Barclays(BCS) New York Post·2024-12-27 20:28Barclays' Strategic Focus - Barclays is re-focusing on its home British market [1] - The company announced a three-year plan to become a simpler and more efficient bank, reducing reliance on investment banking revenue [9] Workforce and Compensation - Barclays has more than 13,000 workers in the US [3] - The company did not pay bonuses to dozens of bankers last year due to declining revenue and cut bonuses by 43% across the bank in 2023 [3] - Barclays was expected to increase bonuses by as much as 20% to some departments this year as dealmaking rebounded [3] - More than a dozen New York-based Barclays bankers and traders were fired just before the holidays and denied bonuses [6] - An investment banker might make a 1 million bonus [6] - Some of the fired bankers are considering filing $10 million-plus lawsuits [8] Industry Practices - Rival Wall Street firms, including Goldman Sachs and Bank of America, award bonuses — perhaps half — when firing bankers and traders toward the end of the year [12] - A good employer will pay the bonus pro-rata for the amount of time worked during the year, but some don't [7] Legal and Employment Issues - The banks often in their labor agreements say you have to be employed at the time of the bonus to get your bonus [3] - They will likely contend that the bonus is earned throughout the year and is not discretionary [5] - Rahman said they may have a tough time winning their cases, though they often end up in arbitration with the Financial Industry Regulatory Authority (FINRA) [5] - One employment lawyer told The Post that while it is not unheard of for banks to fire workers late in the year, the fact that they were not giving a bonus is pretty heartless [4]