Earlier this month, it was reported that Barclays’ investment bank chief Rich Ricci was working on a little something called Project Mango,* which is similar to Bank of America’s Project New BAC in that one aspect of it involves firing a bunch of people, as part of a plan to revamp the unit. According to the Journal, management is now putting the finishing touches on Project M and all that is left to decide is whether cutting 2,000 IBD jobs is enough or if they should think bigger.

Senior Barclays executives are planning to recommend that the investment bank cut between 1,000 and 2,000 jobs. They are likely to be concentrated in Asia and continental Europe, with Barclays executives aiming to protect the bank’s strong U.S. and U.K. franchises from much bloodletting. The cutback plans remain in flux, and some senior executives are pushing for a more-aggressive purge, according to one person with knowledge of the discussions. The anticipated investment-banking cuts are likely to be part of a larger number of job reductions across the entire company, as executives consider areas like information technology as ripe for layoffs.

Barclays Is Set To Join Cost-Cutting Crowd [WSJ]
*“…nicknamed after an Indian client sent Mr. Ricci a box of mangos to commiserate following Mr. Diamond’s sudden departure.”

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

Comments (18)

  1. Posted by VonSloneker | December 13, 2012 at 1:56 PM

    Hey, quit stealing photos from our website!!

    – Webmaster, Handbridge-Mango Capital Partners

  2. Posted by guest | December 13, 2012 at 2:00 PM

    make sure you squeeze that mango tight..

  3. Posted by Guest | December 13, 2012 at 2:20 PM

    I feel like I just got vitamin B-12 shot!

    -CoSTANza

  4. Posted by Guest | December 13, 2012 at 2:38 PM

    I think he's allowed to say that because he is Mex.

  5. Posted by TheBrickaShaw | December 13, 2012 at 2:40 PM

    I feel like I just got vitamin B-12 shot!

  6. Posted by Guest | December 13, 2012 at 2:40 PM

    You know what was never funny? The Chris Kattan bit, You can't touchada mango.

  7. Posted by Guest | December 13, 2012 at 2:42 PM

    I'd hit it.

  8. Posted by Quant me maybe | December 13, 2012 at 2:59 PM

    While sex with a donkey is illegal in many places, sex with a mango is probably still OK. So, have at it.

  9. Posted by HungryIntern | December 13, 2012 at 3:07 PM

    When they came for the equity analyst, I did not speak out; I was not a equity analyst. When they came for IT, I remained silent; I wasn't in IT. When they came for me, I just did not care anymore…

  10. Posted by Lloyd_Christmas | December 13, 2012 at 3:59 PM

    Questionable tooth to gum ratio

  11. Posted by argo | December 13, 2012 at 4:30 PM

    mango fuck yourself!

  12. Posted by Guest | December 13, 2012 at 4:50 PM

    Its only fair for pay cuts to start with "Rich Ricci." There's flaunting one's wealth, and then there's that.

    – Guy who thinks his name perfectly matches the job description

  13. Posted by Guest | December 13, 2012 at 5:16 PM

    Bess. Ménage à trois with the mango lady?

  14. Posted by Guest | December 13, 2012 at 5:42 PM

    Well now I can't seen anything else, so thanks for that.

  15. Posted by Guest | December 13, 2012 at 5:46 PM

    I don't know who you are, but I'm certain you've overestimated your sexual prowess.

  16. Posted by Rob Parker | December 14, 2012 at 12:28 PM

    He's not Mexican enough.

  17. Posted by xenomorph | December 14, 2012 at 4:31 PM

    LOL says the pasty glasses wearing desk jockey with a growing gut

    but hey, to each their own

  18. Posted by the hedgehog | December 14, 2012 at 4:32 PM

    O'rly?