Barclays Announces 4 Days Mandatory In-Office + No At-Home Meal Expenses

Referencing the NYC office, don't know if this is the same across all of Barclays' other locations. Policy kicks in October 3rd. The kicker is that the removal of at-home meal expensing includes weekends.

Naively thought that some of the post-COVID improvements in lifestyle/perks would be permanent. Seems now that the labor market is less favorable towards IB juniors, seniors across the street are saying "lol sike" and flashing us all a fat middle finger.

Really fucking tough pill to swallow following garbage bonuses, sky-high rent, increasing mortgage rates, unprecedented inflation, and yet another looming recession all joining forces to bend us over. If you really think about it, seems the only longstanding improvement to banking post-COVID is slightly higher base salaries, given bonuses were dialed back to keep all-in comp flat.

Thoughts? Any other banks announce similar belt-tightening moves recently? Any thoughts re. how this'll affect talent recruitment/retention going forward?

Comments (31)

Most Helpful
  • Associate 1 in PE - LBOs
Sep 23, 2022 - 2:00pm

This is idiotic because banks aren't even paying these 99% of the time - it all goes straight to the client. In my 2 years I had probably a handful of meals that were expensed to my bank (rather than to client) when I was on pitches or something, but the bank is rarely ever eating this cost themselves

  • Associate 3 in IB-M&A
Sep 29, 2022 - 9:25am

Not sure I agree with this. My bank only runs the expense log if/when the deal closes, and even then expenses are capped at a certain point. How many deals have you been working on that have died for some stupid reason, or taken a year to finally get across the line and the bank has already long met the expense cap?

I think the bank pays for at least 70% of these meals, and it's probably even higher than that.

  • Intern in IB - Gen
Sep 26, 2022 - 12:24am

at some point this joke is just no longer funny

  • Analyst 2 in IB - Cov
Sep 26, 2022 - 12:18am

Yea, fuck this bank. Terrible summer, terrible bonuses, bank bringing in tons of crappy senior level people from other banks making the work and culture terrible. Senior management is so incredibly un-self aware it's comical (head of IB saying they want to be "#1 in junior comp" and then paying the worst A1 BB bonuses).

If I was a summer I would not have accepted a return offer - know several people who accepted other offers. Cannot wait to get out of this hell hole.

Barclays tryna be Goldman but pays 40% less and carries nowhere near the brand name.

  • Intern in IB - Gen
Sep 24, 2022 - 11:46pm

Thank God I didn't take that return

  • Intern in IB - Gen
Sep 26, 2022 - 1:14am

What type of bank did you end up at then? FT market has been brutal. Were you able to leverage for an even better BB or EB?

  • Analyst 1 in IB-M&A
Sep 25, 2022 - 1:52am

EVR doesn't have WFH meals either. That's not new

  • Analyst 1 in IB-M&A
Sep 25, 2022 - 4:50pm

So fckin stupid to take away wfh meals. It's not even like the bank is paying, it's the client who ends up paying those expenses as someone commented above.

Sep 28, 2022 - 2:00pm
FinanceConnoisseur, what's your opinion? Comment below:

Pariatur sit id non consequuntur omnis. Quo dolor exercitationem praesentium in mollitia fuga. Eum qui maxime est dolorem laudantium. Quia in accusantium omnis recusandae debitis doloribus sed. Voluptatem sequi architecto maxime et aut ipsum.

Unde esse doloremque voluptas quisquam. Voluptatibus temporibus facere asperiores tenetur. Natus itaque qui eaque mollitia dignissimos rem. Consectetur expedita consequatur eaque omnis. Esse in nulla aut velit vero. Ipsa ipsam deleniti laudantium nulla quae eveniet. Voluptates laudantium cum voluptatum molestiae dolores expedita reprehenderit.

Quasi est aperiam error earum eum vel ipsam magni. Qui labore illo et ipsum vitae sunt omnis. Neque rerum sit eum natus occaecati est sunt in. Repellat architecto ab id molestiae.

Start Discussion

Career Advancement Opportunities

November 2022 Investment Banking

  • Jefferies & Company (▲08) 99.6%
  • Lincoln International (= =) 99.3%
  • Financial Technology Partners (+ +) 98.9%
  • Evercore (▽01) 98.5%
  • Bank of America Merrill Lynch (▲01) 98.1%

Overall Employee Satisfaction

November 2022 Investment Banking

  • PJT Partners (= =) 99.6%
  • Evercore (▲02) 99.3%
  • Greenhill (▲05) 98.9%
  • Canaccord Genuity (▲15) 98.5%
  • William Blair (= =) 98.1%

Professional Growth Opportunities

November 2022 Investment Banking

  • PwC Corporate Finance (▲14) 99.6%
  • Lincoln International (▲03) 99.3%
  • Jefferies & Company (▲04) 98.9%
  • William Blair (▽02) 98.5%
  • Evercore (▽01) 98.2%

Total Avg Compensation

November 2022 Investment Banking

  • Director/MD (10) $613
  • Vice President (38) $392
  • Associates (219) $256
  • 2nd Year Analyst (139) $163
  • 3rd+ Year Analyst (19) $160
  • 1st Year Analyst (464) $153
  • Intern/Summer Associate (88) $151
  • Intern/Summer Analyst (336) $92