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Layoffs Watch '15: New Barclays Chairman's Nickname Involves The Word 'Knife,' So...

So that's comforting.
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If you've never stopped to ponder what sort of nickname you'd like the chairman of your bank to have, now is a great time to think about it. Bob "Will never fire anyone and doles out hefty bonuses every year regardless of performance" Smith would probably be fine with most people. Bob "It's 5 o'clock somewhere and that somewhere is my office" Smith would also work. Bob "All around chill guy, and not just for a bank chairman" Smith. Bob "Mi casa in the south of France es su casa in the south of France" Smith. Bob "This Chipotle is on me" Smith. And so on and so forth. In lieu of finding yourself working for a guy or girl with a similar sort of sobriquet, one might settle for someone with no nickname at all or at least just one he wasn't given on account of firing tons and tons of people. Barclays employees know (or will shortly know!) what we're talking about.

Barclays PLC is bracing for the arrival of “Mack the Knife.” John McFarlane, a former Citigroup Inc. executive with a penchant for feng shui and playing the guitar, earned his nickname as a fearsome restructurer of ailing financial institutions in Asia, Australia and the U.K, often slicing investment-banking jobs along the way. Next month he becomes chairman of Barclays...The 67-year-old Mr. McFarlane, who currently chairs British insurer Aviva PLC and sits on Barclays’ board, has told friends that his primary focus won’t be on changing the culture at the scandal-prone bank, but rather boosting returns for shareholders. A Barclays spokesman declined to comment.

So, uh, gird your loins and other places you'd like to avoid a sharp object coming near.

John McFarlane: Barclays Braced for ‘Mack the Knife’ [WSJ]


Layoffs Watch '15: Barclays

John McFarlane's reputation for telling staff to GTFO precedes him.

Layoffs Watch '15: Barclays

Cuts are said to be going down at the bank circa now.

Layoffs Watch '15: New Barclays CEO Mulling Over Giving Additional 20% Of Investment Bank The Heave-Ho

He's also extending a hiring freeze from now until ???, which makes sense.

Layoffs Watch '15: Great News! Barclays Is Only Cutting 19,000 Jobs!

So that's got to be pretty exciting for everyone who thought the figure was more like 30,000, no?

Layoffs Watch '12: Barclays

Cuts are said to have gone down with more a-comin'. Barclays PLC is cutting about 50 employees from its equities business, the latest effort by the British bank to reduce costs at its investment-banking arm. A week ago, the U.K. lender announced internally that about 10% of the jobs at its equities business across Europe, Africa and the Middle East would be lost, a person familiar with the matter said Friday. During the first half of the year, Barclays's equities and prime services business, which employs about 500 people, saw revenue fall 12% on the year to £973 million ($1.57 billion). The business has suffered as market volumes have dried up in recent quarters...The work-force reduction could be a taste of things to come for Barclays's investment bank. At the beginning of 2009, former Barclays Chief Executive Bob Diamond hired more than 400 bankers, mainly in equities and research, as part of a drive to turn the predominately debt-focused bank into a multi-asset powerhouse. Following Mr. Diamond's departure in the wake of a rate-fixing probe, new CEO Antony Jenkins has started a review of the bank's businesses to assess their profitability and whether and how they affect the lender's reputation. This, combined with tougher regulatory requirements, is expected to result in Barclays shrinking its investment bank, analysts say. Barclays To Cut 50 Equities Jobs [WSJ]

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.