Barclays MDs leaving
Anyone have any background on the MDs leaving Barclays. I saw a lot of tech bankers are going to UBS. Was wondering if any other groups were affected.
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Very strange
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Comment from a gud friend …apparently even good MDs got zilch bonus ….TMT and C&R are essentially dead groups… most of senior coverage talent has left…. …will take many (atleast 5) years to recover..
Are they recruiting new MDs?
used to be at Barclays CRG a few years ago. had some really good people on the team but too many bad actors that i'm glad to hear it's fucking dead hahahahahaha
I worked with the team a few years ago - you had the absolute worst and most useless associates
Who knows… who cares…it’s a train wreck to avoid..
People on the street are saying it's "Assclays" instead of "Barclays"…
Not public yet but more MD’s leaving as of this week. I dont know what’s going on though
Do you know what groups?
What groups / office?
Which groups?
Tech departures are mainly a function of group leadership picking this former CS guy over Marco Valla as global co-head of IB. Marco was around since the Lehman days and had a good reputation (Barc tech people, feel free to shout if I'm wrong) and obviously decided to leave when he was passed over for the role, bringing with him most of TMT seniors plus some M&A people.
Since then it has become quite a snowball effect, with more people across groups (tech, sponsors, M&A, more) leaving for various banks (Jefferies hired amongst others the previous global co-head John Miller). Everyone is quite surprised about group leadership picking this CS banker for the role as he is not seen as experienced enough nor joining from a better platform than Barclays. More departures would not be a surprise, as certain groups are becoming a dumpster fire (e.g. I was told FIG has become terrible following group leadership changes).
Left the firm at the beginning of the year so while I'm still in contact with many people there, take this with a pinch of salt.
The other co-head of IB in Taylor Wright isn't particularly well liked either and a fellow outsider as former MS ECM banker. Perception is two outsiders and product group heads won out over Macro who was a Lehman/Barclays guy and coverage banker. Barclays had historically been run by coverage groups more than product groups for internal politics, which probably played a part as well.
Most of the legacy Lehman/Barclays people are among the recent departures across groups - TMT, CRG, Industrials and Sponsors have all been hit hard recently.
Pay at Barclays was never the best and there was the ever-present issue of a poor performing stock... all they had to retain senior talent was culture before led by the legacy Lehman bankers. Those people are largely gone now.
What’s your take on going to working there as either a new or lateral ANA or ASO
Can you say a bit more about the strong affinity for Marco? Is the expectation that Marco would be more loyal to the ex-Lehman folks than the outsiders?
Sounds like he threw a fit and left
Del
What’s going on at UBS and how did they just kill 3 birds with one stone? Is UBS management planning the death of wall st? Buy Credit Suisse and fire all their bankers so CS is dead. Then turn to Barclays and steal all their bankers, so that BarCap is dead. Then fire all your own bankers to make rooms for the new Barclays bankers, so even ex-UBS is dead.
UBS died so Barcap could live. Shocking 1 year later how well Barcap is doing and how bad UBS is doing
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Really have to hand it to the new Barclays leadership team for not skipping a beat
Are Barclays MDs planning to bring their VPs and junior team as well? Or just themselves moving?
https://www.bloomberg.com/news/articles/2023-06-10/barclays-warns-forme…
Title says it all… though I assume it happens in certain isolated cases
Warning Barcap bankers didn’t work
Did Barclays had any layoffs this year?
Update on their tech team? Heard there was a round?
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