Barclays laid off 15 bankers and traders before Christmas, stripping them of bonuses typically reaching up to $1 million. Fired employees are considering $10 million lawsuits, arguing bonuses are earned throughout the year.

For the 15 Wall Street professionals affected, the termination erased potential bonuses that typically reach up to $1 million, according to industry sources.

Barclays handed out pink slips instead of year-end bonuses, firing 15 New York-based bankers and traders just weeks before the holidays. Adding insult to injury, the UK-based bank denied the fired employees their annual bonuses—typically a significant portion of their compensation,