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Job Cuts To Hit Barclays This Week
Last week 1600 people were laid off at Morgan Stanley in the first wave of 2013 cuts. This isn’t too surprising as bank analysts all over the Street, including Meredith Whitney, have been saying the blood letting was not over since last fall.
Barclays may begin handing out pink slips this week to some U.S. staffers in its investment banking division in an accelerated fashion meant to avoid the drawn-out process that characterized past job cutting, a person close to the situation said.
Last year, people earmarked to be laid off first went through performance reviews, then were told they would get no bonuses and were ultimately let go, said one source at the bank. It was a month-long process, said the employee. This year, the layoffs in the U.S. will happen before performance reviews and bonus discussions. The employee said the accelerated cuts will likely happen globally.
Good luck everyone.