Investment Bankers at Barclays to Get Pay Cut (BCS, C, MS, CS, DB)
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…
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.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.