News

Bob Diamond’s Got All Kinds Of Exciting Stuff Planned For Barclays

First order of business: bonuses. Bobby’s been working on something he thinks you’re gonna love.

Bob Diamond will stamp his authority on Barclays next month, when the incoming chief executive announces a radical overhaul of the way it pays its top bankers as part of a broader strategic review that could see the group shed staff and put increased pressure on underperforming businesses. According to people close to the plans, Mr Diamond aims to use innovative bonds – so-called contingent convertibles, or cocos – to pay a large portion of the bonuses for more than 1,000 bankers, those ranked at managing director level and above.

Next up: layoffs.

Barclays is also planning to announce a broad-based review of its operations, pinpointing underperforming units and setting strict improvement targets. Mr Diamond was likely to extend an ongoing cost-cutting exercise at Barclays Capital, the investment banking unit, across the group, bankers said. If the scale of the BarCap cuts was replicated group-wide, it would mean more than 3,000 job losses.


Barclays To Unveil Radical Pay Overhaul
[FT]

Related (…?): Bob Diamond Will Not Be Limiting Bonuses For Barclays Staff This Year, Would Appreciate It If The Bank Bashers Would Piss Off, Buy A Clue

32 comments
(hidden for your protection)
Show all comments

32 Responses to “Bob Diamond’s Got All Kinds Of Exciting Stuff Planned For Barclays”

  1. ItJustSaysAlmost says:

    Cocos are sooo tantric.

  2. Chuddy says:

    He will distribute the UBS employee manual and instruct everyone to do the complete opposite. He will then be the most successful CEO since Jack Welsh.

  3. Guest says:

    I hear Morgan Stanley is hiring.

  4. Guest says:

    I hear Morgan Stanley is hiring.

  5. Guest says:

    I hear Morgan Stanley is hiring.

  6. Abc says:

    Cocos and layoffs are great ideas , especially because I convinced Bob to do both.(Bob is easily more pliable that Dickie Fuld)
    Of course, since I am the greatest lawyer and banker on Wall Street, I will be receiving my bonus in cash and will never be laid off.
    S. Berkenfeld

    • guest says:

      What is the deal with Steven Berkenfeld? Why is there so much hate for him?

      -Guy who keeps seeing these comments but doesn’t know anything about S. Berkenfeld

  7. NakedShort says:

    maybe he could create a new super bonus. Cocobonobos

  8. You_guest_it says:

    Cocos – really? I think most people would rather be paid in Grey Goose.

    -Ted Williams

  9. guest says:

    I’m cuckoo for Coco Puffs

    Sonny the Cuckoo Bird,
    Chairman, Barcap Compensation Committee
    Email: compensationcuckoobird@barcap.com
    1 Churchill Place London E14 5HP
    44 (0) 20 7116 1000

  10. Guest says:

    he does not look regal in that pic.

  11. Bonus Malfunction says:

    Cocos ?

    Mine wasn’t even warm and I have to give the cup back.

    Barcap Quant

  12. Bonus Malfunction says:

    Cocos ?

    Mine wasn’t even warm and I have to give the cup back.

    Barcap Quant

  13. Abc says:

    Reply to Guest
    To know S Berkenfeld (from Lehman) is to despise him

  14. Culture Clash says:

    I am curious what kind of reception Chainsaw Bob is getting from Barclays the fuddly duddly UK commercial bank

  15. heelivaf says:

    cheap louis vuitton handbags uk and check coupon code available