If you work for Tim Throsby over at Barclays investment banking, look at the colleague to your left. And now the one to your right. Okay, if you want a bonus this year, you're gonna want to go ahead and murder one - but probably both - with your bare hands .
Barclays Plc’s top investment banker has told staff he’ll sharpen divisions in bonuses this year, boosting pay for top performers while cutting it for those in the bottom half, people familiar with the comments said.
Tim Throsby, recruited from JPMorgan Chase & Co. in January to turn around the faltering trading division, said those consistently ranked in the lower half should expect to see their compensation shrink, while those in the top quartile will see it grow, according to people briefed on the remarks. The comments were made at a townhall for European staff this month.
Get to snuffing, y'all, cuz Jes Staley is remaking Barclays into a performance Thunderdome.
The stronger stance comes as Chief Executive Officer Jes Staley and Throsby encourage the investment bank to take more risks and recapture market share after years of retrenchment and dwindling profitability. Throsby has pledged to reignite “commercial zeal” within the business and has recruited numerous and costly, high-profile hedge-fund traders to drive his ambitions.
"Commercial zeal" is code for letting i-bankers snake each others' deals, poach analysts, and just generally fuck each other up while management blasts Barclays official new company holiday ballad on the office loudspeaker.