News

Layoffs Watch ’11: BarCap

Cuts going down circa now.

“BarCap US IBD layoffs kicked off this morning — the Global Finance target is around 10% of headcount, affecting all levels. London employees got the ax a few hours ago.”

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109 Responses to “Layoffs Watch ’11: BarCap”

  1. Guest says:

    Yikes. Sorry kids. Grab a shovel. $40/driveway.

  2. Guest says:

    Yikes. Sorry kids. Grab a shovel. $40/driveway.

  3. alleycat says:

    Well, that’s one way to pay Bob’s bonus.

  4. Guest says:

    Well I just got pink slipped. Will there be any strippers at Beamers? I am now free this afternoon.
    Or will they all be shoveling the NASDAQ? That will cap a perfect day.
    Now Ex-BarCap Guy.

    Oh, and UBS sucks.

    • tits says:

      I feel for you.

    • tits says:

      I feel for you.

    • There are plenty of jobs out there. The U.S. economy is expanding, with hub cities like LA, SF, Chicago, and New York employment expanding faster than the national average, especially in financial services. Take a week to breathe then storm those fucking beaches like it Normandy.

    • Anonymous says:

      That sucks. Speaking of which, meet me on the cnr of 50th and 7th at high noon and I’ll do my best to put a smile on your face.

      Chin up, bucko. xoxo

      • Guest says:

        That’s a vertical smile, right?

        • Anonymous says:

          If you’re the Guest that got pink-slipped, you may smile however you want. Vertical, crooked, one-eyed etcetera etcetera etcetera.

        • Anonymous says:

          If you’re the Guest that got pink-slipped, you may smile however you want. Vertical, crooked, one-eyed etcetera etcetera etcetera.

    • Anonymous says:

      That sucks. Speaking of which, meet me on the cnr of 50th and 7th at high noon and I’ll do my best to put a smile on your face.

      Chin up, bucko. xoxo

    • JD says:

      Did they make you feel the bald eagle?

    • JD says:

      Did they make you feel the bald eagle?

    • Not_bitter says:

      Just joined you in the pink slip parade. Best thing I heard from the HR pigeon is “this was not decided by performance metrics”

      So what was it decided by? No comment… guessing politics or “names out of a hat” was too long for their vocabulary.

    • Not_bitter says:

      Just joined you in the pink slip parade. Best thing I heard from the HR pigeon is “this was not decided by performance metrics”

      So what was it decided by? No comment… guessing politics or “names out of a hat” was too long for their vocabulary.

  5. BarCedOut says:

    these clowns either run too hot, or too cold. I don’t think there is a quarter in which they aren’t either hiring or firing en masse.

  6. Who says:

    Cuts seem to be at the top end – MD’s and Directors, with a smattering of Analysts.

  7. Hearingthings says:

    hearing DB is blocked there

    • Guest says:

      Confirming DB is blocked there, unless you know a way around the firewall of course. Apparantly they prefer to tell you about layoffs in person rather than spoiling the surprise online.

      • SeriousQ says:

        “Apparantly they prefer to tell you about layoffs in person rather than spoiling the surprise online. ”

        wait- what? what company does layoffs “online”?

      • SeriousQ says:

        “Apparantly they prefer to tell you about layoffs in person rather than spoiling the surprise online. ”

        wait- what? what company does layoffs “online”?

      • SeriousQ says:

        “Apparantly they prefer to tell you about layoffs in person rather than spoiling the surprise online. ”

        wait- what? what company does layoffs “online”?

      • guest says:

        Through google reader you could get an RSS feed that had story summaries though, which worked well enough. You could use your phone if you really had to read the whole thing and/or comments

      • guest says:

        Through google reader you could get an RSS feed that had story summaries though, which worked well enough. You could use your phone if you really had to read the whole thing and/or comments

      • guest says:

        Through google reader you could get an RSS feed that had story summaries though, which worked well enough. You could use your phone if you really had to read the whole thing and/or comments

      • Anon says:

        FYI, you can also read it through your Bloomberg terminal.

    • Guest says:

      Confirming DB is blocked there, unless you know a way around the firewall of course. Apparantly they prefer to tell you about layoffs in person rather than spoiling the surprise online.

    • Anon says:

      it’s been blocked there for about 2 yrs- way to be quick on the uptake. (seems people still find a way to get in touch with BL, however.)

    • Anon says:

      it’s been blocked there for about 2 yrs- way to be quick on the uptake. (seems people still find a way to get in touch with BL, however.)

  8. Hearingthings says:

    hearing DB is blocked there

  9. Kevstev says:

    just got the axe. Not even that upset about it.

  10. Kevstev says:

    just got the axe. Not even that upset about it.

    • tits says:

      You know, when the recruiter was gung ho(sp) about me taking up a position at Barcap I had some stellar advisers who had my back and steered me elsewhere. Oh, and anyone that comes here and mentions some bs about the cuts being the bottom 10% under performers can go choke on a doggy leash.

      Take care and I hope you land well.

      – not a BarCap employee, past, present or future.

    • Anon says:

      that sucks man. good to see you’re taking it in stride.

    • Anon says:

      that sucks man. good to see you’re taking it in stride.

    • Anon says:

      that sucks man. good to see you’re taking it in stride.

    • Pink_Eyed_Slip says:

      I felt the same when when I got the pink slip in ’08 (not at BarCap). Now I enjoy coming into work. Good luck on your future endeavors.

  11. Wide clops says:

    Hi Mike, I really wanted to do this face to face, but this snow has caused some transportation issues today. I’ll cut to the chase, you are being given the opportunity to explore alternative career avenues outside the firm. Kthanksbye.

  12. CreditSuisseSecure says:

    Couldn’t have happened to better people.

  13. World Currency says:

    I blame the Juan.

  14. Anonymous says:

    I would appreciate it if the affected persons did not look for job right away and instead go straight to the “discouraged” worker group. My approval ratings can’t take an increase in the unemployement rate at this time. Thanks.
    -Barry O.

  15. Juan Valdez says:

    Hey!!!

    -Juan Valdez
    Coffeeburro, Colombia

  16. Ditkopf says:

    This news cheers me up.
    – Professor Krugman, Princeton Economics Professor, NY Times Columnist, Nobel Prize Winner, Asshat

  17. Ryan Bingham says:

    You’re angry and upset. You’r feeling betrayed and abandoned. I’ve seen it a thousand times and each time I see it I see the seeds of great personal success land on people. Why don’t you? Because you never thought this is how success starts. Success starts in many ways. You just had success slap you in the face. You are some of the the luckiest people on this planet and you don’t even know it. As you grab your things and put them into the cardboard box provided by security, remember this: You just won the personal success lottery.

    -Ryan Bingham
    Omaha Shitcanners
    114th and Dodge Street
    Omaha, NE

    • Guest says:

      And when you take that cardboard box, and you are standing on it tomorrow panhandling at the red light, remember to talk in a deep, melodious voice, and be nice to that scruffy haired kid that wants to take some video of you and post it on YouTube. You never know what might happen.

  18. Huh? says:

    Let me add a few things to what Ryan just said. (Pause for effect) You know, not everyone is a genius in this business as 2007 – 2010 showed. Over-arching suboptimization during that period buttressed skill bucketing in the 3rd quality derivative space. Those of us who deploy intellectual assets in the daily march of high frequency decision matrixing have personal “algorithms” to follow as evedinced by interpersonal due diligence in co-locational psycho-settings like home and work. IE, ergo, to wit and viz, if we drill down into what has just happened at BarCap we can whipstock personal emotional frac zones into sand tolerant emotion flooding al a low royalty rate. Why just the other day I was in an unemployed person’s presence and I asked him if he lived by any certain “motto” and he said no he lived by a 7-Eleven and I said that’s not what I meant, did he follow and sort of creed and he said that living in thee city kept him from following streams or creeks and I said no, not creek, creed and he said what’s that and I said it’s, you know, something that you follow and he said he had to go and so I don’t think I’ll be hiring him because he doesn’t know what to follow or map in the event of juxtapositional resurgence of long dated employment needs.

    Thanks for letting me comment.

    -Tom Petters

  19. Huh? says:

    Let me add a few things to what Ryan just said. (Pause for effect) You know, not everyone is a genius in this business as 2007 – 2010 showed. Over-arching suboptimization during that period buttressed skill bucketing in the 3rd quality derivative space. Those of us who deploy intellectual assets in the daily march of high frequency decision matrixing have personal “algorithms” to follow as evedinced by interpersonal due diligence in co-locational psycho-settings like home and work. IE, ergo, to wit and viz, if we drill down into what has just happened at BarCap we can whipstock personal emotional frac zones into sand tolerant emotion flooding al a low royalty rate. Why just the other day I was in an unemployed person’s presence and I asked him if he lived by any certain “motto” and he said no he lived by a 7-Eleven and I said that’s not what I meant, did he follow and sort of creed and he said that living in thee city kept him from following streams or creeks and I said no, not creek, creed and he said what’s that and I said it’s, you know, something that you follow and he said he had to go and so I don’t think I’ll be hiring him because he doesn’t know what to follow or map in the event of juxtapositional resurgence of long dated employment needs.

    Thanks for letting me comment.

    -Tom Petters

  20. SpmdantiDB says:

    Things suck, layoffs and the repo man is taking the bird

  21. White Collar Slave says:

    Did BarCap used to be Lehman?

    Dick Gregory
    Lost in Space

  22. Dick Fuld says:

    They should have seen this coming a mile away! Take note! This is what happens to traitors who pledged allegiance to Lehman and continued to work dilligently for BarCap…

    Anyone worth their salk, and with a bit of backbone, will have sunk with the ship and moved on to Nomura or create their own hedge fund in Greenwich, Conn.

    • Anonymous says:

      Salk?

      • JR says:

        I wondered the same but figured it was a reference tomeasuring one’s worth in terms of polio vaccine which, I assume, is quite pricey.

      • JR says:

        I wondered the same but figured it was a reference tomeasuring one’s worth in terms of polio vaccine which, I assume, is quite pricey.

      • JR says:

        I wondered the same but figured it was a reference tomeasuring one’s worth in terms of polio vaccine which, I assume, is quite pricey.

      • JR says:

        I wondered the same but figured it was a reference tomeasuring one’s worth in terms of polio vaccine which, I assume, is quite pricey.

      • JR says:

        I wondered the same but figured it was a reference tomeasuring one’s worth in terms of polio vaccine which, I assume, is quite pricey.

  23. CW says:

    Buddy got it today, is it true no bonus? Unless in a contract somewhere, I guess they could get away with that.

    • Axed says:

      true story. no bonus.

      • CW says:

        That is F-ING horrible. I am sure alot of people will try to go into arbitration… but karma is a b-tch, and it will take them years to find any talent to come back.

        • N_R says:

          Second on that – Barclays was a clean slate in the U.S. when they bought Lehman, but now everybody will know to be really leery if they come calling.

          With all the bad things I’ve heard about UBS, who’d have guessed that Deutsche would be the one of the three of them that you’d most want to work at. (maybe Credit Suisse, i don’t know)

          • Dealbreaker89 says:

            There is nothing they can do. Look at MS, they are handing out a ton of Doughnuts to people they are not even firing.

        • Guest says:

          Yeah – I’m sure they are sweating about the karmic consequences.

        • Guest says:

          Yeah – I’m sure they are sweating about the karmic consequences.

      • hjlkj says:

        OUCH.

      • Anonymous says:

        you can sue for at least some portion of the bonus – even if you have a weak-ish case (just look at the BofA guys who teamed up and won). plenty of lawyers out there that would help you for a % of your win. if you got a donut, you have nothing to lose…

    • Bonus monger says:

      How does the no bonus rule work? I thought bonuses were awarded for work performed Jan – Dec but are paid later.

      Even if they cut you, how do they get around paying this?

      • Daniel Webster says:

        Well, for starters, because it’s a “bonus” and not “salary.” One is not a contractual arrangement, the other is.

      • Daniel Webster says:

        Well, for starters, because it’s a “bonus” and not “salary.” One is not a contractual arrangement, the other is.

      • Daniel Webster says:

        Well, for starters, because it’s a “bonus” and not “salary.” One is not a contractual arrangement, the other is.

  24. Sue says:

    Is this the 10% layoff or the 200 layoff?

  25. Wideclops II says:

    Funny how the whole firm knew it was to be on MON and then rolled to WED. WideClops having a nice post steak dinner now.

  26. Wideclops II says:

    Funny how the whole firm knew it was to be on MON and then rolled to WED. WideClops having a nice post steak dinner now.

  27. Wideclops II says:

    Funny how the whole firm knew it was to be on MON and then rolled to WED. WideClops having a nice post steak dinner now.

  28. Guest says:

    I observed that Barcap seems to have axed a high percentage number of women this round. Of the people I know there, I know of 4 women who got laid off and only one man. The the ratio now gets to be 99.999% men to .001% women.

    • Bobdabuilder says:

      Yeah they have been getting rid of anyone who is competent using a technique called TopGrinding

    • Guest says:

      Women can usually get laid on demand, while men have to work for it. Hope this clarifies the issue.

      • Barcap Blows says:

        I got axed from Barcap and they used layoffs as an excuse to cut a lot of women and minorities. So, if you looked like Oprah, you were f-cked. Then again, if you looked like Elizabeth Hasselbeck, you were also fucked (in a different way).

    • Dealbreaker89 says:

      called the one woman from my group into my office. I was telling her that I had to reduce head count by one. It was between her and Jack, so I put it out there and told her:
      Look dear, I am either going to lay you or jack off.

  29. Guest says:

    I observed that Barcap seems to have axed a high percentage number of women this round. Of the people I know there, I know of 4 women who got laid off and only one man. The the ratio now gets to be 99.999% men to .001% women.

  30. Guest says:

    My group took a 25-30% hit. No real bonuses, but the elevated base salaries continue for a while.

  31. guest says:

    What group?

  32. Guest says:

    what group? any idea if this layoff is over or when it will?

  33. Guest says:

    Also interesting to note that BarCap gave 8 offers at our bschool yesterday for their IBD summer associate program. In and out.

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