The 24,000 employees of Barclays plc (NYSE: BCS) can look forward to an announcement next week that they will be getting a cut of 25%-30% in the compensation this year. That’s not as bad as what will happen to about 5% of the bank’s senior managers, who are set to be fired, according Bloomberg News.
Barclays joins other mega-banks like Citigroup Inc. (NYSE: C), Morgan Stanley (NYSE: MS), Credit Suisse AG (NYSE: CS), and Deutsche Bank AG (NYSE: DB) that have already reduced compensation in their investment banking groups and fired staff. Bloomberg’s sources also say that Barclays’ junior staff will experience compensation cuts as well.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.