Barclays layoffs

Layoffs at the analyst level in multiple groups.

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Comments (126)

  • Analyst 1 in IB - Cov
Nov 8, 2022 - 5:17pm

what happened to all the older people being like im sick of these posts stfu u stupid analysts they will never layoff analysts… so were they just wrong lol

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  • Analyst 1 in IB - Cov
Nov 8, 2022 - 5:17pm

what happened to all the older people being like im sick of these posts stfu u stupid analysts they will never layoff analysts… so were they just wrong lol

  • Intern in ER
Nov 9, 2022 - 8:50pm

Analyst 1 in IB - Cov

what happened to all the older people being like im sick of these posts stfu u stupid analysts they will never layoff analysts… so were they just wrong lol

What happened to all the younger people (SAs, Spring interns, insight week participants, GS Virtual Insight Series interns) being like im sick of these posts stfu u stupif analysts they will never layoff analysts

  • Associate 2 in PE - LBOs
Nov 10, 2022 - 4:03pm
[Comment removed by mod team]
Nov 8, 2022 - 7:19pm
BankBoy23, what's your opinion? Comment below:

What're the details here was this IB? At least under the guise of underperforming analysts?

  • Analyst 2 in IB - Cov
Nov 8, 2022 - 8:03pm

That's a great question that nobody knows the answer to. Associates and VPs were also let go but Analysts are the cheapest workers and laying off seasoned 2nd/3rd years is the dumbest fucking thing.

We are already short staffed and morale is bad, this is just going to make it awful. There are also so many dogshit senior bankers who are doing ZERO business and they're firing analysts.

Senior management at this bank is terrible.

Nov 8, 2022 - 8:12pm
BankBoy23, what's your opinion? Comment below:

Thank you, know you teed it up in your initial comment. Good points though, completely agree (biased as a 2nd year myself, but still.)

  • Associate 3 in PE - LBOs
Nov 8, 2022 - 8:54pm

There's a pyramid to maintain will be the argument. Need to take out below if you take out people above. Can't report to yourself

  • Analyst 1 in IB - Restr
Nov 9, 2022 - 3:16am

Associate 3 in PE - LBOs

There's a pyramid to maintain will be the argument. Need to take out below if you take out people above. Can't report to yourself

True and I would add that it is way easier to hire juniors again, while it is more difficult to find good Assocs/VPs. So it absolutely makes sense to fire Analysts because they don't need them at the moment (low deal activity) and it is easy to re-hire if the situation changes

Nov 16, 2022 - 1:03pm
musitall, what's your opinion? Comment below:

Laying off experienced analysts somewhat makes sense, no?

Most are expected to not return and use IB as launchpad for career so now they are free to, whereas 1st year analysts know they're attached at the hip to the company to get their 2 years on their resume.

Nov 9, 2022 - 2:11am
anotherm7, what's your opinion? Comment below:

Looks like most of the cuts are at junior levels up to VP

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  • VP in IB - Cov
Nov 9, 2022 - 11:05am
anotherm7

Looks like most of the cuts are at junior levels up to VP which is baffling..

MD costs are largely variable, they will get paid peanuts this year but can bring in revenue next year as conditions improve. Analysts - VP are more fixed cost the lower you go, so it makes sense to take out some of the junior population.

  • Analyst 2 in IB - Gen
Nov 9, 2022 - 8:12am

Any insight into why they chose to fire from Power, HC, etc.? if I'm not mistaken, those are some of Barclays' best-performing groups historically, though maybe times have changed recently. 

  • Analyst 1 in IB - Cov
Nov 9, 2022 - 3:40pm

 Clearly teams running thin but does the reduction mean new reinforcements or just running teams thin?

  • Analyst 2 in IB - Gen
Nov 9, 2022 - 6:24pm

Does anyone know what severance is like for an IB analyst who is let go? Just curious how long you would get it, since most of the people being fired have barely worked there a year. 

Nov 9, 2022 - 7:59pm
lawless11, what's your opinion? Comment below:

I know this is about IB, but S&T seeing some layoffs too. Mostly VP's tho, don't think I've heard analyst cuts yet.

  • VP in IB - Gen
Nov 9, 2022 - 10:23pm

I'm not at Qatalyst or anything but relative to the juniors we hired pre-pandemic, the juniors we hired during were MUCH more hit and miss.  Much more prone to ignore weekend emails / take a long time to respond, come in to office late / leave early, push back on work etc, sloppy personal grooming / dress sense etc.  That's not surprising because we hired much more than we used to so your standards couldn't be as high.  Anyway, not a complaint but that probably plays a part in why analysts are getting cut this downmarket vs other downmarkets where they weren't.  It appears that some who got cut weren't outwardly bad performing but believe me, every workplace has issues with favoritism.  It's that old story about the hardworking guy getting passed up for promotion in favor of the charming guy.  

  • VP in IB - Gen
Nov 10, 2022 - 3:09pm

a. If you walked into work wearing a mesh shirt and an unkempt, dirty beard, do you think you'll be looked at in the same light as a guy wearing a blazer and slacks?  Okay, now narrow the differences between the two in terms of dress / grooming and similarly shrink the level of adverse reaction.  The point is, the negative reaction to someone dressing  / being groomed significantly worse than average will be small but non-zero.  When you combine that with the other deficiencies I noted, it starts to paint a picture

b.  Beyond dress sense, what we do care about is attention to detail - before you edited it, you attempted to insert what I said in quotes and badly misspelled 'sloppy'.  I give you credit for catching it though    

Nov 10, 2022 - 10:26pm
GoingToBeAnMD, what's your opinion? Comment below:

I think this is likely to be accurate. Lots of departments, not just IB, hired a lot of "warm bodies" during the pandemic. I'm sure there's plenty of people that can be let go and no one will miss them. 

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  • Intern in IB-M&A
Nov 10, 2022 - 12:20am

Any layoffs happen at the Toronto office?

Nov 11, 2022 - 1:07pm
reformed, what's your opinion? Comment below:

There are a disproportionate number of second year analysts and stub associates (A2As) across many groups who were brought on during the COVID boom who don't come into the office despite the rest of the group being in, sign off at 11pm when the rest of the deal team including senior associates and VPs are working late, stop working the second protected Saturday hits (like not even finishing what they're working, just completely sign off right at 6pm on a Friday on the dot), take hours to respond in the middle of the weekday, and who don't do any work unless explicitly asked.

I don't think anyone deserves to be laid off and certainly wish groups just had the tough conversations with these people early to level set expectations (rather than keep quiet and tacitly endorse that sort of behavior), but it's hard to look at it and say that it comes as a surprise that the majority of layoffs were senior analysts or stub associates. It's also mindboggling that people behave like the above and then act surprised when they're let go. I just don't understand how you can not see that coming.

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  • Prospect in IB - Gen
Nov 10, 2022 - 2:58pm

Are incoming SAs and incoming AN1s affected?

  • Associate 2 in IB-M&A
Nov 11, 2022 - 3:45am

Any impact to their P&U and NR teams?

Nov 11, 2022 - 7:59am
baker, what's your opinion? Comment below:

Some more senior people on the equities / trading side as well. Head of Equities structuring in the US gone (S&T)

  • Analyst 2 in IB-M&A
Nov 11, 2022 - 12:59pm

Thought Barclays was doing well this year? Feel like they've laid off more in US IBCM than Citi and CS 

  • Intern in IB - Cov
Nov 11, 2022 - 5:19pm

any idea how they are justifying this? I interned there and there were plenty of people who were extremely smart/driven, but I was a pretty surprised at some of the "talent" that slipped through the cracks (me to a certain extent lmao), cant imagine the reputation of being the cheap bank is helping

  • Associate 2 in IB - Cov
Nov 16, 2022 - 4:08pm

Can confirm they are in fact cheap asf

Nov 12, 2022 - 4:23pm
Dr. Rahma Dikhinmahas, what's your opinion? Comment below:

I don't want to get anyone's hopes up too much but SA is rarely if ever cut.  The cost of the program is low and the risk of cutting is somewhat high (what if activity picks up and you have no class).  

Nov 13, 2022 - 11:31pm
Jamie_Diamond, what's your opinion? Comment below:

Heart goes out to those who've been laid off. Horrible look. Reckon associates will just have their bonuses heavily slashed this Jan and then they'll be leaving regardless.

What concert costs 45 cents? 50 Cent feat. Nickelback.

  • Analyst 2 in IB - Cov
Nov 13, 2022 - 11:36pm

Agreed. It sucks cause a lot of the good senior bankers have already left cuz this bank is shit and pays shit. So a lot of the people still here are incompetent/new hires who don't care about culture, which has turned into this horrible negative cycle of culture getting worse and then more good people leaving.

Nov 22, 2022 - 10:37am
JamieDiamondHands, what's your opinion? Comment below:

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Nov 14, 2022 - 1:07pm
Roger_that22, what's your opinion? Comment below:

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  • Analyst 2 in IB - Gen
Nov 24, 2022 - 12:01am

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  • Analyst 2 in IB - Cov
Nov 24, 2022 - 1:45am

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  • Intern in IB - Gen
Nov 24, 2022 - 12:14am

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