As previously noted, “massive” layoffs affecting equities at all levels went down at Barclays yesterday, and, supposedly, the cuts will continue until next Friday and be “rather substantial.” Some of you wondered what the deal with that was, as it seems like this is the 10th round of axings at the bank. The answer is simple: the Brits needed to free up some cash to have a subway stop named after them, which has always been a dream of Bob Diamond. If all goes according to plan, in exchange for $4 million, the Atlantic Avenue, Pacific Street and Flatbush Avenue station in downtown Brooklyn will bear the Barclays name, sort of, though not exclusively. It will be called the Barclays’ Atlantic-Pacific (having the thing all to themselves would’ve cost extra). Since the Brits are obviously creating a hot new trend in which banks will scramble to have their name stamped on not very desirable MTA stops, where might we suggest Citi stick Vikram’s face? And where would Bank of America feel most at home? Think about this long and hard as some of you, in lieu of being canned, will be redeployed to your firm’s choice of platform to dance for cash.
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you can get rehired on a temp basis – your job is to stand on wall st with a cardboard that says “barclays” to cover the “wall” on the street signs.
Excellent choice in branding. Who does Barclays compete with in Brooklyn, Banco Popular?
Well let’s see, which Citi building does the company actually still own…Not 388/390, not 153 E 53rd, hmmmm…kinda narrows down the stops a bit
ok, what equity research teams got canned? already know about telecom.
The subway thing has to do with the new basketball arena, for which they have naming rights. They’re after Nets fans, not residents of Brooklyn. Ancillary benefit is Wall Street LIRR commuters, who get the train there. Jezz, I gotta splain everything here….
Mark Penn Station?
Franklin Funds Street?
Fuld-ton Street?
Chuck Prince Street?
fired? move to london
http://www.ft.com/cms/s/0/c5b92432-5ced-11de-9d42-00144feabdc0.html
I heard they narrowly outbid Blanus guy for that stop.
@5- it’s in conjunction, and they are paying extra for the naming rights to the stop. Jezz [sic], I gotta splain everything here…
Are you guys talking about a Subway sandwich being named after Barclays? I mean, WTF?!?
~Confused Trader in Omaha
Citi – the entire G-line. Always slow, random, and never gets you out of hell (see: Brooklyn (and yes, I know it goes to LIC, but really…)).
BAC – Halsey, L-line. It’s in the middle of fucking no where, and one of the few areas in NYC where people still make you reach for your toes and squeal like a piggly-wiggly (while stealing your wallet, of course).
@10
weird huh, even stranger, my firm named a professional grade vacuum cleaner after your mom!
@8 Blanus guy don’t advertise…
what’s the market on pan handling rights?
ken lewis is going to be selling candy at one of these stops before the year is done.
@15 he’s been giving it away out of his white van for years
coked up Mexican Cocaine Sharks will replace the throngs of the laid off.
Happy days …
I hearby pledge $100 to the Dealbreaker fund for renaming the 63rd Dr. and Queens Blvd stop (in Rego Park!) as Gasparino Station.
Carney is on CNBC singing his libraterian views.
@4 nobody cares about cost centers
@19 he looks BEAT
Yeah and nervous, wonder if its his first time up there.
Hating Citi is good for business.
@22
not his 1st time, prolly just doesn’t have anything meaningful to say (or is just hungover or something, give the man a break)
@ 20 calling equity research a “call center” is a dead giveaway that you are an effete banking analyst and unlikely to be asked for a third year. cheerio.
@23
“give the man a break”
Tell him to give Citi a break…just saying.
actually i think he called it a cost center.
@ 26- true, that’s a typo in 24
@27 that’s not a typo that’s a brainfart
i used to read carney but then i found out he’s a lawyer..
Important to note that Barclay’s is buying the naming rights because they already committed to the naming rights of nearby Barclay’s Center, which will be home to the Nets when they move to Brooklyn. Most people aren’t considering that.
As background, the MTA also tried selling the rights to the station outside Citi Field to Citibank, but they declined. As a result, the station is known simply as “Mets.”
30 If the MTA wanted to really be spiteful, they could have named it “Shea”
@31– it was named Shea… I assume Citi was probably afraid of having a station in Flushing, too many shitter jokes (not enough foresight in the whole ballpark sponsorship location thing though)
32 No, Citi was just too cheep to pay for the station name. What I suggested would be spiteful because naming the subway station Shea would diminish the value of the Citifield brand, for which they paid a lot of money. As do those tshirts that say “for me it will always be Shea”.
This place (Barclays) sucks. You don’t even want to know how many people are leaving this dump once bonuses are paid early next year. What a predicament for Barclays? Economy good and bank rebounds but people leave for jobs at better firms. Economy bad bank does poorly, people stay but remain very unhappy.
@34, same could be said for Kenny Boy’s grunts. Of course, if you are still there, then you go to an S&M club after work to chill.
And yes, it will always be Sheat.
@5..Nets fans? can you plz. explain this phrase too? I’ve never heard…