Yesterday we reported that BarCap US IBD had kicked off a new round of cuts, affecting all levels, with the Global Finance target thought to be around 10% of the headcount. We’re also told sacked employees were sent packing with quite the parting gift.
Apparently everyone who was told yesterday that their services were no longer necessary– a week or so ahead of those being allowed to keep their jobs hearing numbers– will be receiving no bonus for the work they did in 2010.
that’s one doughnut to go, thankyouverymuch..
that’s one doughnut to go, thankyouverymuch..
Not even a “Jelly-Of-The-Month” club membership?
Not even a “Jelly-Of-The-Month” club membership?
not even a set of steak knives.
not even a set of steak knives.
When I don’t make the cut, I don’t get paid.
Men with integrity try to pay their employees before unleashing a shit storm that will turn their lives upside down.
-B. Madoff
or even some Lehman stationary
Classy with a capital “K”
Fat Phil
Phat Phil
Phat Phil
Karma with a capital “C”
On the positive side, the 90% remaining employees will get their bonuses, so the news is marginally positive. Looking forward to a strong 2011, gaining marketshare across products and geographies.
- Bobby D.
Businesses usually don’t succeed by reward employees who don’t make money for the firm. Why would you pay people you are firing if they were good and deserved bonuses they wouldn’t be getting fired
Then you shouldn’t have been awarded them in the first place.
Performance Based used to mean something around here…
Good luck getting anyone to work there again
You’ve clearly never worked at an investment bank
Meet me at Minetta’s ….
What do thorazine suppositories look like?
Traders don’t lose money; markets do.
tap me with your donut so I know it’s you
Dealbreaker commentators usually don’t succeed by displaying ignorance of basic English grammar.
Dealbreaker commentators usually don’t succeed by displaying ignorance of basic English grammar.
Dealbreaker commentators usually don’t succeed by displaying ignorance of basic English grammar.
Dealbreaker commentators usually don’t succeed by displaying ignorance of basic English grammar.
Did they fire Anil Bangar?
Did they fire Anil Bangar?
let’s see..because 1) these weren’t performance-based cuts and 2) everyone knows that the term ‘bonuses’ is a misnomer- base salaries are shit and most people live on their ‘bonuses’ and 3) because these people worked all of 2010, and should get something for that?
let’s see..because 1) these weren’t performance-based cuts and 2) everyone knows that the term ‘bonuses’ is a misnomer- base salaries are shit and most people live on their ‘bonuses’ and 3) because these people worked all of 2010, and should get something for that?
let’s see..because 1) these weren’t performance-based cuts and 2) everyone knows that the term ‘bonuses’ is a misnomer- base salaries are shit and most people live on their ‘bonuses’ and 3) because these people worked all of 2010, and should get something for that?
let’s see..because 1) these weren’t performance-based cuts and 2) everyone knows that the term ‘bonuses’ is a misnomer- base salaries are shit and most people live on their ‘bonuses’ and 3) because these people worked all of 2010, and should get something for that?
try the comment again, but this time in English/with sense.
try the comment again, but this time in English/with sense.
try the comment again, but this time in English/with sense.
try the comment again, but this time in English/with sense.
try the comment again, but this time in English/with sense.
try the comment again, but this time in English/with sense.
You mean like, tip the waiter generously no matter how bad the service?
Yes you do
- Callaway, KPMG, Grayhawk, Rolex, Barclays, ExxonMobil,
LOL
LOL
LOL
…or “Skip” McGee?
Before or after?
Yep, it’s not a nice thing to do but watch for it to happen more and more.
I can even see it going the way of certain strip joints: you pay your fee to work there and then split your proceeds with the house.
hearing many cuts were skewed towards the females. The one woman left should pat herself on the back.
Wow. That’s a great idea– skew the layoffs toward women AND deny them the 2010 bonus to make sure they’re EXTRA pissed-off.
Can we say “litigation risk”?
Wow. That’s a great idea– skew the layoffs toward women AND deny them the 2010 bonus to make sure they’re EXTRA pissed-off.
Can we say “litigation risk”?
@BarCap women.
We’re redecorating our offices. Feel free to send us your stats.
Nor a Fortune 500 business in general.
Nor a Fortune 500 business in general.
On the job tea service training will be provided. Prior to clocking in, please go through the inspectorate office for skirt measurements and hair control. And, no, we do not care what school you went to because all women are equal here. You don’t have to worry about some bitch trying to one-up on you.
And finally your honor I give you the undeniable fact that the defendant sitting here today failed to keep the proper male/female ratio which turned weekly mixers into a regular dickfest.
Well, they are British, after all. Klassy bunch them Brits.
Capital with a capital capital
Indeed- one guy that got cut yesterday they hired as something of an experiment. They gave him a vague goal- “monetize our flow” with no ideas or direction on how to do it- and it’s not like this was some MD or even director level hire. He was there for all of 6 months, and they let him go yesterday.
It makes me wonder though… let’s say he did “monetize the flow.” I think it would be likely that he would be axed anyway, if he was a one trick pony. There is a lot of “what have you done for me lately” type thinking going on there.
I saw three rounds of layoffs in my relatively short tenure there. Massive hiring, then equally massive firing when revenue didn’t pick up to the levels they thought it would. I liked my time there, but its a pretty unsettling place, and you have to make sure you are playing politics correctly. Keeping your head down and doing your job is not enough…
Frankly thrilled to be out of there, but no bonus after getting top tier grades mid year and have direct and traceable contributions to my groups very strong p&l is a complete ass fucking.
Sounds like an Oil company…
I forgot to mention this. Our executives here don’t fire women; they fire at women (usually the gather around a circle in a team building exercise). And you get to go to work the next day. :=)
Hey….fuck you. I can’t pay bonuses. I need to pay for my bright ugly blue sign that is now defacing the ny skyline. Oh and my newspaper/magazine ads that some say bring in ZERO Corp clients. Yeah, that’s what ge and gm want…..a bank with the brightest sign and Print ads in barrons!
If only that were true. There’ll be a fresh crop of MBAs with dreams of models and bottles begging to get hired before the week is over.
That electric blue roof will definitely add some good panning shots of NYC in the movie.. Wall Street III
Prediction is that Bob D is fictionally portrayed as the chief of a firm who can’t find lawyers to arrange a marriage for his failing firm, because they’re still tied up in collateral disputes from his last merger.
– Global Head of Forecasting, LBHI
That electric blue roof will definitely add some good panning shots of NYC in the movie.. Wall Street III
Prediction is that Bob D is fictionally portrayed as the chief of a firm who can’t find lawyers to arrange a marriage for his failing firm, because they’re still tied up in collateral disputes from his last merger.
– Global Head of Forecasting, LBHI
That electric blue roof will definitely add some good panning shots of NYC in the movie.. Wall Street III
Prediction is that Bob D is fictionally portrayed as the chief of a firm who can’t find lawyers to arrange a marriage for his failing firm, because they’re still tied up in collateral disputes from his last merger.
– Global Head of Forecasting, LBHI
Jokes on you guys…bonuses this year are actually negative, we’re clawing back salaries…so we did you a favor.
- Bobby D
Welcome to the club. Sounds to me from your comment and others that the higher your ranking, and the more senior you were the bigger of a threat you were to your boss, the MD who doesn’t do jack but flip through pitch books and throw criticism at font size. So, you get the boot.
What, you saw more clients than your boss? You’re out. You brought more business in? You’re out. The place is a complete s***t show.
what are severance numbers ?
Anyone thinking of a class action suit? I understand they pay partial bonuses at other banks when laying people off at the end of the year. If they claim the cuts were not performance-related, then why stiff former employees?
as long as they pay zero bonus to even a single employee they retained, they will get away with it.
when a retained employee gets a zero, it is performance-related, no? When they sack you for a reason they claim not to be performance-related, would they still automatically get away with it?
can they claw back my salary after laying me off ?
Yes. They want your expenses back. They were authorized incorrectly.
How does this make any sense?
If you got laid of by BarCap, give me a call. I need some guys like you.
Thanks,
Mr R S Fuld.
Not even the stamp on the return envelope to return the final documents
Oh yea…ur right…there’s no stamp…
Oh yea…ur right…there’s no stamp…
All folks that were let go by Barcap on Jan 12th without being paid a 2010 bonus – you can take your case to FINRA arbitration. Several lawyers/firms out there that special in this (plus with contingency, you don’t pay the lawyers if they don’t win a large sum for you). Some sampling of law firms Outten & Golden, Sacks and Sacks, David Rich, Brian Kennedy, Liddle & Robinson. Also check out http://finraawardsonline.finra.org/turing.aspx?doc=45210