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Recruiter: Barclays Employees Hate New Bonus Plan So Much They’re Exploring Their Options Elsewhere And Then Staying At The Bank

Advisers at the Barclays Wealth & Investment Management division in the Americas will no longer get paid solely on how much money they bring in. Going forward, their compensation could be docked for misconduct…Barclays advisers will receive about half of their pay in the form of a monthly payment; the other half will be paid out every three months, according to people familiar with the new arrangement. While both payments will be based on a production formula similar to that at other firms, the quarterly payment also takes into account values-based criteria that include professional conduct and customer complaints. Poor performance in these areas could lead to a reduced payout. Mr. Lee said the new pay model was “well received.” But Andrew Parish, managing director at Axiom Consulting Group LLC, says he has fielded calls from at least 10 Barclays advisers in New York, Los Angeles and Chicago, among other places, since they learned of the new arrangement late last year. So far, none has decided to move elsewhere, he said. [WSJ]

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23 Responses to “Recruiter: Barclays Employees Hate New Bonus Plan So Much They’re Exploring Their Options Elsewhere And Then Staying At The Bank”

  1. Man Fin says:

    Professional conduct ??!!

    "Go fuck yourself, this is Futures baby."

  2. Mel says:

    If I want to see international people compete for something, I'll go to College Park, Md and wave around 50$ for people to come paint my house. THAT will be a sporting event.

  3. Guest says:

    I have a hard time believing that the employees overly concerned with having their pay docked for too many customer complaints are going to be the first choice at other firms.

  4. Hans and Franes says:

    Go to UBS. You can paid ,,, Unless of course UBS breaks the LAW…

  5. Guest says:

    Barclays sucks!

  6. guest says:

    Speaking of comp at Barclays – saw them listed as an advisor on Comcast-TWC deal. Going to be a fun conversation at year end when the $20 million fee (at least) yields a sweet $100k cash bonus plus some deferred stock.

    • No one says:

      Yeah, can't wait to see how this one plays out…

    • Guest says:

      Our proprietary models are showing; no break up fee + Barclays + TWC trading at $8 discount to deal value + regulatory hurdles not yet approved + random DB comment propagating deal = short

  7. Guest says:

    would this include the 12000 that are naturally going to have to look elsewhere?

  8. Quant me maybe... says:

    Barclays: when working for the British government is not a option.

    Oh wait…

  9. biglawinsecure says:

    speaking of british things, how come indian chicks with british accents seem way hotter than indian chicks with american accents.

  10. Flo says:

    It moved.

    – Raj

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