Thoughts on Barclays- culture, comp, and exit opportunities

I'm currently deciding on a SA offer at Barclays and was hoping to get some updated information given that the last thread on Barclays is from 2015.

Does anyone have any information regarding Barclays IBD - culture, comp, and exit opportunities?

If I am not placed in one of the top groups at Barclays how do the exit opportunities look? How are their Healthcare and TMT groups?

I heard that they had compensation reduced in recent years, does that still apply? Any idea on what comp looks like currently?

Also, how is the culture there in general and how are the hours as compared to other banks?

Where do they stand in terms of reputation/prestige compared to other BBs/EBs?

Any up to date information would really be appreciated as I have to make a decision very soon.

Thanks!

 

It's a bit of a complicated situation, but I have a super day at an upper tier BB (JPM/MS/GS). However, the super day is very close to the date this offer explodes so I was trying to get an idea of how Barclays stacks up in case I need to make a last minute decision. I'm likely going to take the offer as "A bird in the hand is better than two in the bush", but I just wanted to make an informed decision in case I get the other offer and only have a day to decide.

 

What’s the worst that happens when you accept and then later decline if you get a JPM offer and you want that more? Nothing, you pay back your signing bonus. I know it sounds like a terrible thing to do, but ive seen banks rescind offers they gave yo people too, so it happens both ways. I know it may be tough to do this coming out od school but dont worry about it. Btw i worked at barclays in london, decent shop. But obviously a gs or jpm look better on the cv even though the work may be broadly the same. Depends on divion of course - gs and jpm have the biggest prop books for example.

 

Hey man, had a friend intern at Barclays IB SA last summer in industrials. TMT is a top 3 group, healthcare is a top 5 group there. That being said, he did mention that TMT has a notoriously "not great" culture. Very hard working and he said they all seemed a bit too cutthroat compared to other groups that were more collegial and enjoyable.

That being said, Barclays does have a solid presence for both groups with solid exits to PE and a decent amount of deal flow. Can't go wrong! Congrats!

 

Don't follow the advice about taking the offer and then rescinding if given a better one - could cause tons of potential damage to your future career. Just tell the other bank you have an exploding offer and they'll make sure to give you an answer before the deadline. Personally, if you aren't given a group specific offer and you didn't feel a very strong connection to either firm (assuming you get the other offer) i would definitely go with JPM/MS/GS over Barclays off the name alone - especially for SA where if you are unhappy at that firm or with IBD in general, you could easily use that experience to leverage into another bank FT or another related industry you become more enamored with.

 

I tried reaching out and getting the process expedited, but it doesn't seem very likely. More than accelerating the process or applying there for FT, I really hoping to just get some more information on Barclays and would appreciate it if anyone could chime in on that front.

 

I gave that advice and disagree with you. There are zero reprecussions for your duture career, except that maybe the bank you decline won’t interview you next year for full time analyst roles. But if you ever have a lateral hire interview with them, there will be no issue. Banks try to give this imression that if you rescind bank x they put you on a bank wide black list. Thats complete BS. Just do whatever is best for you, and 2 years down the line when youre drciding if you stay at bank x, move to bank y, or go to the buyside, you having rescinded your SA offer to bank z will make no difference.

 
Best Response

This is poor advice—plain and simple. It’d be a mistake to not accept an offer at GS, even if you just signed for Barclays a couple of days before. Especially for an SA.

Having said that, it can also be worth reaching out to Barclays and ask for an extension.

Lastly, at this point the hiring is entirely run by HR, so you’re not going to piss off some MD.

 

on the IBD side, the firm has retained most of its lehman deal teams

despite some senior people leaving and some groups going to other banks, the core of the old lehman team is still at the firm

in addition, bankers from the UK have been brought over to help expand the business

in terms of good groups, i would assume the same as lehman (nat res, communications & media, fig)

Asatar:
If you're in the US, you don't understand the level of public hatred towards Barclays in the UK at the moment. RBS as well.

What do you reckon they'll do with the US side of the operations, then?

The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
 

Barclay's future is not dim, their investment banks future is dim. Jenkins, as much as it sucks for IBD, is doing the right thing to turn the company around. The bank has simply too many scandals. I just read an article about Jenkins meeting with 250 senior bankers. He basically said they need to accept the fact that the bank will be less aggressive and pay will dramatically decline. He said if the bankers are not willing to accept this, then they can leave. Keep in mind, Jenkins is a retail banking guy not an IBD guy. He will not allocate resources to IBD.

Array
 
TeddyTheBear:
Barclay's future is not dim, their investment banks future is dim. Jenkins, as much as it sucks for IBD, is doing the right thing to turn the company around. The bank has simply too many scandals. I just read an article about Jenkins meeting with 250 senior bankers. He basically said they need to accept the fact that the bank will be less aggressive and pay will dramatically decline. He said if the bankers are not willing to accept this, then they can leave. Keep in mind, Jenkins is a retail banking guy not an IBD guy. He will not allocate resources to IBD.

How much of the banks' scandals are Barclays London vs Barclays NY? Read an article on the FT that talks about how Jenkins might have retention or relationship issues with the US 'Lehmanites'. If they want to sever limbs in the investment bank, why don't they just debrand and float it, but retain some participation if they want to partake in the profits while reducing reputational risk?

The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
 

I don't know what you want us to say. Recruiting has been more and more difficult each year regardless of what type of investment banking firm it is.

Banks "layoff" people EVERY year because its an up or out environment. Accept this, or take a government job. If Barclays is your best offer, you should have no doubt your mind that you are going to take it, work till your balls are numb, take a bathroom break, and work some more until they fall off this summer. If you are a rock-star intern, they WILL hire you.

If you suck, however, or go in with the mentality that you don't want to come back for FT, you WILL give off that negative vibe and you won't be extended an offer.

It is MUCH easier going to another bank with an existing offer in hand. So go do whatever you have to do to put all this bull shit behind you and KILL it this summer.

 

Helo,

  What do you mean "historically" poor banks? Look, Barclays isn't bad, but if you have other <abbr title="bulge bracket"><abbr title="bulge bracket">BB</abbr></abbr> offers, its best to weigh your options. I honestly don't know what exactly qualifies as a historically bad bank. Maybe UBS? I really can't think of any other.
Array
 

I don't think you should be worried about the US independent of the rest of IBD, simply because they can't really try be both a bulge bracket bank and not have a strong US presence. The investment bank also provides half of their profits so its not like they can really shut it down to focus on retail banking.

The worry for Barclays is really around the anti-banking sentiment in the UK, which is a big part of the reason their new CEO is a retail banker (correct me if I'm wrong, but weren't they vetting a JPM executive for CEO but his hire got shot down by UK regulators?). If this sentiment affects their ability to be competitive on comp with the other BB's then I guess that is where you could see them start to trail off a bit in IBD.

But really, it's an SA spot and Barclays is still a BB. The way things are these days GS and JPM seem like the only firms that aren't having one problem or another.

 
Well thats the issue with the British banking system compared to the U.S. The Brits have a lot more power of the banks than the U.S. govt does with US banks. So if the government can decide who Barclays can have has CEO, you can imagine they have a lot of sway in the day to day operations. I have been reading up on the events related to the British regulatory hearings and I can say things are not looking good for the British investment banks. I know the British government has made it clear that it wants Barclays and other banks to cut down on their <abbr title="investment banking division"><abbr title="investment banking division">IBD</abbr></abbr> groups. Now, I don't know how this affects the U.S., but I do know that bonuses are already down and there have been several layoffs in US. However, all this aside, if Barclays is your only offer, I think it would be a terrible idea not to take it. 
Array
 

looks like markets are reaction positively to Jenkins announcement. It also looks as if they're gutting a lot of their Asia and broader Europe business which is a good move (Europe especially). I'm sure he'd like to limit the I-Banks power on the bank and make retail a priority, but at the end of the day he's not stupid. He knows where the big bucks are coming from. I don't think the US or UK Investment bank will take that big of a hit short term.

 

Its been interesting how the senior bankers see Jenkins. I have been reading interviews with bankers in Barclays who are ripping on him. Here is what one banker said.

“We’re leery of his commercial banking pedigree,” one Barclays investment banker in New York told us, also speaking off the record.

I guess the MDs are pissed off about IBDs future.

Array
 
TeddyTheBear:
Its been interesting how the senior bankers see Jenkins. I have been reading interviews with bankers in Barclays who are ripping on him. Here is what one banker said.

“We’re leery of his commercial banking pedigree,” one Barclays investment banker in New York told us, also speaking off the record.

I guess the MDs are pissed off about IBDs future.

Yeah - and their '12 comp is deferred over three years and is comprised of half cash and half stock. Senior guys aren't happy.

 

What country is this for? Just curious.

Just an Undergrad trying to get a job. Something you disagree or dislike about my posts? Let me know by PM'ing me or commenting constructive criticism.
 

It's pretty obvoius but Global debt - Barcap ranks #1 as of 3Q 09. I interviewed for Barcap Tokyo and waiting for their response. I was asked what I read the day before on the Nikkei that was related to Barcap japan, kinda got thrown off, but other than that, the MD was jetlagged, didn't ask too much questions such as "why Barcap?" HA

 

Have you guys had an interview with Barclays?

I had a first round last week for research. Nothing back yet.

Any others in here in a similar situation?

 

Honestly. Who gives a fuck what random people rank a group within a bank. Group "rank" is basically deal-flow. Log onto Bloomberg, Type 'MA' then search for the media deals, and see where Barclays is.

Just choose something you like, or general M&A (since it is the group that provides the best exit opps :)

You don't want to be stuck looking at a particulaar type of company that you have no interest in.

 

not too sure about ib specifically but ive heard through current employees that research and ficc are doing pretty well.

People tend to think life is a race with other people. They don't realize that every moment they spend sprinting towards the finish line is a moment they lose permanently, and a moment closer to their death.
 

Unless you get an MD to really really love you, it doesn't really work that way. this year's been super competitive. networking can definitely get you an interview, but you just really have to be completely stellar at the interview - not whether a person from a particular group is supporting you. the process is way more complicated and competitve at BBs

 

A lot of their top rainmakers went to boutiques such as Rothschild and Guggenheim. On the other hand, Barclays has hired some great people from other BBs to fill in those gaps. Contrary to what kids here on WSO might say, I think you will still see the firm up there in league tables and you'll have a great experience as an analyst. It's no GS or MS but you still see Barclays on tons of great deals.

 

Ut accusamus sunt beatae. Et ut ipsa repellat quia dolores. Sit sint sapiente dignissimos qui.

Nemo ad sint odio aliquid odio ex tempore. Vel nulla omnis et. Eligendi sequi consequatur consequatur sapiente non consequatur saepe sint. Doloremque sequi molestias quia sint esse numquam aspernatur. Ut odio deleniti sed a. Ut eligendi eaque laboriosam nesciunt magni cum officiis officiis.

Dolorum molestiae ut libero nulla. Debitis vitae iusto eius corporis vero ipsum error. Animi odio pariatur hic aut est.

 

Ab aperiam veritatis soluta tempora voluptatum ipsam provident. Minima dolore cupiditate ducimus quia aliquam aliquam qui. Aut quam quibusdam itaque laborum et minima.

Molestias reiciendis libero consequatur soluta eos libero culpa eius. Beatae quia expedita rerum iste quas accusantium. Quam id nulla expedita natus nihil sit recusandae. Aut sed alias omnis accusamus pariatur placeat natus.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”