Jobs Going At Barclays

[P.K.]

I know of somebody who works for Barclays Private Bank in London (investment side) and was told last week that they are being made redundant after about 20 years with the bank.

Jeez that's some payout!

Is it? Since I was last made redundant the rules have changed. But from a conversation the other day someone with 20 years in on about £40k pa can get less than £7k plus PILON. It might just equate to about 3 months money which you can get through very quickly believe me. Sure some folks see redundancy as a positive step but lots don't. Especially it seems those who have been with a company a very long time. Because you can get "institutionalised" which then makes it very difficult to get another job.

 

But that's the UK. The IOM may well be different.

[Slim]

But that's the UK. The IOM may well be different.

 

Well, this was a UK position. Not sure on the differences, but here the minimum statutory is a week per year of service tax free, which for this guy would be more than six months pay. Most employers, particularly in finance, would pay more than statutory, a month or two weeks pay per year, depends.

 

Great if you can get another job right away. Sucks if you can't.

[Cambon]

Well, this was a UK position. Not sure on the differences, but here the minimum statutory is a week per year of service tax free, which for this guy would be more than six months pay. Most employers, particularly in finance, would pay more than statutory, a month or two weeks pay per year, depends.

 

Great if you can get another job right away. Sucks if you can't.

 

Last time I checked it was indeed a weeks pay for each completed year of service tax free, but it was to a maximum of five years. That was what the company could claim back from Government.

[Slim]

Last time I checked it was indeed a weeks pay for each completed year of service tax free, but it was to a maximum of five years. That was what the company could claim back from Government.

 

Just chatted to someone involved, the offers more than what I posted above, well above statutory.

 

Minxie; agreed. Hope it goes well for him, he'll probably look back and see it as positive.

[Sebrof]

But that's the UK. The IOM may well be different.

 

Well, this was a UK position. Not sure on the differences, but here the minimum statutory is a week per year of service tax free, which for this guy would be more than six months pay. Most employers, particularly in finance, would pay more than statutory, a month or two weeks pay per year, depends.

 

Great if you can get another job right away. Sucks if you can't.

 

When redundancy occurs because a company is losing money, there may not be much room for generosity.

 

And the statutory payments are not at all generous. In the UK, there is a maximum per week as well, so somebody on £40k might actually not see very much cash at all.

 

It's really tough. You probably can't even get insurance against it in this climate, or not at any reasonable rate.

 

S

[Minxie]

But that's the UK. The IOM may well be different.

 

Well, this was a UK position. Not sure on the differences, but here the minimum statutory is a week per year of service tax free, which for this guy would be more than six months pay. Most employers, particularly in finance, would pay more than statutory, a month or two weeks pay per year, depends.

 

Great if you can get another job right away. Sucks if you can't.

Trying to find another job in central London when a lot of companies are making cut backs isn't easy. A redundancy package may seem good, but as pointed out, it's only good if you get another job pretty quickly which isn't as easy as it sounds.

[Slim]

When redundancy occurs because a company is losing money, there may not be much room for generosity.

And the statutory payments are not at all generous. In the UK, there is a maximum per week as well, so somebody on £40k might actually not see very much cash at all.

 

Barclays aint in trouble, or losing money, so the packages are good.

 

It's really tough. You probably can't even get insurance against it in this climate, or not at any reasonable rate.

 

Redundancy insurance has always been a bit iffy. Apparently got the lowest successful claim rate of any insurance.

[Gladys]

It depends on their contract. IIRC, if there is no contractual entitlement to redundancy pay then you are entitled to the statutory minimum. If the company cannot afford to pay that and is going into liquidation, then you become an unsecured creditor. In addition, of course there is the notice period which you may be required to work or they may pay you.

 

Very sad either way.

[Slim]

Very sad either way.

 

For many, it's sad that they aren't picked. I gather they're over-subscribed on the voluntary. I guess it's the good staff that would volunteer.

[Gladys]

Know what you mean Slim, I worked for a company whose redundancy entitlement to the long servers was unbelievably good. All of them would watch the occasional 'rationalisation' in the hopes they would be picked.

[Slim]

Know what you mean Slim, I worked for a company whose redundancy entitlement to the long servers was unbelievably good. All of them would watch the occasional 'rationalisation' in the hopes they would be picked.

 

Barclays seems to have a lot of 'lifers'.

[Albert Tatlock]

If they don't get this credit crisis sorted - assess and value all of the toxic debts, and get lending going again - these job losses will pale into insignificance compared to what we could see. I'm buying shares in potato soup stalls after seeing how Gordon Broon has help cause/handle it all so far.

[Slim]

If they don't get this credit crisis sorted - assess and value all of the toxic debts, and get lending going again - these job losses will pale into insignificance compared to what we could see. I'm buying shares in potato soup stalls after seeing how Gordon Broon has help cause/handle it all so far.

 

Can you say that with any certainty? I think it's still very hard to predict the extent of this. There's been an awful lot of huge writedowns over the last year, and plenty of stuff may be under-valued. See what happened to Barclays when the market expected it's results to be dire, then reacted quickly to some not so dire news.

 

I'm not saying there's signs of recovery, but there are some signs the drop has bottomed out.

[P.K.]

Very sad either way.

For many, it's sad that they aren't picked. I gather they're over-subscribed on the voluntary. I guess it's the good staff that would volunteer.

But on a "voluntary" call the company will want to keep the good staff so they will be refused. Next year in the UK the minimum pension age (not retirement) will rise from 50 to 55. So if you are over 50 and early retirement is part of the package then jump at it, which is probably why it's over-subscribed.

[Slim]

But on a "voluntary" call the company will want to keep the good staff so they will be refused. Next year in the UK the minimum pension age (not retirement) will rise from 50 to 55. So if you are over 50 and early retirement is part of the package then jump at it, which is probably why it's over-subscribed.

 

I think they'd prioritize those that hand't been there as long personally, it's cheaper that way.