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.
This Is Why You Just Got Fired From Barclays
Posted by Bess Levin, Jun 24, 2009, 11:00am
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Posted by guest , Jun 24, 2009 11:06AM
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.
Posted by guest , Jun 24, 2009 11:12AM
Excellent choice in branding. Who does Barclays compete with in Brooklyn, Banco Popular?
Posted by Anal_yst , Jun 24, 2009 11:12AM
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
Posted by guest , Jun 24, 2009 11:12AM
ok, what equity research teams got canned? already know about telecom.
Posted by guest , Jun 24, 2009 11:17AM
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....
Posted by guest , Jun 24, 2009 11:17AM
Mark Penn Station?
Franklin Funds Street?
Fuld-ton Street?
Chuck Prince Street?
Posted by guest , Jun 24, 2009 11:18AM
fired? move to london
http://www.ft.com/cms/s/0/c5b92432-5ced-11de-9d42-00144feabdc0.html
Posted by guest , Jun 24, 2009 11:18AM
I heard they narrowly outbid Blanus guy for that stop.
Posted by guest , Jun 24, 2009 11:19AM
@5- it's in conjunction, and they are paying extra for the naming rights to the stop. Jezz [sic], I gotta splain everything here...
Posted by guest , Jun 24, 2009 11:19AM
Are you guys talking about a Subway sandwich being named after Barclays? I mean, WTF?!?
~Confused Trader in Omaha
Posted by Lowly Assistant , Jun 24, 2009 11:22AM
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).
Posted by guest , Jun 24, 2009 11:24AM
@10
weird huh, even stranger, my firm named a professional grade vacuum cleaner after your mom!
Posted by guest , Jun 24, 2009 11:25AM
@8 Blanus guy don't advertise...
Posted by guest , Jun 24, 2009 11:25AM
what's the market on pan handling rights?
Posted by guest , Jun 24, 2009 11:26AM
ken lewis is going to be selling candy at one of these stops before the year is done.
Posted by guest , Jun 24, 2009 11:29AM
@15 he's been giving it away out of his white van for years
Posted by guest , Jun 24, 2009 11:30AM
coked up Mexican Cocaine Sharks will replace the throngs of the laid off.
Happy days ...
Posted by guest , Jun 24, 2009 11:32AM
I hearby pledge $100 to the Dealbreaker fund for renaming the 63rd Dr. and Queens Blvd stop (in Rego Park!) as Gasparino Station.
Posted by guest , Jun 24, 2009 11:34AM
Carney is on CNBC singing his libraterian views.
Posted by guest , Jun 24, 2009 11:35AM
@4 nobody cares about cost centers
Posted by guest , Jun 24, 2009 11:35AM
@19 he looks BEAT
Posted by guest , Jun 24, 2009 11:48AM
Yeah and nervous, wonder if its his first time up there.
Hating Citi is good for business.
Posted by Anal_yst , Jun 24, 2009 11:55AM
@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)
Posted by guest , Jun 24, 2009 11:59AM
@ 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.
Posted by guest , Jun 24, 2009 12:02PM
@23
"give the man a break"
Tell him to give Citi a break...just saying.
Posted by guest , Jun 24, 2009 12:03PM
actually i think he called it a cost center.
Posted by guest , Jun 24, 2009 12:10PM
@ 26- true, that's a typo in 24
Posted by guest , Jun 24, 2009 12:12PM
@27 that's not a typo that's a brainfart
Posted by guest , Jun 24, 2009 12:12PM
i used to read carney but then i found out he's a lawyer..
Posted by guest , Jun 24, 2009 12:19PM
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."
Posted by guest , Jun 24, 2009 12:26PM
30 If the MTA wanted to really be spiteful, they could have named it "Shea"
Posted by guest , Jun 24, 2009 12:33PM
@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)
Posted by guest , Jun 24, 2009 12:38PM
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".
Posted by guest , Jun 24, 2009 12:49PM
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.
Posted by guest , Jun 24, 2009 1:01PM
@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.
Posted by guest , Jun 24, 2009 1:28PM
@5..Nets fans? can you plz. explain this phrase too? I've never heard...