What the fuck is going on at Barclays

Title says it all, if you know you know. If you know someone affected give them a pat on the back and buy them dinner.

Mod Note: from the top comment below: "Just wanted to provide additional color on the situation. HR reached out to interns this morning (NYC Office) clarifying whether or not they are cleared to work (hinges on whether their I9 verification cleared or not). It is NOT a mass layoff of interns nor does it hint towards a lack of full time offers."

Comments (115)

  • Works at Barclays Capital
Jul 10, 2020 - 2:17pm

Hi-jacking the top comment to provide an update: - Was purely a mistake because our HR outsourced onboarding documents to a 3rd party law firm and there were mistakes on the I-9 documents - Nobody's offer status is impacted; issue should be resolved in next few days - Interns will be made whole on pay for the impacted days that they are temporarily suspended

  • Prospect in IB-M&A
Jul 10, 2020 - 2:22pm

Thanks for the updates. Let's wait and see if the law firm would accept scanned supplemental forms this time, instead of insisting on mails. Many banks have no issues with e-version 1-2 months ago so at least this doesn't look good on that law firm.

  • Prospect in S&T - FI
Jul 10, 2020 - 2:25pm

so they shouldn't have outsourced it? hmm interesting that sounds like not even HR's fault but the law firm's. thanks, you sound like a great guy who cares about the firm

  • Summer Associate in IB - Cov
Jul 10, 2020 - 12:45am

This week has been rough.

  • Intern in IB-M&A
Jul 10, 2020 - 12:50am

how big? and why is it not in the news?

Controversial
  • Associate 2 in IB-M&A
Jul 10, 2020 - 3:54pm

Just jokes man, how's the wife?

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  • Intern in IB-M&A
Jul 10, 2020 - 1:14am

can't speak for the full-timers, but a lot of interns are suspended without pay, for which HR had a BS explanation

  • Works at Barclays Capital
Jul 10, 2020 - 1:19am

I'm in a regional office but hadn't heard of this, and I'm a staffer so there was not even an HR announcement or an update from our group about this. Pretty surprising to be honest.

Were the suspensions performance or conduct related? What was the reason given?? I'm emailing HR tomorrow but would like to know more before diving in.

  • Prospect in S&T - Equities
Jul 10, 2020 - 1:17am

when did this happen? also is it just interns or suspending interns + layoffs?

  • Prospect in S&T - FI
Jul 10, 2020 - 1:19am

I am fairly confused here. The top and bottom halves of this thread seem to be talking about different things. From what I can gather, there are two possible and separate issues:

1) Layoffs for full-time 2) Interns suspended (I know this is true)

  • Managing Director in IB - Cov
Jul 10, 2020 - 3:19pm

1 is false, 2 is true for a small portion of interns. Very disappointing, but we are all working to resolve this.

  • Prospect in IB - Gen
Jul 10, 2020 - 1:21am

Yea idk what to do tbh

  • Prospect in S&T - Comm
Jul 10, 2020 - 1:22am

are they not giving return offers too? what's the explanation

  • Prospect in IB - Gen
Jul 10, 2020 - 2:02am
Works at Barclays Capital:
To be fair, everything in this thread is unsubstantiated and hearsay. Doesn't make sense. I would have thought we would wait to lay people off until Sept so would be very strange indeed.
Ask HR urself tomorrow and you'll know it's not hearsay.. at least not for NY office
  • Intern in IB - Gen
Jul 10, 2020 - 2:03am

I don't think anyone's being laid off, someone just dropped a ball p hard

  • Analyst 2 in IB - Cov
Jul 10, 2020 - 2:08am

lol watch this thread lead nowhere when all the interns who are hyperventilating rn realize its just some internal admin / compliance issue. barclays is doing just fine - what reason do they have to axe divisions?

  • Prospect in S&T - FI
Jul 10, 2020 - 2:23am

This is exactly it. People are wayyy overreacting rn. Probably some stupid compliance issue that's affecting some interns.

  • Prospect in S&T - FI
Jul 10, 2020 - 2:24am

I'll try to clear it up: this is isn't like a mass layoff of interns or anything remotely close from what I can tell. Just HR messing up some employment verification stuff is what it looks like, and that's causing some weird issues.

  • Intern in S&T - Other
Jul 10, 2020 - 7:46am

2020 always have more surprise for you. Angry and disappointed.

Jul 10, 2020 - 9:20am
Evanech, what's your opinion? Comment below:

Just wanted to provide additional color on the situation. HR reached out to interns this morning (NYC Office) clarifying whether or not they are cleared to work (hinges on whether their I9 verification cleared or not). It is NOT a mass layoff of interns nor does it hint towards a lack of full time offers.

  • Prospect in S&T - FI
Jul 10, 2020 - 9:37am

Nothing wrong about your msg but I just hate it when finance people say 'color'. Such a BS word lool

  • Intern in IB - Gen
Jul 10, 2020 - 11:35am

I know they reached out to confirm if you're not cleared to work, not sure if they bothered to confirm the affirmative for all relevant parties.

  • Works at Barclays Capital
Jul 10, 2020 - 9:45am

Weird thread. Our lil eager beavers have been onboarded and are working away. Posting their first day of school linkedin photos and their wfh setup, ya know, the whole shebang.

We also have a moratorium in place through September. I don't trust those mass emails for a second, but there is a next to zero chance that there are mass layoffs and cost cutting happening at the moment. All of that took place in Feb and will like come again after September.

  • Intern in IB - Gen
Jul 10, 2020 - 9:50am

It must have to do with the recent WH decisions regarding Visas. My guess is that it doesn't effect a ton of people. Only person I know at Barc said he hadn't heard anything.

  • Works at Barclays Capital
Jul 10, 2020 - 10:46am

Who the hell knows. These threads are garbage.

Whatever is going on will surface in time and you can make your own judgements based on factual reality. Speculating and knowing some cobbled together POV 10 seconds early provides zero value. Waste of your time.

Unrelated, but based in a few comments: Buckle the F up. Regardless of what is going on at Barclays, the wall street ship is about to start getting real f'n rocky come fall time. FT offer rates are going to blow, FT layoffs/shit bonuses/cost cutting across the street is going to be harsh and it will start hitting hyper drive here in the next few months. Worse, it is going to be scattered and unpredictable. Let's grow up and start living in reality. We signed up for a competitive industry with high reward and high risk. Time to feel the risk for a year or two and hope we all shake out on the other side. Quit thinking reputation and recruiting and blah blah blah all matter. It doesn't. The sky seems to find another way to fall out every other day and interns are the least of a banks worry right now.

Sincerely, Your jaded cynical realist tired of people living in fantasy land

  • Prospect in S&T - FI
Jul 10, 2020 - 11:37am

You think this is true for IB, S&T or both? I know s&t has been crushing it this year but still..

Jul 10, 2020 - 4:20pm
iggs99988, what's your opinion? Comment below:

You sound like a real POS. Weren't you the one who made the statement below? So intern careers don't matter but food for YOUR family does? Hope you're part of the fat that gets cut come fall.

"Yeah, my firm's rep is pretty fucking important to me, especially when technical problems are conflated with mass layoffs. My firm puts food on my family's table and pays for my parents' care. Forgive me for caring, Intern in IB-M&A."

  • Works at Barclays Capital
Jul 10, 2020 - 5:01pm

Warm and fuzzy I am.

The only problem with your attempt at cutting deep is that I am fulling prepared to be walked out of the door. Tomorrow ain't guaranteed and nothing would surprise me. I don't apologize for living in reality.

Ya, no, interns don't matter. Neither do any of us analysts/associates. Whatever helps you sleep at night brotha.

Also, no clue about the other comment you are referencing and don't feel like looking/figuring it out.

Happy Friday!

Jul 10, 2020 - 12:47pm
benjokal, what's your opinion? Comment below:

What does an I9 processing issue have to do with layoffs lol? Don't know the whole story but this seems like a p silly overreaction.

Array

  • Intern in IB - Cov
Jul 10, 2020 - 1:03pm

Just a compliance thing. Legally, if you don't the I9, you can't work period.

  • Prospect in S&T - FI
Jul 10, 2020 - 2:16pm

I am really curious what the issue is with I9s? Did they forget to submit or sign? Missing documents or what

  • Prospect in S&T - FI
Jul 10, 2020 - 2:20pm

I don't think it's a legal issue with WFH or visa stuff because then it would happen at every bank

Jul 10, 2020 - 2:23pm
Jamie_Diamond, what's your opinion? Comment below:

sad

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

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  • Managing Director in IB - Cov
Jul 10, 2020 - 3:15pm

No layoffs. 0.

There is an issue with summer interns our global head of banking is addressing.

  • Prospect in S&T - Equities
Jul 10, 2020 - 4:36pm

OK I think I figured it out as I was filling out my I-9 for FT. In the second section, you are allowed to put anyone but yourself as agent. but the guideline says that employer of the agent should be written as Barclays even tho this person doesn't work there. So, I guess the problem is USCIS cannot verify the agent works at Barclays?

  • Analyst 1 in IB - Gen
Jul 10, 2020 - 4:40pm

Interesting, I see what you're saying. Should we reach out to HR or do you think they'll email us given what happened with interns?

  • Prospect in S&T - Equities
Jul 10, 2020 - 5:28pm

can I dm you? I talked to someone from barclays but the response is unclear

  • Intern in IB - Cov
Jul 11, 2020 - 5:30am

I signed on for 2021 IB recently, am I affected or not? Because I turned down a Goldman interview for this

  • Intern in IB - Cov
Jul 11, 2020 - 3:21pm

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Jul 11, 2020 - 4:58pm
BigD973, what's your opinion? Comment below:

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