Barclays fires 15 bankers, denies bonuses ahead of holidays; faces flak

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Barclays fires 15 bankers, denies bonuses ahead of holidays; faces flak - Business Standard

Quick Summary:

The 15 professionals were among 50 employees who were let go last month, seeing their anticipated bonuses disappear.

Tanvir Rahman, an attorney at Filippatos, expressed his disapproval, stating that a responsible employer would typically pay out a pro-rata bonus for the work completed, but some companies don’t.

With lawsuits looming and employee frustration mounting, Barclays’ decision to lay off workers during the holiday season may serve as a cautionary example for other Wall Street firms weighing cost-cutting against employee morale.UltraTech to buy 8.