Jump to content
House Price Crash Forum
Sign in to follow this  
DisQ

Barclays Capital To Slash Hundreds Of Jobs

Recommended Posts

rumours have been around for these & similar cuts for some time..... more a lot more to follow

lets start with 400 cuts for today

Jobless recoverah continues

Barclays Capital to slash hundreds of jobs

Jim Armitage

11.08.10

Barclays today started a process of axing about 400 staff in its investment banking unit.

Notices went out to Barclays Capital back office staff in London, the US and Asia, starting a formal consultation process.

Rumours of a much bigger jobs cut, of perhaps as much as 7%, have been doing the rounds in recent days, so today's news was likely to have been something of a relief to some.

Barclays Capital employs 25,000 staff around the world.

A spokesman said: “We have begun a consultation process to review some part of our infrastructure functions which will result in some job losses.

“We continue to hire selectively across those parts of our business that are growing.”

Those growth areas are particularly in equities and investment banking in Asia and Europe.

Bob Diamond, who runs Barclays Capital, said in an interview last week that market overhangs during the second quarter were “behind us now, and in the second half of July we definitely saw a pick-up in flows”.

http://www.thisislondon.co.uk/standard-business/article-23865760-barclays-capital-slashes-hundreds-of-jobs.do

Share this post


Link to post
Share on other sites

All hail the 100% efficiency that occurs when only computers 'trade' ..... between themselves.

Share this post


Link to post
Share on other sites

rumours have been around for these & similar cuts for some time..... more a lot more to follow

lets start with 400 cuts for today

Jobless recoverah continues

Not enough, we want MORE! And the rest of them.

Share this post


Link to post
Share on other sites

Article on Zero Hedge, similar to what I said earlier - this market is meaningless, it has nothign to do with investment - aprt from some funds fleeing the actions of the central banks in manipulatng the prices of the stck market and other asset prices. What happens when nobody wants to play or can play and there are only the computers left trading amongst themselves. Maybe we are about to find out. Just wait till the pension funds have to start paying out more. Long term going nowhere. All of these jobs could be done in Asia at a fraction ofthe price anyway, especially when you are only talking mechanical trading.

Another example of how the stimuls has backfired and merely reignited the forces that were so ruinous to the whole scam inthe first place.

Share this post


Link to post
Share on other sites

Back-office staff? That's not the same as the big-bonus casino traders, is it?

I have a friend who works at barcap. Earns more than I do - over £100k. But factor in the cost of working in London, and my provincial five-figure income is effectively better than his.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.