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Bonus/Layoffs Watch '12: Barclays

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The bonus is you get to keep your job:

The lender is preparing to tell employees at Barclays Capital next week that overall pay will be down by 25 percent to 30 percent on average from a year earlier, said the people, who declined to be identified because the plans haven’t yet been made public. The bank will also eliminate about 5 percent of its senior bankers, said the people. Those at risk typically hold titles such as executive directors and managing directors...Barclays also plans to cut remuneration for more junior employees such as vice presidents, associates and analysts, the people said. The London-based bank plans to reduce pay for third-year vice presidents, which can be as much as $750,000 a year, by about $100,000, the people said. The reduction will trigger similar pay cuts for more junior vice presidents, associates and analysts, the people said.

If anyone has a problem with that, remember: 100,000 college kids.

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Cuts are said to have gone down in Bob Diamond's den yesterday. "FYI: layoffs yesterday at Barclays Capital. Lev Fin was hit hard (though Barclays was nice enough to do the cuts after bonuses were handed down, in addition to giving 1-month's pay)."

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Bonus Watch '12: Barclays