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?
No weekend meals at home is pretty fucked
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
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.
Could be worse, could be at Goldman lol
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Like that is so easy
This is ridiculous
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at some point this joke is just no longer funny
But today is not that day
All the juniors in my group at barclays are very frustrated and pissed. Banks wonder why no one stays for A2A
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.
Did Venta say he wants us to have best junior comp? Source?
Curious if you have any suggestions for Internal bank transfer to IB Analyst?
Thank God I didn't take that return
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?
PWP doesn’t have WFH meals either lmao
EVR doesn’t have WFH meals either. That’s not new
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.
The point is not that the bank is paying or not, it's to get people back in the offices
The fact they paid for your meals working at home AND on the weekend is crazy
To be clear - we only got meals comp'd on the weekend if we were logged on. Concur would flag the expense if you tried to comp a Sat. night meal but weren't online for a certain number of hours.
Yea I second this - you had to work 12 hours on a single day on the weekends to order a meal so it’s not even a great benefit, but imagine having to sit there working for 12 hours and then only getting a meal if you go to the office too.
How does concur know if you were working or not?
Same policy for Barclays London unfortunately, everyone is pissed
No weekend meals at home - This is insulting
Man fuck banking, the industry is so unnecessarily backwards. I just don’t understand what the hell is wrong with these gen-x/boomers.
I can’t wait to leave. I’m convinced 90% of people who stay in banking are untalented cucks who try to compensate with how unhappy they are in life by spreading misery.
Agree seriously
How late do you need to stay in office for the meal stipend?
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