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Layoffs/Bonus Watch '16: For Barclays Investment Bankers, The Bonus Is Keeping Your Job

Not being told to clean out your desk is this year's cash prize.
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Bonus at the British bank aren't coming 'til March this year and if you've made it that far, consider the fact that they haven't shut off your email and disabled your key card reason to celebrate.

Barclays Plc Chief Executive Officer Jes Staley has started a fresh round of cuts at the investment bank, affecting staff in New York, London and most deeply in Asia, according to a person with knowledge of the matter. The bonus pool for the investment bank may be cut by at least 10 percent from the previous year, said the person, who asked not to be identified because the decision is not public. The bank, which hasn’t made a final decision on compensation, plans to pay bonuses in March, later than the usual mid-February timing, according to a separate person. Staley, a former JPMorgan Chase & Co. banker who took over last month, is seeking ways to boost earnings growth and restore investor confidence by focusing on the bank’s most profitable businesses. As part of the overhaul, Barclays may cut an additional 20 percent of investment bank staff.

Barclays to Cut Investment Bank Jobs in New York, London [Bloomberg]


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