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My heart bleeds- Barclays to cut 2,100 jobs worldwide!
By Amarendra Bhushan for CEOWORLD Magazine Updated:January 14, 2009
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I no longer believe it when a company says that its most important resource are its people. To corporations people are so expendable. When push comes to shove, companies will throw their people out in the streets rather than give up their corporate jets!
Considering that it is these “experts” along with bankers who have gambled us into the recession, don’t expect too much sympathy when there is a cull. Who is going to cry for these unemployed. They had earned tens of thousands in bonus, or even millions. So they should have saved. Their problem let them cry on their wives shoulders, if they are not divorced by them.
I feel utterly gutted and depressed that Barclays bank and other banks/finance houses have had to make such cuts. Finding a job has never been easy but in this recession finding a job is getting harder than ever. I just hope things start to get better and the lost jobs a created again.
Barclays Plc, the fourth-largest U.K. bank, has told staff 2,100 jobs will be cut in its global investment banking, wealth and money management divisions. Barclays has begun a consultation period to ensure it is “appropriately sized”, with 1,300 jobs set to go from Barclays Capital, 500 from Barclays Wealth and around 330 from Barclays Global Investors. News of the job cuts came hours after deputy chairman Sir Nigel Rudd announced he was to step down from the post after 13 years at the bank.
The job cuts came just hours after Sir Nigel Rudd unexpectedly announced that he would be stepping down as deputy chairman after 13 years at the bank. He is due to join Invensys, the technology group, as chairman in July.
Some 28,000 financial services jobs were shed in Britain last year, according to the Centre for Economics and Business Research. A further 34,000 could go this year, CEBR forecast.
- Barclays PLC will cut 2,100 jobs in its investment banking and investment management units.
- Its around 7 percent of the bank’s global staff
- 1,300 layoffs will come from Barclays Capital
- 500 from Barclays Wealth
- 370 from Barclays Global Investors
- According to Barclays’ Web site, it has 157,000 jobs worldwide.
- Barclays Capital employs about 20,500, Barclays Wealth has about 8,000 staff and BGI has about 3,800 people.
- last week cut 400 jobs in its UK technology departments in London and Cheshire.
- It cut about 3,500 U.S. staff last year from the combined Barclays and Lehman workforce
- The bank raised 7 billion pounds ($10.5 billion) in November, mainly from Qatari and Abu Dhabi funds, to bolster capital reserves depleted by write-down’s.
- Barclays in September bought Lehman Brothers North American investment banking and capital markets operations as well as the collapsed bank’s New York headquarters for $250 million.
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“We have begun a process of reduction in head count across some parts of our investment banking and investment management businesses to ensure we are appropriately sized given the current market conditions,” said Simon Eaton, a spokesman for Barclays Wealth.
David Kern, chief economist at the British Chambers of Commerce, said: “Widespread redundancies are an unavoidable consequence of a downturn of this magnitude. In terms of human tragedy, it’s a very sad story and unemployment is going to keep on rising into the first half of next year.”
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