New York, December 28: Barclays reportedly fired Wall Street bankers before the Christmas holidays began. The UK-based multinational bank also cut the bonuses of the employees. The 15 people fired from Barclays were from a New York-based location. The British bank further denied firing any employees and cutting their annual bonuses. This comes after the Barclays layoffs conducted last month.

According to a report by the Times of India, the 15 employees were fired before Christmas 2024. These individuals were handed pink slips and not offered the bonuses, which included a significant portion of the compensation. The report suggested that investment bankers often provide  Wall Street professionals with around USD 2,00,000 salary and bonuses up to USD 1 million. OpenAI Board of Directors Evaluating Company's Corporate Structure To Advance AGI Mission, Planning To Adopt Both For-Profit and Non-Profit Models.

The report said that Barclays laid off around 50 employees last month before firing 15 during the holiday season. Due to the decision not to provide the bonus to the employees,  Barclays was criticised by an attorney at Flippatos, who termed the company's action as "heartless." Tech Layoffs 2024: 539 Companies Let Go 1,50,034 Employees This Year; Yahoo, AMD, Ola Electric and Others Latest to Layoff Staff From November to December.

Attorney Tanvir Rahman said that a good employer would not skip out on the bonus pro-rata for the time worked during the year; however, he said some companies did not. The fired employees reportedly filed lawsuits against the company seeking USD 10 million or more for the bonuses that were not provided for their work during the day. 

(The above story first appeared on LatestLY on Dec 28, 2024 11:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).