Bad news for retrenching banks: You can’t hire people to do something, immediately stop doing that something, forcing those people to find new jobs and make those people then give back their signing bonuses for leaving too quickly. We know this now because Barclays has tried.
Barclays contended that Ileana Delahoz Platt and Rafael Enrique Urquidi owed the bank $2.6 million and $1.3 million respectively for their bonuses which, as is customary, were given in the form of promissory notes that are forgiven over time.
The advisers, who both specialize in serving clients based in Latin America, joined the bank’s wealth-management office in Miami in 2012 from Credit Suisse. Shortly thereafter, Barclays decided to pull out of many overseas markets, including Latin America.