• 16 Nov 2010 at 8:49 AM

Layoffs Watch ’10: Barclays Cuts Coming?

Apparently yes.

We’re told BarCap will be laying off 5-7 percent of the staff, across the board, at all levels, at some point in the next two weeks. The cuts are expected the Monday after Thanksgiving. That’s all the info we have now (if anyone has anything else to add, please do so at this time).

48 comments (hidden to protect delicate sensibilities)
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Comments (48)

  1. Posted by tits | November 16, 2010 at 1:54 PM

    This is why you should never join those clowns. I ran a mile …

  2. Posted by Guest | November 16, 2010 at 1:56 PM

    what…?

  3. Posted by Guest | November 16, 2010 at 2:05 PM

    Consultants must have recommended doing it before the tryptophan wears off

  4. Posted by Guest | November 16, 2010 at 2:12 PM

    We’ll Make those Lehman people leave one way or another……….., now back to my 10 footer for birdie at Pebble Beach

  5. Posted by j. ames | November 16, 2010 at 2:14 PM

    Obviously times are tough, Bobby D is sporting an Odyssey…

  6. Posted by Guest | November 16, 2010 at 2:17 PM

    Why are you staring at his putter?

  7. Posted by Beenthere | November 16, 2010 at 2:17 PM

    BarCap is now BarCut

  8. Posted by 911call | November 16, 2010 at 2:19 PM

    Hi, I’d like to report a disturbance… there is this fella with a cane defecating on my lawn…

  9. Posted by Guest | November 16, 2010 at 2:20 PM

    http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8135382/Barclays-Capital-would-never-have-made-a-profit.html

    Barclays Capital would never have made a profit
    Barclays’ investment banking arm would never have made an economic profit under new bank capital rules being introduced.

  10. Posted by Quant_Wannabe | November 16, 2010 at 2:31 PM

    1 bond shop + 1 bankrupt bond shop = 1 over staffed bond shop

  11. Posted by Diesel7 | November 16, 2010 at 2:37 PM

    Nice, right before the holidays. Good form.

    Place is a bucket shop anyway. I nailed the 747 ping pong ball at my GS interview yesterday btw, I’ll be at minettas tonight celebrating. i will be wearing the beanie with the propeller on top and a red bowtie

  12. Posted by Guest | November 16, 2010 at 2:50 PM

    Other bulge brackets will be doing the same before the year ends.

  13. Posted by Diesel7 | November 16, 2010 at 3:02 PM

    Really genius? Which “Bulge Brackets” are you referring to? There is no such thing anymore

  14. Posted by Guest | November 16, 2010 at 3:03 PM

    Rumor has it that IT managing directors to be particularly hard hit. Ouch!

  15. Posted by JGWentworth | November 16, 2010 at 3:05 PM

    IT’S MY MONEY AND I NEED IT NOW!!!!!!!!!

  16. Posted by Homosaurus | November 16, 2010 at 3:08 PM

    I thought the number of circumcisions was going down?

  17. Posted by Guest | November 16, 2010 at 3:10 PM

    be moar funny.

  18. Posted by Guest | November 16, 2010 at 3:10 PM

    what the hell does that mean?

  19. Posted by Anonymous | November 16, 2010 at 3:26 PM

    Is this standard end of year layoffs or economic related?

  20. Posted by Guest | November 16, 2010 at 3:42 PM

    keep up with the news/barcap’s performance of late?

  21. Posted by Pfluger the Barbarian | November 16, 2010 at 3:43 PM

    JT Marlin Securities is growing, and we are looking for the Best People to continue our growth strategy! Unlike other firms who recklessly leveraged themselves with dubious mortgage backed securities, our crack research staff and state-of-the-art risk managment systems kept us solvent, and out of any regulatory problems.

    If you are a proven performer, a self-starter with an ability to thrive in a fast paced, collegial environment, consider JT Marlin. We are conveniently located off of Exit 56 of the LIE, just across from the Dunkin Donuts.

  22. Posted by dollar_dom | November 16, 2010 at 3:44 PM

    30 lashes for you.

    -MW

  23. Posted by TheLimey | November 16, 2010 at 3:50 PM

    My balls always seem to get bigger when there are layoffs afoot.

  24. Posted by Tinnwyld | November 16, 2010 at 3:57 PM

    As goes barclehs, so go the others …

  25. Posted by TGFD | November 16, 2010 at 3:59 PM

    Guest,,,

    Thanks for the link to the UK Telegraph article. In the comments to that article, a guy named ‘jonnysingapore’ wrote a particularly scathing one about Barclay’s. It is well written and heartily endorsed by TGFD.

    The Guy from Delaware

  26. Posted by tits | November 16, 2010 at 4:05 PM

    UBS calling out BarCap is the new killing it.

  27. Posted by Seaman Bodine | November 16, 2010 at 4:18 PM

    what do you expect, with such an ethnic name

  28. Posted by Doode | November 16, 2010 at 4:23 PM

    Very interesting article – did UBS review Lehman business model as well? Obviously the BK of 2008 seemingly makes the answer obvious, but many Lehman units outside of mortgages were very profitable and were picked up by Barcap.

  29. Posted by Anonymous | November 16, 2010 at 4:26 PM

    to be honest not really, I know their i-banking results were weka in the last quarter, it isn’t a shop I know well

  30. Posted by Guest | November 16, 2010 at 4:33 PM

    What does this mean for 1st year CEOs?

  31. Posted by guest | November 16, 2010 at 5:15 PM

    We can only hope that The Best Lawyer on Wall Street (in his mind ) Steve Berkenfeld makes the cut list this time!

  32. Posted by Bozo | November 16, 2010 at 6:14 PM

    That’s your problem. We can’t run very well in these big shoes.

  33. Posted by Someone Who Was There | November 16, 2010 at 6:26 PM

    Only if he can spend some more tan with his fake tanner.

  34. Posted by Someone Who Was There | November 16, 2010 at 6:27 PM

    And by tan, I mean time.

  35. Posted by anon | November 16, 2010 at 6:36 PM

    Has wideclops been put on retainer?

  36. Posted by Rho2Gamma | November 16, 2010 at 6:47 PM

    A bonus for cutting the bottom line. Best part is the bonus > amount saved in cuts.

  37. Posted by Level 1 candidate | November 16, 2010 at 7:14 PM

    Why would you want to cut the bottom line?

  38. Posted by Anonymous | November 16, 2010 at 7:32 PM

    touche

  39. Posted by 745er | November 17, 2010 at 3:18 PM

    My boss has been real shady the past few weeks. I am so fucked

    (I am being serious)

  40. Posted by Destiny's Child | November 18, 2010 at 3:20 AM

    I been working in Barclays for past 4 years. Never saw the large number of Managers getting added, like it happened this year.
    More coming in, more going out….
    I see lot of hiring at Mgmt layer, while entire help desk team vanished, real hard working executors are laid off. The manager are not even money/business bringing worthy people. Just expensive fat layers who earn money same as 10 hard working real employees!!!

  41. Posted by JOHND | November 19, 2010 at 3:16 AM

    I HEARD KUNOWS DAYS ARE OVER….ALONG WITH SKUNAKIS…..NEW IT WORLD COMING DOWN THE PIKE….USELESS ANYWAY…

  42. Posted by barcap_IT | November 20, 2010 at 12:07 AM

    Homosaurus is using circumcisions as a metaphor for cuts. If puns are the lowest form of humor what is unfunny wordplay?

  43. Posted by H23juy | November 20, 2010 at 1:04 AM

    Funny enough, rumor has it that Kunows secret (that he is worthless other than sitting in his office making up “TERMS OF THE WEEK) is out. Real great way to spend the Banks money on staff who should be supporting traders rather then presenting terms that have nothing to do with their jobs. GREAT VALUE ADD THEIR PAL.

  44. Posted by Simon | November 20, 2010 at 10:53 PM

    They definitely have added more IT management than is really needed. The manager-executors ratio seems to be 2-1 instead of 1-4. An executioner needs to report status to 2-5 managers, that tells you much about the company productivity. Cuts are needed, just in the right places!

  45. Posted by 452211 | November 21, 2010 at 3:30 PM

    Your absolutly right., I was laid off 2 years ago after 10 years. I was responsible for 3 areas and learned that after i was laid off they brought over 3 Lehman managers to do the job I was doing all myself.

  46. Posted by Susan M | January 11, 2011 at 12:12 AM

    @ Kunow/Skunakis comments. I am a director at Barclays on the Equities side. IT is certainly missing any type of support structure. I see these guys running around like chickens without heads and no real leadership. After speaking with some of the techs it always seems to point to Kunow and Skunakis. I suggest IT makes some changes to its management structure in order to secure the value of their IT Dept. Isnt this why a lot of companies outsource their IT departments? No Value in the management nor the support they are providing.

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