No more long, dragged out firings. No more dread-filled days wondering if HR is coming for you and, if so, when. If you're a Barclays employee set to be canned, you're getting canned A-SAP.
Barclays may begin handing out pink slips this week to some U.S. staffers in its investment banking division in an accelerated fashion meant to avoid the drawn-out process that characterized past job cutting, a person close to the situation said. Last year, people earmarked to be laid off first went through performance reviews, then were told they would get no bonuses and were ultimately let go, said one source at the bank. It was a month-long process, said the employee. This year, the layoffs in the U.S. will happen before performance reviews and bonus discussions. The employee said the accelerated cuts will likely happen globally...Barclays “did a terrible job of layoffs last year, which really hurt our recruiting efforts and the overall impression about the strength of firm,” said the employee, who asked not to be named. This time around, people will be let go before any compensation conversations occur to eliminate the feel of having “dead men walking,” said the employee.