On the heels of the good news that Barclays would be increasing the bonus pool this year, which came on the heels of the bad news that the bank posted a loss for the fourth quarter, comes the not great news that about one in ten of you will be asked to pack your things and leave by the end of 2014. For those of you trying to get a sense of your odds (of being cut), they increase significantly if you happen to be based in the UK. And if you think having the words “managing director” on your business card will save you, think again.

Barclays Chief Executive Antony Jenkins said the bank will continue to crack down on costs wherever possible and is taking “bold decisions” to reposition its business. He laid out a restructuring program a year ago to exit unprofitable businesses and shave £1.7 billion from the bank’s annual cost base. So far, the program has cost Barclays £1.2 billion, including technology investments aimed at moving more customers online and out of branches. This year, the bank will reduce its 139,600-strong workforce by up to 9%. Around 7,000 of the job cuts will be in Britain, with the rest spread across its global operations. Some of the cuts will be at the highest level, Mr. Jenkins said, with 220 managing directors facing the ax. Barclays’s decision to increase staff bonuses for 2013 despite lower revenue and profit prompted a backlash.

Barclays to Cut Up to 12,000 Jobs This Year [WSJ]

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Comments (9)

  1. Posted by Rebecca M. | February 11, 2014 at 1:31 PM

    B, your performance has fallen below the 10% threshold, and due to the cuts, we're going to have to let you go.

  2. Posted by guest | February 11, 2014 at 1:38 PM

    can't decide which I like more, the 'b was fired' pic above or the barclays bird hanging itself: http://dealbreaker.com/uploads/2014/02/barcapbird

  3. Posted by Dickson | February 11, 2014 at 2:25 PM

    Ha!

    MD No. 221

  4. Posted by I saw it coming | February 11, 2014 at 3:17 PM

    Fuck I just bought a new suit. Oh well …
    MD No. 332

  5. Posted by guest | February 11, 2014 at 3:20 PM

    Exhibit Z in the case for Antony Jenkins being the most overpaid CEO in the history of finance. He "decides" to do something completely obvious and necessary (e.g. close unprofitable business lines) and gets a pass, if not credit, for describing to investors and the press as "bold."

  6. Posted by Dipak | February 11, 2014 at 6:27 PM

    220 MDs should pool their resource together and form a new firm and call it Barclayoffs. They are MDs made men of financial world. They should have no problem turning a profit.

    - Career Motivation Guru

  7. Posted by James Dean | February 11, 2014 at 9:06 PM

    Most of them are in London and are tellers (they probably have a different word for it over there like Bobby/Cop)

  8. Posted by Antonio | February 12, 2014 at 2:37 AM

    you are right, we call them MDs

  9. Posted by Guest | February 12, 2014 at 1:01 PM

    This isn't the place to advertise your shitty twitter account.