As previously noted, "massive" layoffs affecting equities at all levels went down at Barclays yesterday, and, supposedly, the cuts will continue until next Friday and be "rather substantial." Some of you wondered what the deal with that was, as it seems like this is the 10th round of axings at the bank. The answer is simple: the Brits needed to free up some cash to have a subway stop named after them, which has always been a dream of Bob Diamond. If all goes according to plan, in exchange for $4 million, the Atlantic Avenue, Pacific Street and Flatbush Avenue station in downtown Brooklyn will bear the Barclays name, sort of, though not exclusively. It will be called the Barclays' Atlantic-Pacific (having the thing all to themselves would've cost extra). Since the Brits are obviously creating a hot new trend in which banks will scramble to have their name stamped on not very desirable MTA stops, where might we suggest Citi stick Vikram's face? And where would Bank of America feel most at home? Think about this long and hard as some of you, in lieu of being canned, will be redeployed to your firm's choice of platform to dance for cash.
If You Think You Were Unfairly Fired From Your Banking Job And Work In The UK, You've Got Two Options
1. Get over it. 2. Get over it. UK judges couldn't give less of a fuck. Fired bankers suing for unfair dismissal and unpaid bonuses have found little success at London’s specialty employment courts as continuing anger over the financial crisis has left judges unsympathetic. The adverse decisions from the U.K. Employment Tribunal come after London bankers had a run of legal successes with courts ruling they were entitled to large bonuses written into contracts before the economic downturn. The latest round of cases have largely been based instead on wrongful termination, where the banks have been able to make stronger arguments. A former JPMorgan Chase banker, fired for mispricing aluminum trades, discovered the new reality the hard way Oct. 17, when a London judge threw out his suit for not properly explaining how “a large number of errors” he made benefited his trading book by about $400,000. Other claims tossed this year involved securities manipulation and threats from colleagues. “In the current climate there is little sympathy for bankers,” said Andreas White, an employment lawyer at Kingsley Napley LLP in London. “Banking is the only industry where claimant employees are even less popular” than their bosses. Fired Bankers’ Lawsuits Fail as Judges Tire of Bonus Claims [Bloomberg]