Goldman Sachs has removed caps on banker bonuses in the UK. 🤑 The cap, introduced in 2014 by the EU, limited bonus compensation to 2x an employee’s salary. Now, that figure can extend up to 25x, offering significantly more scope for competition within the city. Spokespeople from GS argued this decision “support[s] the UK as an attractive venue for talent” - but, after 2023 saw reduced starting salaries and a surge of layoffs, this change also signals a move back to a people-first philosophy across the banking sector. Do you think we’ll see other banks following suit in the UK? Let me know in the comments #banking #finance
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CEO GRIT | +1,200,000 followers | Former +$100MM Money Manager | Seen on FOX & Bloomberg | A Top Finance Newsletter on Beehiiv | Exclusive Member LinkedIn Finance & Economy Voices
Finance Layoff Announcements in 2023: - Citigroup 7,000 employees - Goldman Sachs +4,000 - Farmers Insurance 11% of workforce - Robinhood up to 7% - Charles Schwab up to 6% - Wells Fargo 5% - Ally Financial up to 5% - Morgan Stanley up to 4% - Bank of Nova Scotia 3% - RBC 1-2% - KPMG extends pay freeze to 12,000 U.K staff - PwC cuts 2% of Canadian workfoce - Lloyds is putting 2,500 jobs at risk at part of cost cutting plan - Barclays axing up to 2,000 jobs Don't shoot the messenger. Trying to be helpful and keep you in the loop!
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Barclays' recent decision to cut hundreds of jobs is a stark reminder of the volatile nature of the financial industry. However, it also underscores a crucial moment for reevaluation and adaptation. This move highlights the need for firms to innovate and remain agile in the face of change, ensuring they are equipped to navigate the complexities of the modern economic landscape.
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US banks laying off staff to stay afloat Over the past year, nearly all of the largest banks in the US have resorted to layoffs. Bank of America cut 5,000 people, or actually 7,500 people when you consider that it also hired 2,500 students. Morgan Stanley announced in July that it was cutting 3,000 jobs. Wells Fargo and Goldman Sachs were also unable to avoid cuts. And now Citi’s staff working on reorganization are discussing cutting at least 10% of jobs in several major divisions. That is because Citigroup CEO Jane Fraser is under increasing pressure to fix the company, a global bank so difficult to manage that its challenges have consumed three of her predecessors since 2007. “The only thing she can do at this point is a really substantial headcount reduction,” James Shanahan, an Edward Jones analyst, said in an interview. “She needs to do something big, and I think there’s a good chance it’ll be bigger and more painful for Citi employees than they expect.” Thus, the US banking sector is increasingly embroiled in challenges, and only JP Morgan has not yet reported any staff reductions.
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Founder & CEO of Spartan International, No.2 Bestselling Author on Amazon, Holistic Life & Careers Leader, Guest Lecturer, OMs Careers Committee Chair and Mentor (23k+ connections)
✨BARCLAYS ARE SET TO CUT HUNDREDS OF JOBS ACROSS ITS INVESTMENT BANK✨ Barclays is reportedly set to cut hundreds of jobs across its investment bank. According to multiple reports from the likes of Bloomberg News and Reuters, the layoffs will see the bank take the axe to under-performing investment bankers. Sources cited by Reuters said that the cuts come following Barclays' annual review process and are expected to take place in the coming months. A Barclays spokesperson told the news wire: “We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients." Barclays previously eliminated over 5,000 staff in 2023 in a broader cost-cutting effort. Poor financial conditions saw dealmaking plummet in 2023, a trend which has continued into 2024 and one which has had a significant impact on the wider banking industry. Barclays has previously said that it is looking to shift its strategy, prioritising expansion of its consumer bank and cooling on investment banking. British rival bank HSBC meanwhile is looking to expand its investment bank, with Greg Guyett, chief executive of global banking and markets, telling Financial News this week that it plans to add around 200 staff to the division in "the next couple of years". He told the outlet: "I’ve been very clear that we’re going to stay consistent in our investment in investment banking. You haven’t seen any stories about HSBC cutting or reducing staff. We’ve maintained staff. In fact, we’ve taken the opportunity in Asia as our competitors – particularly the Americans – have reduced their footprint to hire some great people.” Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eSXZNhzi
Barclays set to slash investment banking roles
fstech.co.uk
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✨BARCLAYS ARE SET TO CUT HUNDREDS OF JOBS ACROSS ITS INVESTMENT BANK✨ Barclays is reportedly set to cut hundreds of jobs across its investment bank. According to multiple reports from the likes of Bloomberg News and Reuters, the layoffs will see the bank take the axe to under-performing investment bankers. Sources cited by Reuters said that the cuts come following Barclays' annual review process and are expected to take place in the coming months. A Barclays spokesperson told the news wire: “We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients." Barclays previously eliminated over 5,000 staff in 2023 in a broader cost-cutting effort. Poor financial conditions saw dealmaking plummet in 2023, a trend which has continued into 2024 and one which has had a significant impact on the wider banking industry. Barclays has previously said that it is looking to shift its strategy, prioritising expansion of its consumer bank and cooling on investment banking. British rival bank HSBC meanwhile is looking to expand its investment bank, with Greg Guyett, chief executive of global banking and markets, telling Financial News this week that it plans to add around 200 staff to the division in "the next couple of years". He told the outlet: "I’ve been very clear that we’re going to stay consistent in our investment in investment banking. You haven’t seen any stories about HSBC cutting or reducing staff. We’ve maintained staff. In fact, we’ve taken the opportunity in Asia as our competitors – particularly the Americans – have reduced their footprint to hire some great people.” Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eNBtcanW
Barclays set to slash investment banking roles
fstech.co.uk
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🏦 BREAKING: Barclays Announces Major Job Cuts Amid Restructuring Efforts 📉 📕 Stay ahead of the curve, stand out, and impress with stellar industry knowledge. 🚨 Alarm Signal: Barclays, a major player in the banking sector, has implemented substantial job cuts, reducing their workforce by 5,000 in 2023. 💼 Industry Perspective: The banking industry witnessed a total of 58,000 job cuts last year, with UBS/Credit Suisse, Wells Fargo, and Citi also making notable reductions. 🔗 Read the full article here: https://lnkd.in/eswSzWvD 🟢 🆓 Know the firms. Know the market. Get 1 month FREE on Monthly Memberships: https://lnkd.in/erfj9aXf #Barclays #BankingIndustry #JobCuts #Restructuring #FinancialPerformance #BankingNews #IndustryTrends #CorporateStrategy
2023 Banking Jobs Cuts: Barclays Among Biggest Cutters - Krugman Insights
https://krugmaninsights.com
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📈 #GoldmanSachs Layoffs & #Compensation Increases. Smart Move? 🤔 Goldman Sachs recently laid off an additional 100 employees in Q2, likely from its underperforming platform operations division. At the same time, they decided to increase compensation for the remaining employees. #Layoffs often result from shifts in business priorities, driven by industry trends or concerns over financial performance. But are they sending the right message by immediately redirecting those funds into salary increases? IMO, yes! And, I want to be clear: layoffs are an unfortunate reality. But, this move demonstrates a clear reinvestment in the company's most valuable asset—its people. It's not a play you want to implement often to drive #EmployeeRetention, but it gets the message across. It's reminiscent of Ramit Sethi's advice: "Spend extravagantly on the things you love, and cut costs mercilessly on the things you don't." What do you think? Share your thoughts in the comments below! _______________________ No matter where you stand in your career, it's essential to plan for #resilience in case you ever face a layoff. Check out our latest YouTube video for more insights: https://lnkd.in/ev7QF4E8 https://lnkd.in/eU6Z5j7G #BusinessStrategy #IndustryTrends #EmployeeCompenstation #FinancialIndustry #WorkplaceInsights
Goldman Sachs is still cutting jobs, but it's on track to raise pay by an average of 15%
efinancialcareers.com
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City Group to Cut Over 300 Senior Bankers London, November 20, 2023 - City Group, one of the world's largest banking and financial services companies, announced today that it will be cutting over 300 senior bankers. The layoffs are expected to affect all levels of the company, from managing directors to vice presidents. The company said that the layoffs are necessary to "streamline operations and improve efficiency." It also said that the company is facing increased competition from other banks and financial services firms. The layoffs are expected to be announced in the coming weeks. The company said that it will be providing severance packages to affected employees. Source: https://lnkd.in/gBrpWvZz The layoffs at City Group are a sign of the changing landscape of the banking industry. Banks are facing increasing competition from new entrants, such as fintech companies, and they are also under pressure to reduce costs and also likely to have a ripple effect throughout the banking industry. Other banks may be forced to follow suit in order to remain competitive. This layoffs are likely to be met with criticism from employees and unions. They are also likely to raise concerns about the future of the banking industry. #bankingnews #citigroup #companyrestructuring
Citigroup Cuts Over 300 Senior Manager Roles in Latest Restructuring
bloomberg.com
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UBS is planning another round of job cuts as it continues to trim headcount post its rescue of Credit Suisse. Expected to affect over a hundred positions in the global investment bank, wealth management, and markets units, the move is not just routine pruning but a significant reduction. CEO Sergio Ermotti aims to save around $6 billion in staff costs. UBS has shown little appetite for Credit Suisse's investment bank since the takeover, cutting senior investment bankers in January and trimming staff in Asia. The news of Swiss government's proposal to increase regulatory capital requirements has impacted UBS's shares, with potential implications of a $20 billion capital hit. Chairman Colm Kelleher warned that 2024 will be challenging due to the ongoing integration and restructuring process. #UBS #Growth #Investment #Business #WealthManagement I Bloomberg News I Gillian Tan I Jan-Henrik Förster
UBS Plans Next Round of Layoffs in Credit Suisse Integration
bloomberg.com
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“In all Citigroup’s firmwide headcount will decline by 60,000 jobs by the end of 2026” Q4 revenue down 24% for the huge bank. The 20,000 job cuts announced yesterday was a distraction from the full amount buried in this article. This is not small news. In short, they'll save $1.2bn (they'll pay around $1bn in severance) When push comes to shove, companies can always get rid of staffers. Never mind the 60,000 families affected. #layoff #jobcuts #laidoff #workforceplanning #opentowork #newcareer #linkedin
Citi to Cut 20,000 Roles in Fraser’s Bid to Boost Returns
bloomberg.com
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