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Barclays Capital to Axe 275 Bankers at Three New York offices

Barclays Capital is to axe 275 employees at  three offices in New York, it was revealed today.

The investment bank disclosed the plans to  the Department of Labour, which posted the details on its  website.

Barclays says the layoffs will take place  during a 14-day period beginning May 15.

The company listed economic factors as the  reason for the layoffs.

Yesterday, it filed a notice with the  state  that it was eliminating 275 staffers at its Manhattan offices at  200 Park Ave.,  745 Seventh Ave. and 1301 Avenue of the Americas.

Barclays Capital is the investment banking  division of Barclays PLC.

In October, Barclays PLC reported a net loss  of £200 million (322 million dollars) for the third quarter.

The changes came as new CEO Anthony Jenkins  prepares to unveil an overhaul of the British banking giant next  Tuesday.

He is expected to provide more details on his  revamp when the firm reports its fourth-quarter earnings on Feb. 12.

Last week Jenkins has told staff to sign up  to its new caring, sharing values – or quit.

Jenkins, who is on a crusade to clean up the  bank’s sullied reputation, warned there is ‘no place’ at Barclays for those who  do not ‘fully buy in’ to its ‘new purpose and values’.

In an impassioned memo to his 140,000  employees, he admitted that banking had ‘lost its way’ and become ‘too  aggressive’.

He laid out plans to link bonuses to ethical  behaviour rather than short term profits, promising: ‘We must never again be in  a position of rewarding people for making the bank money in a way which is  unethical or inconsistent with our values’.

Critics complained about delays in  introducing the new system and described it as ‘shocking’  that Barclays  does not already subscribe to these basic standards and has to tell staff how to  behave.

He told staff the bank’s core values will be ‘respect, integrity, service, excellence and stewardship’.

Some 1,000 managers will be trained over the  next few weeks so they can instil these values in their staff.

In the summer, a new ‘performance assessment  approach’ will be introduced for senior employees, and will be used to measure  2013 bonuses. The system will be rolled out for all employees over the following  12 months. Criteria are likely to include feedback from  customers.

Jenkins warned staff who fail to ‘fully buy  in to’ the new approach: ‘My message to those people is simple: Barclays is not  the place for you.’

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Posted by on February 7, 2013. Filed under Business News,Slider. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.