Might have seen this already. Obviously MS froze S&T hiring and revenues in that segment have been down across banks so is that what they're referring to here? I've got an IBD offer from them and this is highly troubling...
http://www.bloomberg.com/news/2010-11-30/Barclays-capital-said-to-plan-more-job-cuts-by-end-of-january.html
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You should be ok. The cost of an analyst class isn't anything to sneeze at but it's relatively inconsequential. Banks need to keep their head count up as analysts a more prone to bail prematurely and it SEEMS only to really slash analysts if the shit hits the fan, ie realization of systemic risk.
Been there. Analysts are comparatively cheap and reputation still kinda matters.
In 2007, I think BofA told all of their new analysts that they'd be paid $60K/year to sit at home or find another job. And in the major banking capitulation I was involved in, a lot of people got shuffled around, but only about 10-20% of the class actually got laid off. This was after one year and was in the midst of a shotgun merger.
When you show up at work, your #1 goal is to develop competence; your #2 goal is to build a six month emergency savings fund. Try to save 10-20% of your salary and all of your bonus for emergencies. That means living in an outer borough if it's at all feasible, having a roommate, and doing 90% of your drinking at home.
Scary
(bump)
Barcap is a great bank,
I'm sure they'll be fine.
The bank will be fine, but not necessarily the bankers.
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