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

 
  • 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 - 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)

 
  • 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
 
  • Analyst 2 in IB - Ind
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 - 2:24am

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.

 
Jul 10, 2020 - 9:20am

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.

 
  • 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.

 
  • 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

 
Jul 10, 2020 - 4:20pm

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

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
 
  • Managing Director in IB - Ind
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?

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