Barclays began telling employees, including many former Lehman Brothers employees, that their time at the investment bank has come to an end today. The email system is working overtime as soon-to-be-former Barclehsians email their former colleagues with new contact information. It is not clear what the total number of layoffs being made today.
Barclays could not immediately be reached for comment on the firings.
Update: DealBreaker comes through with severance information.
- Vice-presidents received 4 months salary and a year end bonus.
- Associates got 3 months salary and no bonus.
Meanwhile, DealBook explains the total number of cuts expected:
The total cuts represent about 3 per cent of the bank’s global work force of 156,000 at the end of October.
Barclays Capital, the investment bank, will absorb the bulk of the losses, 1,300 in total, while the wealth management unit will lose 500 positions and Barclays Global Investors 300.