• 12 Jan 2011 at 10:20 AM

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.”

109 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (109)

  1. Posted by Guest | January 12, 2011 at 3:49 PM

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

  2. Posted by Guest | January 12, 2011 at 3:49 PM

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

  3. Posted by alleycat | January 12, 2011 at 3:52 PM

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

  4. Posted by Guest | January 12, 2011 at 4:01 PM

    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.

  5. Posted by BarCedOut | January 12, 2011 at 4:02 PM

    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. Posted by Anon | January 12, 2011 at 4:02 PM

    I’ll d it for a ten-spot.

    -50 cent

  7. Posted by Who | January 12, 2011 at 4:05 PM

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

  8. Posted by Guest | January 12, 2011 at 4:05 PM

    Anyone specifically?

  9. Posted by TMTmaven | January 12, 2011 at 4:10 PM

    Woody Young, in absentia on principle.

  10. Posted by Guestosaurus | January 12, 2011 at 4:10 PM

    yes, the guy 3 posts above you, einstein.

  11. Posted by tits | January 12, 2011 at 4:15 PM

    I feel for you.

  12. Posted by tits | January 12, 2011 at 4:15 PM

    I feel for you.

  13. Posted by Guestosaurus | January 12, 2011 at 4:18 PM

    I’d like to point out that i never fired anyone in order to pay for my bonus.

    B Madoff

  14. Posted by Guestosaurus | January 12, 2011 at 4:18 PM

    I’d like to point out that i never fired anyone in order to pay for my bonus.

    B Madoff

  15. Posted by Guest | January 12, 2011 at 4:22 PM

    Me too. UBS may suck, but they’re hiring. Just saying.

  16. Posted by CurrencyTrader | January 12, 2011 at 4:22 PM

    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.

  17. Posted by Hearingthings | January 12, 2011 at 4:25 PM

    hearing DB is blocked there

  18. Posted by Hearingthings | January 12, 2011 at 4:25 PM

    hearing DB is blocked there

  19. Posted by Guest | January 12, 2011 at 4:28 PM

    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.

  20. Posted by Guest | January 12, 2011 at 4:28 PM

    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.

  21. Posted by Anonymous | January 12, 2011 at 4:29 PM

    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

  22. Posted by Anonymous | January 12, 2011 at 4:29 PM

    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

  23. Posted by Kevstev | January 12, 2011 at 4:29 PM

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

  24. Posted by Kevstev | January 12, 2011 at 4:29 PM

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

  25. Posted by Obvious | January 12, 2011 at 4:30 PM

    I didn’t realize Guest worked here. Sorry, my mistake.

  26. Posted by Obvious | January 12, 2011 at 4:30 PM

    I didn’t realize Guest worked here. Sorry, my mistake.

  27. Posted by Anon | January 12, 2011 at 4:30 PM

    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.)

  28. Posted by Anon | January 12, 2011 at 4:30 PM

    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.)

  29. Posted by Guestosaurus | January 12, 2011 at 4:31 PM

    if you want to apply for a position with us, pls don’t mention the war.

    Head of Recruiting, Deutsche Bank.

  30. Posted by Guestosaurus | January 12, 2011 at 4:31 PM

    if you want to apply for a position with us, pls don’t mention the war.

    Head of Recruiting, Deutsche Bank.

  31. Posted by Wide clops | January 12, 2011 at 4:31 PM

    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.

  32. Posted by tits | January 12, 2011 at 4:37 PM

    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.

  33. Posted by Anon | January 12, 2011 at 4:42 PM

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

  34. Posted by Anon | January 12, 2011 at 4:42 PM

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

  35. Posted by Anon | January 12, 2011 at 4:42 PM

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

  36. Posted by SeriousQ | January 12, 2011 at 4:42 PM

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

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

  37. Posted by SeriousQ | January 12, 2011 at 4:42 PM

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

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

  38. Posted by SeriousQ | January 12, 2011 at 4:42 PM

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

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

  39. Posted by CreditSuisseSecure | January 12, 2011 at 4:46 PM

    Couldn’t have happened to better people.

  40. Posted by World Currency | January 12, 2011 at 4:49 PM

    I blame the Juan.

  41. Posted by Anonymous | January 12, 2011 at 4:51 PM

    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.

  42. Posted by Juan Valdez | January 12, 2011 at 4:54 PM

    Hey!!!

    -Juan Valdez
    Coffeeburro, Colombia

  43. Posted by Ditkopf | January 12, 2011 at 4:58 PM

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

  44. Posted by Guest | January 12, 2011 at 4:58 PM

    That’s a vertical smile, right?

  45. Posted by Ryan Bingham | January 12, 2011 at 5:00 PM

    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

  46. Posted by OpeningBell | January 12, 2011 at 5:03 PM

    +1

  47. Posted by Pink_Eyed_Slip | January 12, 2011 at 5:04 PM

    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.

  48. Posted by JD | January 12, 2011 at 5:04 PM

    Did they make you feel the bald eagle?

  49. Posted by JD | January 12, 2011 at 5:04 PM

    Did they make you feel the bald eagle?

  50. Posted by Huh? | January 12, 2011 at 5:25 PM

    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

  51. Posted by Huh? | January 12, 2011 at 5:25 PM

    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

  52. Posted by Anonymous | January 12, 2011 at 5:26 PM

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

  53. Posted by Anonymous | January 12, 2011 at 5:26 PM

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

  54. Posted by Guest | January 12, 2011 at 5:34 PM

    Really hope you’re right. Layoffs suck.

    Go get’em, BarFolk!

  55. Posted by SpmdantiDB | January 12, 2011 at 5:47 PM

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

  56. Posted by White Collar Slave | January 12, 2011 at 6:06 PM

    Did BarCap used to be Lehman?

    Dick Gregory
    Lost in Space

  57. Posted by guest | January 12, 2011 at 6:20 PM

    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

  58. Posted by guest | January 12, 2011 at 6:20 PM

    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

  59. Posted by guest | January 12, 2011 at 6:20 PM

    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

  60. Posted by Not_bitter | January 12, 2011 at 6:25 PM

    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.

  61. Posted by Not_bitter | January 12, 2011 at 6:25 PM

    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.

  62. Posted by Dick Fuld | January 12, 2011 at 6:55 PM

    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.

  63. Posted by CW | January 12, 2011 at 6:55 PM

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

  64. Posted by Jason STATHAM. | January 12, 2011 at 7:10 PM

    Glad I chose to re-route my career search away from BarCap. Whew.

  65. Posted by Anonymous | January 12, 2011 at 7:22 PM

    …one eggs Hermann Goering…

  66. Posted by Anonymous | January 12, 2011 at 7:25 PM

    Salk?

  67. Posted by Axed | January 12, 2011 at 7:53 PM

    true story. no bonus.

  68. Posted by CW | January 12, 2011 at 7:59 PM

    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.

  69. Posted by Guest | January 12, 2011 at 8:00 PM

    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.

  70. Posted by Anon | January 12, 2011 at 8:25 PM

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

  71. Posted by hjlkj | January 12, 2011 at 8:27 PM

    OUCH.

  72. Posted by Anonymous | January 12, 2011 at 8:28 PM

    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…

  73. Posted by Guest | January 12, 2011 at 8:29 PM

    I’d like to point out that UBS dodged the Layoffs Watch yet again!

  74. Posted by Bonus monger | January 12, 2011 at 8:30 PM

    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?

  75. Posted by Sue | January 12, 2011 at 8:40 PM

    Is this the 10% layoff or the 200 layoff?

  76. Posted by Daniel Webster | January 12, 2011 at 9:20 PM

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

  77. Posted by Daniel Webster | January 12, 2011 at 9:20 PM

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

  78. Posted by Daniel Webster | January 12, 2011 at 9:20 PM

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

  79. Posted by N_R | January 12, 2011 at 9:32 PM

    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)

  80. Posted by Wideclops II | January 12, 2011 at 9:44 PM

    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.

  81. Posted by Wideclops II | January 12, 2011 at 9:44 PM

    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.

  82. Posted by Wideclops II | January 12, 2011 at 9:44 PM

    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.

  83. Posted by JR | January 12, 2011 at 9:46 PM

    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.

  84. Posted by JR | January 12, 2011 at 9:46 PM

    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.

  85. Posted by JR | January 12, 2011 at 9:46 PM

    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.

  86. Posted by JR | January 12, 2011 at 9:46 PM

    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.

  87. Posted by JR | January 12, 2011 at 9:46 PM

    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.

  88. Posted by Guest | January 12, 2011 at 9:47 PM

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

  89. Posted by Guest | January 12, 2011 at 9:47 PM

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

  90. Posted by Bogusmongrel | January 12, 2011 at 9:49 PM

    Which is which? Thx in advance.

  91. Posted by Guest | January 12, 2011 at 10:02 PM

    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.

  92. Posted by Guest | January 12, 2011 at 10:02 PM

    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.

  93. Posted by Wideclopped | January 12, 2011 at 10:40 PM

    Is it just me? I frikking despise HR even in good times. Even the bubble-hire hotties.

  94. Posted by Wideclopped | January 12, 2011 at 10:40 PM

    Is it just me? I frikking despise HR even in good times. Even the bubble-hire hotties.

  95. Posted by Guest | January 12, 2011 at 10:51 PM

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

  96. Posted by Guest | January 12, 2011 at 11:28 PM

    Probably the most pretentious, blowhard comment I’ve ever read on the internet. You belong in academia.

  97. Posted by guest | January 13, 2011 at 12:17 AM

    What group?

  98. Posted by Again | January 13, 2011 at 1:15 AM

    What group?

  99. Posted by Bobdabuilder | January 13, 2011 at 1:25 AM

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

  100. Posted by Guest | January 13, 2011 at 2:20 AM

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

  101. Posted by Guest | January 13, 2011 at 6:17 AM

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

  102. Posted by Non-Entity Hedge Fund Manager | January 13, 2011 at 6:29 AM

    Why so serious?

  103. Posted by Barcap Blows | January 13, 2011 at 1:09 PM

    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).

  104. Posted by Guest | January 13, 2011 at 2:03 PM

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

  105. Posted by Zeroforeight | January 13, 2011 at 6:31 PM

    they should go 0 for 8 on this one. f*cking douches

  106. Posted by Dealbreaker89 | January 15, 2011 at 2:50 AM

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

  107. Posted by Dealbreaker89 | January 15, 2011 at 2:51 AM

    nothing to lose but getting blacklisted on wall st

  108. Posted by Dealbreaker89 | January 15, 2011 at 2:54 AM

    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.

  109. Posted by Bristol Airport Hotels | April 19, 2012 at 12:34 AM

    aGjD4n Thank you for your article.Really thank you! Really Cool.