Barclays layoffs
Layoffs at the analyst level in multiple groups.
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Following. Any other details?
delete
So messed up. So many bad associates who have yet to get the axe…. But yeah let’s lay off the few analysts who make pennys compared to everyone else
I can’t tell you how many associates on my team are incompetent - never help with work, don’t know how to model, really just cannot function without an analyst.
Those are the people who should have been cut before 2nd/3rd year analysts. They’re paid more and do far less.
Citi too no?
Bump bump.
Did it happen already?
Yes, multiple firings today and rumors it will continue through tomorrow
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 older people being like im sick of these posts stfu u stupid analysts they will never layoff analysts… so were they just wrong lol
“English bank”
“Royal Bank of Scotland”
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
When do the SA cancellations begin
.
Confirmed multiple analysts
Which groups?
Heard FIG, HC, Power, among others.
Nothing in Tech (or industrials I think), but rumors that it might continue tomorrow
What're the details here was this IB? At least under the guise of underperforming analysts?
Yes, this is in coverage (Barclays has no core M&A team).
It’s stupid as fuck, they were firing 2nd/3rd year analysts. People who were not “underperformers” by any means.
crazy. i was gonna put underperformer in quotes too. that aint good
Why laying off 2nd/3rd years tho?
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.
Thank you, know you teed it up in your initial comment. Good points though, completely agree (biased as a 2nd year myself, but still.)
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
Makes plenty of sense, only CEO can
Also curious bc sounded like AN1s weren't affected, would think they would go before the 2s
There were bunch of people who were mad at me for calling out couple of weeks ago - analysts who think they can cruise and don’t need to show up in office or follow the norms / protocols, they’ll be at a tough spot. And no one is hiring laterals right now. For junior people - don’t quiet quit.
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
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.
2nd & 3rd years - Power confirmed
Lev Fin also affected
Looks like most of the cuts are at junior levels up to VP
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.
.
Any insight for London?
bump
Bump
Confirmed in London across multiple groups. I'm personally aware of P&U, TMT, FIG, NatRes, UK Coverage and ECM. Mixture of analysts/associates and more senior individuals (no MDs however)
How many ppl in FIG are impacted?
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.
It’s firm wide although my confusion is shared because those groups have been doing well but no one is spared (tbd bc they’re supposed to still be going on)
Have more people been let go yet today, or has it not happened yet?
Did they lay off analysts?
Clearly teams running thin but does the reduction mean new reinforcements or just running teams thin?
They are definitely not letting seasoned analysts go to do more hiring…
Bump
Any word surrounding income SA’s. Any worry there regarding offers pre-internship being yanked/slashed?
Are layoffs done now?
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.
I am sorry dont have an answer, but were 1st year fired?
Don’t think so, just 2nd and 3rd years. Probably for optics because it would look really bad to fire people who are ~2 months on the desk. But it’s stupid because 2nd/3rd years can do much more than fresh first years, even if they’re tapping out.
Heard it was around ~$15k-$20k depending on how long you’d been around
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.
is this at the BB level/nyc offices ?
Yep
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.
"sloppy personal grooming / dress sense"
didn't know we were graded on fashion too
I think it is a big part on how you carry yourself and i think thats what this commenter was trying to get at
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
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.
Any layoffs happen at the Toronto office?
confirmed across most product and coverage groups - largely 2nd and 3rd years and a few VPs. think wrapped up yesterday 11/9 from what i heard
Why second and third years
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.
Are incoming SAs and incoming AN1s affected?
Anyone know what % of 2nd/3rd analyst classes were cut?
Any insights for Frankfurt, Germany?
You will see towards the end of the year since laying off people takes a few months depending on your contract. Good thing is, you can start reaching out to your network while officially not gone.
But not sure if Barclays got a 1 or 3-month notice period in Frankfurt
Any impact to their P&U and NR teams?
Are your mouse and keyboard broken or can you scroll up
Some more senior people on the equities / trading side as well. Head of Equities structuring in the US gone (S&T)
Does anyone know if the layoff affected APAC (SG/HK) as well?
What about their LA and Menlo Park offices?
Heard of one analyst being let go in tech
Any layoffs in DCM?
Thought Barclays was doing well this year? Feel like they’ve laid off more in US IBCM than Citi and CS
They are. They’ve had one of the lowest declines in fees of all the BB. But management is cheap as fuck - look at the top bucket coverage bonuses of $50k vs $90k at Citi.
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
Nah. Those leveraged loan losses are big.
Can confirm they are in fact cheap asf
Why did they just put up a listing for HC associates? I guess they're not on a hiring freeze?
HC definitely doesn’t need more associates
Any word on whether incoming SA will be affected?
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).
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.
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.
Jamie_Diamond, nice profile name
Any idea about latest Salaries at Barclays Uk associate level
What did severance packages look like across analyst and associate levels?
Heard $10k
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