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 It appears that the tides have turned over at Barclays plc (NYSE:BCS). In June the bank had announced it was trimming staff in it's Barclays Capital unit -- and now the bank has announced it's hiring. Well, that was quick, wasn't it? So what's really the deal?As eFinancial Careers reports, the bank's interim results reveal that 1,200 employees in BarCap were laid off due to "reductions across the business, which more than offset recruitment." The reductions, as you might recall, started right after the bank's acquisition of the North American operations of bankrupt Lehman Brothers Holdings Inc. and ended this summer. It appears the reductions were mostly staff in first and second years, which makes sense. Since many Wall Street firms have been making layoffs, the bank's new recruitment effort seems to be geared at replacing some reductions it made with more experienced candidates. What's more is that Barclays is increasing pay. EFinancial Careers points out: More cheeringly, total income at Barclays Capital more than tripled over the past six months vs. the comparable period of 2008. Predictably, the bank did very well in fixed income, currencies and commodities. But thanks to the addition of Lehman, income also soared in equities, prime services and investment banking. ... And, as predicted several weeks ago, pay at Barclays Capital is increasing, albeit by marginally less than analysts predicted. Staff costs across the bank rose 36% to £4.8bn in the first half, driven by a 32% increase in 'salaries and accrued incentive payments, primarily in Barclays Capital.' For a roundup of all the announced layoffs to date as well as some job openings, check out The Deal's Pink slips on Wall Street Dealwatch. - Maria Woehr For more posts like this one check out: Barclays' Varley is a soccer dad? Hiring: Barclays is hiring 1,000 Hiring: Goldman Sachs, Fifth Third, Wells Fargo Finance Layoffs: Bank of America and Metropolitan
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