May 19, 2020

Barclays cuts 12,000 jobs to increase executive bonuses

City of Brampton
Chun Liang
Bizclik Editor
3 min
Barclays cuts 12,000 jobs to increase executive bonuses

Written by Alyssa Clark


The need for major corporations to retain and cultivate its employees is essential for any good business model to thrive. Corporations like Nike, Google and Amazon all praise their employees in regards to their wellness initiatives, incentivizing projects and promoting overall happiness in the workplace. Catering to the needs of the people who drive the company’s profits is the first tip any business-genius will tell you when choosing to invest in new infrastructure; it is best to invest in your own employees. However, letting the incentives fall into the hands of only your senior level or executive management level staff is an industry-wide “no-no”.

In terms of incentivizing projects and goals for employees, it is an important aspect of motivating work ethic and individual success, but it comes at a cost of team morale and team unity. Those individuals who begin to outshine the others begin to rake in the financial and social benefits (bonuses, flexible hours, preferential treatment) and that can detract from the overall direction and focus of the team. Unfortunately it seems as if Barclays, one of the world’s most renowned banking corporations, took the plan to incentivize its employees to the limit— and is cutting an outstanding amount of jobs as a result.

Tuesday came as a surprise to both the public and private investors, as Barclays made a shocking announcement that it would be cutting jobs from its steadfast bank employees. And we are not talking cuts of hundreds or even 1,000, but 12,000 jobs are to be cut from Barclays’ payroll.

“At Barclays, we believe in paying for performance and paying competitively,” Chief Executive Antony Jenkins said.

In 2013 alone, the bonus pool rose an astounding $210 million pounds; this move has been firmly supported by all of the corresponding Barclays staff, and may possibly be an initiative to cover the string of scandals that company was rumored to be involved in as of late. From this reported information, the question begins to churn in the minds of employees, competitors and the public: who is really running this company after all? Is this money going right back into the pockets of executive-level management?

With share prices dropping and investors getting nervous, the once comfortable share price of Barclays has now dropped to 3.8 percent lower than 265 pence.

Canadian Business reports, “At the same time as [Barclays] ramped up its bonus pool, the bank said between 10,000 and 12,000 jobs will go from a total workforce of 140,000. Around 400 of those jobs will go in the investment division, one of the targets of Jenkins’ plan to transform the bank’s reputation. The job cuts are part of a plan to reduce costs to 16.8 billion pounds by 2015.”

“The news over the job cuts came as the bank revealed that its net loss widened to 642 million pounds ($1.1 billion) in the fourth quarter, from 589 million pounds a year earlier. The results showed that operating expenses increased by 1.1 billion pounds during the period, including 468 million pounds for “Project Transform,” Jenkins’ flagship culture change effort.”

Barclays’ shares are already on their way down, so will the company suffer further from this pocket-lining maneuver by senior level management?

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Jun 13, 2021

Marketing matters: from IBM to Kyndryl

Kate Birch
5 min
Former CMO for IBM Americas Maria Bartolome Winans was recently named CMO for Kyndryl. Maria talks about her new role and her leadership style

Former Chief Marketing Officer for IBM Americas, and an IBM veteran of more than 25 years, Maria Bartolome Winans was recently named CMO for Kyndryl.

Prior to joining Kyndryl as Chief Marketing Officer, Maria had a 25-year career at IBM, most recently as the tech giant’s CMO where she oversaw all marketing professionals and activities across North America, Canada and Latin America. She has held senior global marketing positions in a variety of disciplines and business units across IBM, most notably strategic initiatives in Smarter Cities and Watson Customer Engagement, as well as leading teams in services, business analytics, and mobile and industry solutions. She is known for her work with teams to leverage data, analytics and cloud technologies to build deeper engagements with customers and partners.

With a passion for marketing, business and people, and a recognized expert in data-driven marketing and brand engagement, Maria talks to Business Chief about her new role, her leadership style and what success means to her.

You've recently moved from IBM to Kyndryl, joining as CMO. Tell us about this exciting new role?

I’m Chief Marketing Officer for Kyndryl, the independent company that will be created following the separation from IBM of its Managed Infrastructure Services business, expected to occur by the end of 2021. My role is to plan, develop, and execute Kyndryl's marketing and advertising initiatives. This includes building a company culture and brand identity on which we base our marketing and advertising strategy.

We have an amazing opportunity ahead at Kyndryl to create a company brand that will stand apart in the market by leading with our people first. Once we are an independent company, each Kyndryl employee will advance the vital systems that power human progress. Our people are devoted, restless, empathetic, and anticipatory – key qualities needed as we build on existing customer relationships and cultivate new ones. Our people are at the heart of this business and I am deeply hopeful and excited for our future.

What experiences have helped prepare you for this new opportunity?

I’ve had a very rich and diverse career history at IBM that has lasted 25+ years. I started out in sales but landed explored opportunities at IBM in different roles, business units, geographies, and functions. Marketing and business are my passions and I landed on Marketing because it allowed me to utilize both my left and right brain, bringing together art and science. In college, I was no tonly a business major, but an art major. I love marketing because I can leverage my extensive knowledge of business, while also being able to think openly and creatively.

The opportunities I was given during my time at IBM and my natural curiosity have led me to the path I’m on now and there’s no better next career step than a once-in-a-lifetime-opportunity to help launch a company. The core of my role at Kyndryl is to create a culture centered on our people and growing up in my career at IBM has allowed me to see first-hand how to prioritize people and ensure they are at the heart of progress in everything Kyndryl will do.

How would you describe your leadership style?

I believe that people aren't your greatest assets, they are your only assets. My platform and background for leadership has always been grounded in authenticity to who I am and centered on diversity and inclusion. I immigrated to the US from Chile when I was 10 years old and so I know the power and beauty that comes from leaning into what makes you different from other people, and that's what I want every person in my marketing organization to feel – the value in bringing their most authentic self to work every day. The way our employees feel when they show up for themselves authentically is how they will also show up for our customers, and strong relationships drive growth.

I think this is especially true in light of a world forever changed by the pandemic. Living through such an unprecedented time has reinforced that we are all humans. We can't lead or care for one another without empathy and I think leaders everywhere have been reminded of this.

What’s the best leadership advice you’ve received?

When I was growing up as an immigrant in North Carolina, I often wanted to be just like everyone else. But my mother always told me: Be unique, be memorable – you have an authentic view and experience of the world that no one else will ever have, so don't try to be anyone else but you.

What does success look like to you?

I think the concept of success is multi-faceted. From a career perspective, being in a job where you're respected and appreciated, and where you can see how your contributions are providing value by motivating your teams to be better – that's success! From a personal perspective, there is no greater accomplishment than investing in the next generation. I love mentoring younger professionals – they are the future. I want my legacy as a leader to include providing value in work culture, but also in leaving a personal impact on the lives of professionals who will carry the workforce forward. Finding a position in life with a job and company that offers me a chance at all of that is what success looks like to me.

What advice would you give to your younger self just starting out in the industry?

I've always been a naturally curious person and it's easy for me to over-commit to projects that pique my interest. I've learned over years of practice how to manage that, so to my younger self I’d say… prioritize the things that are most important, and then become amazing at those things.

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