News

Layoffs Watch ’14: Barclays May Actually Tell 12,002 Employees To Clean Out Their Desks

Back in February, Barclays announced that it would be making some changes around the office; specifically, that it would be asking approximately nine percent of the company to pack up their things to leave, for good. According to the FT, a couple more people may want to prepare themselves for an uncomfortable chat in the conference room with HR.

Barclays is preparing a radical overhaul of its troubled investment bank in a move which is expected to result in thousands of job cuts, adding to pressure on the division’s two heads. The shake-up comes amid growing investor disquiet about the bank’s decision to increase bonus payments by 10 per cent to a total of £2.4bn last year in spite of a one-third fall in its pre-tax profits…Shareholders are also unhappy about rising costs and falling profits at the investment bank, which is jointly run by Tom King in the US and Eric Bommensath in Europe. The new strategy for the investment bank is expected to be unveiled before the summer. Two people familiar with the situation said the bank was also considering replacing Mr King and Mr Bommensath, though this may not happen until after the new strategy is presented.

Barclays To Shake Up Investment Bank [FT]

Earlier: Layoffs Watch ’14: Barclays Is Gonna Need 12,000 Empty Boxes

12 comments
(hidden for your protection)
Show all comments

12 Responses to “Layoffs Watch ’14: Barclays May Actually Tell 12,002 Employees To Clean Out Their Desks”

  1. Guest says:

    The guys doing the firing are getting fired?

  2. UBS FTW says:

    1. motivate management by making sinister leaks to the press re: their employment security
    2. cut client offerings by shutting entire businesses
    3. cut bonuses such that your top producers leave
    4. merge systems with bureaucratic overseas retail bank
    5. profit?

    • Top or Bottom says:

      I'm guessing you're one of the "top producers" who "voluntarily" left UBS?

      – Bottom Producer

  3. Guest says:

    BNP Paribas is worst firm on street, enough about UBS

    -Pepe La Pugh

  4. Downsize for the win says:

    Barcap = smallcap

  5. employee says:

    the street didn't know that only senior level got those bonus plus increased. All VPs and below didn't get any. please go tell to the shareholders and pull that J down and ask D back to head the IB.

Our Sites

  • Above the Law
  • How Appealing
  • ATL Redline
  • Breaking Defense
  • Breaking Energy
  • Breaking Gov
  • Dealbreaker
  • Fashonista
  •