 23, 2009 2:28PM
all must be well at the house that bobby d built....apparently the ishares/gfi sale doesn't get you enough $$$ to keep those toxic assets off your books
Posted by guest , Jun 23, 2009 2:29PM
what about equity research? i want specific industries mentioned that got hit today.
Posted by Tax Chick , Jun 23, 2009 2:31PM
No, @2. You had it right. Fuck Neil Diamond. He irks me. Bod Diamond is an asshole too.
Posted by guest , Jun 23, 2009 2:33PM
"non peformance based" reasoning is BS. it is peformance based maybe not your performance but someone else F-Ed up and caused the loss of your job.
Posted by guest , Jun 23, 2009 2:35PM
@10 it's based on Bob Diamond's performance.
Posted by Seaman Bodine II , Jun 23, 2009 2:40PM
they can go after the HBS peace corp slots now
Posted by guest , Jun 23, 2009 2:44PM
I'm just happy Bella isn't here to see this
Posted by guest , Jun 23, 2009 2:46PM
Love on the rocks
Ain't no surprise
Just pour me a drink
And I'll tell you some lies
Ain't got nothing to lose
So you just sing the blues
All the time
Gave you my heart
Gave you my soul
You left me alone here
With nothing to hold
Yesterday's gone
Now All I want is a smile
First they say they want you
Believe how they really need you
Suddenly you find you're out there
Walking in the storm
And when they know they have you
Then they really have you
Nothing you can do or say
You've got to leave just get away
We all know the song
You need what you need
You can say what you want
Not much you can do when the feeling is gone
Maybe blue skies above
It's cold when you're love's on the rocks
First they say they want you
Believe how they really need you
Suddenly you find you're out there
Walking in a storm
And when they know they have you
Then they really have you
Nothing you can do or say
You've got to leave just get away
We all know the song
Love on the rocks
Ain't no big surprise
Just pour me a drink
And I'll tell you my lies
Yesterday's gone
Now all that I want is just a smile
Written by Neil Diamond
Posted by guest , Jun 23, 2009 2:47PM
@10, thanks for clearing that up. You are brilliant.
Posted by guest , Jun 23, 2009 2:51PM
Is Jon Duskin safe?
Posted by guest , Jun 23, 2009 2:53PM
is phil mickelson's job safe?
Posted by guest , Jun 23, 2009 2:55PM
this place is so poorly managed, it is not even funny. this is round 10-11. what sort of management is this?
Posted by guest , Jun 23, 2009 2:56PM
this place is so poorly managed, it is not even funny. this is round 10-11. what sort of management is this? jack welch school of business?
Posted by guest , Jun 23, 2009 2:57PM
@18/19 how could it possibly be worse than citi/bac?
Posted by Tax Chick , Jun 23, 2009 3:00PM
At least Citi hasn't taken the death by a thousand papercuts approach to layoffs. They just canned 20% and went on their merry way.
Posted by guest , Jun 23, 2009 3:06PM
First the "Stadium Curse" and now the "Golf Shirt Curse"???
Posted by guest , Jun 23, 2009 3:07PM
I have no problem with this
-- Dick Fuld
Posted by guest , Jun 23, 2009 3:11PM
You mean "Golf Cap Curse"?
"Other employers, including City accountant KPMG, have been encouraging employees to take unpaid leave, or sabbaticals, to minimise redundancies."
http://www.guardian.co.uk/business/2009/jun/23/cbi-survey-recession-plans
Posted by guest , Jun 23, 2009 3:15PM
I want to motorboat them moobies!
Posted by guest , Jun 23, 2009 3:17PM
Don't forget the "Golf Shirt Sleeve Curse" either...
"Callaway’s moves follow the layoffs of 185 workers, or 10 percent of its staff, announced at the end of April. The company disclosed then that first quarter sales had slipped 26 percent from the like quarter of 2008."
http://www.sdbj.com/article.asp?aID=24511836.3170847.1797952.2293299.1502481.852&aID2=138295
Posted by guest , Jun 23, 2009 3:29PM
Things are picking up again for me.
The Hatchet Man
Posted by guest , Jun 23, 2009 3:29PM
Do you know what the difference is between Phil and Amy Mickleson?
Amy has a real smile and fake tits while Phil has real tits and a fake smile.
Posted by guest , Jun 23, 2009 3:31PM
This all so Barclays can sell Lehman more office furniture. Might as well have those desks generate some revenue.
Posted by guest , Jun 23, 2009 3:33PM
How big is the 1620 club these days?
Posted by guest , Jun 23, 2009 3:41PM
Anyone know if Equity Derivatives is impacted as well? They are particularly separate groups at Barcap. Thx
Posted by guest , Jun 23, 2009 3:41PM
@ 28 Bad karma.
Posted by guest , Jun 23, 2009 3:42PM
Anyone know if Equity Derivatives is impacted as well? They are particularly separate groups at Barcap. Thx
Posted by american bandersnatch , Jun 23, 2009 3:45PM
@31 and @33 - Clearly redundancy is an issue.
Posted by guest , Jun 23, 2009 3:51PM
@33 - that joke pre-dates Amy's current issues by about 5 years.
-28
Posted by guest , Jun 23, 2009 4:00PM
@28. -10
Posted by guest , Jun 23, 2009 4:00PM
@28. -10
Posted by guest , Jun 23, 2009 4:03PM
@28. -10
Posted by guest , Jun 23, 2009 4:26PM
Tom Seitz and his guys got a bullet, telecom coverage transferred to Vijay.
Posted by guest , Jun 23, 2009 4:31PM
I used to work with Seitz. too bad. but i think they were in washhington office, which had to be a serious waste.
Posted by guest , Jun 23, 2009 5:04PM
Damn, I interviewed to work with Seitz several years back - good crew.
Posted by guest , Jun 23, 2009 5:10PM
What other Lehman equity reseearch teams got cut?
Posted by guest , Jun 23, 2009 5:32PM
drinks at my florida mansion for pink slippers--
-- Dick Fu@#
Posted by guest , Jun 23, 2009 5:37PM
Are these layoffs for Barclays Global Investors (being bought by Blackrock) or some other part of Barclays?
Posted by guest , Jun 23, 2009 5:47PM
more appropriate picture:
http://weblogs.baltimoresun.com/sports/thetoydepartment/phil-mickelson.jpg
Posted by guest , Jun 23, 2009 9:40PM
I have been miserably unemployed for quite a while while some jokers and asslickers are still being employed. I am glad when tons of people get the boot and start depriving themselves of the stupid brunches and golf trips and retarded outings in the Hamptons. And hey, if some dumbass banker gets ill and is uninsured, I am even more jubilant. I am happy as long as everyone else is unhappy.
Posted by guest , Jun 23, 2009 9:59PM
@46
stay classy
Posted by guest , Jun 23, 2009 10:33PM
Massive layoffs this coming Friday at another bulge bracket firm...massive. As they begin, the firm name will be posted. No sooner, no later. Don't take any wooden nickels.
Posted by guest , Jun 23, 2009 10:48PM
44 Doubtful. BGI is quant driven investing, Blackrock fundamental issue by issue securities analysis. Minimal overlap, esp among professionals.
Posted by guest , Jun 23, 2009 10:50PM
41 What does "good crew" mean? Guys you would like to play golf with? Maybe that's why they're gone.
Posted by guest , Jun 23, 2009 10:50PM
cloak and dagger @ 48 why not just name the firm now? who cares?
Posted by guest , Jun 23, 2009 10:52PM
48 And where can we find you if you're wrong here?
Posted by guest , Jun 24, 2009 4:38AM
@48 if you say nothing i say UBS
Posted by guest , Jun 24, 2009 7:27AM
Folks can try Nomura - they are grabbing everyone from Barcap wholesale and paying better.
Posted by guest , Jun 24, 2009 7:39AM
49, the biggest headcount at these asset managers is in marketing. there is ton of redundancy there. Plus HR, backoffice, IT, etc.
Posted by guest , Jun 24, 2009 9:27AM
Just don't cut Legal/Compliance, they fight back in a big way!