Suspension Watch '13: Barclays, UBS


A whole bunch of currency traders have been asked to take 5.

An escalating probe into possible rigging of foreign-exchange markets has prompted some of the world's biggest banks to suspend a number of high-profile currency traders in New York, London and Tokyo in the latest market-manipulation investigation to rock the banking industry. More than a dozen traders at five banks are now either suspended or leaves of absence in connection with global currency-rigging investigations, according to people familiar with the probes. The investigations, which are focusing in part on electronic chat rooms with names such as "The Cartel," have uncovered messages in which traders appeared to inappropriately share market-sensitive information with competitors and joked about their ability to influence exchange rates, according to people familiar with chat-room transcripts that have been handed over to regulators.

In a sign of the escalating nature of the investigation, at least two banks— Barclays and UBS AG —have hired criminal-defense lawyers to represent some of their employees who have been put on leave, according to people familiar with the investigations. The suspended traders either declined to comment, didn't respond to requests for comment or couldn't be reached. The swath of departures leaves big gaps on banks' currency-trading desks and people in the industry said it could cause disruption to the vast foreign-exchange business. In London, the world's biggest foreign-exchange hub, three of the senior traders who are on leave are past or present members of a Bank of England committee that oversees the currency market.

Currency Probe Widens as Major Banks Suspend Traders [WSJ]


Layoffs Watch '13: Barclays

The Brits are said to have alerted some staff that their services are no longer required at the bank.

Layoffs Watch '13: Barclays

Earlier this week Barlcays promised not to dawdle when it comes to canning the 2,000 employees slated to be cut. Today employees in Asia got to experience that follow-through in action!

Layoffs Watch '13: Barclays

New CEO Antony Jenkins has apparently been reading the Tarot cards on Barclays and what they're telling him is the bank is about to have 40,000 fewer employees.

Bonus Watch '13: UBS

...employees will get their bonus numbers when management feels like giving them their bonus numbers!

Bonus Watch '13: UBS

The Swiss bank will reportedly announce today that it's going to be doing things a little differently around here re: compensation. One, deferrals will start at $250,000 and two, rather than being paid in UBS stock, the non-cash portion of 6,500 senior employees' bonuses will come in the form of subordinated debt that can and will be wiped out in the event the amount of capital on hand falls below the level required by EU regulators, putting the onus on everyone to make sure no one pulls an Adoboli and avoids multi-billion dollar fuck-ups in general.

Bonus Watch '13: UBS

Not everyone received a package that resulted in a nice long cry. Andrea Orcel, for example, did pretty okay for himself.

Layoffs Watch '13: UBS

Cuts are said to be going down in New York.