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."
Seriously, they have done such a terrible job!
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
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.
Thanks. Any idea if this impacts full time? We were asked to submit I-9 to that law firm this week as well.
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
lmao heads are rolling
This week has been rough.
Can someone explain? Were there layoffs?
huge layoffs
how big? and why is it not in the news?
Just not true
Just jokes man, how's the wife?
hope analyst, incoming analysts, and summers wont be affected much?
just goes to show u cant shit on the back office or they'll ruin ur life lmao
which groups were affected?
interested too
Fill me in, what are you talking about?
can’t speak for the full-timers, but a lot of interns are suspended without pay, for which HR had a BS explanation
banking or markets?
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.
What was HR’s explanation? The ambiguity isn’t really saying much. Haven’t heard of this either so some details would help.
when did this happen? also is it just interns or suspending interns + layoffs?
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)
Is it the whole internship program or just interns who are in groups that are being restructured?
this. Can anyone clarify?
1 is false, 2 is true for a small portion of interns. Very disappointing, but we are all working to resolve this.
Yea idk what to do tbh
Disappointing and sad. S&T is also affected
are they not giving return offers too? what's the explanation
does this affect everyone?
are you at barclays and not affected?
interesting
Hope someone can clarify, seems pretty strange to get rid of interns and can’t really see the logic in it — low salary, going to be out in a few weeks anyways, and it would be absolutely terrible PR for Barclays as well.
Good times remembering how everyone was shitting on DB a for cutting intern summer pay. At least they were upfront and honest about it.
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.
I don't think anyone's being laid off, someone just dropped a ball p hard
Shitty thread then with no info and lots of rumors.
relax bro you're tweaking over your firm's rep
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.
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?
This is exactly it. People are wayyy overreacting rn. Probably some stupid compliance issue that's affecting some interns.
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.
2020 always have more surprise for you. Angry and disappointed.
BARCLAYS NOT BB
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.
Nothing wrong about your msg but I just hate it when finance people say ‘color’. Such a BS word lool
...///
What does that mean? clear to work? did you fill out both section 1 and 2 of i9?
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.
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.
..//
but they said it's not just internationals
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
You think this is true for IB, S&T or both? I know s&t has been crushing it this year but still..
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."
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!
No that's me, the certified VP, not the certified 2nd year Analyst
any updates from HR? are they trying to fix it or is it too late
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.
Just a compliance thing. Legally, if you don't the I9, you can't work period.
Shouldn't that have been discovered and dealt with weeks ago?
But they said they filled out I9
I am really curious what the issue is with I9s? Did they forget to submit or sign? Missing documents or what
Exactly, if that is the case seems like a simple fix
I don't think it's a legal issue with WFH or visa stuff because then it would happen at every bank
No layoffs. 0.
There is an issue with summer interns our global head of banking is addressing.
interesting to think you might be one of my MDs...
You might be one of my analysts ;)
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?
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?
can I dm you? I talked to someone from barclays but the response is unclear
It's just incredible though that Gibney didn't think to notify Barclays and then us sooner, I mean what options were they thinking of leaving us with?
I am not sure if they figured it out
I signed on for 2021 IB recently, am I affected or not? Because I turned down a Goldman interview for this
read the comments... it was an hr fumble and nothing major. Should be cleared up in the next couple of days
Qui corrupti rerum ducimus perspiciatis iusto optio id sed. Nesciunt esse aliquam placeat. Et odio et libero molestiae consectetur. Debitis numquam itaque corporis odio.
Est quis optio autem. Et dolorum rem recusandae excepturi est. Rerum qui dignissimos et temporibus quaerat similique eligendi. Asperiores autem et labore tempora. Qui aut delectus omnis minus voluptas ut rem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Sapiente incidunt quia reprehenderit et omnis. Quis a a tempore eligendi. Et excepturi id qui dignissimos dolores. Ab recusandae quod vel cumque dolore. Ea excepturi libero quo.
Aut fugiat autem et sunt qui nesciunt. Rem aut alias neque eos reprehenderit odit nihil. Autem sequi dolore magni incidunt. Quae inventore dignissimos sequi qui numquam dolorum. Assumenda et asperiores dolor occaecati ad laboriosam. Ut ab sed natus dolor non quidem odit.
Nemo ipsa et deserunt laboriosam voluptatem illo perspiciatis. Voluptates et consequuntur totam fuga beatae nostrum voluptate. Est accusantium ipsam quis qui repudiandae. Ducimus ratione est quibusdam mollitia dolorem ipsum perferendis.
Placeat fugit excepturi iusto accusantium cupiditate cupiditate. Pariatur doloribus eius recusandae ad sint molestiae porro quis. Nobis asperiores ut nisi.
Facere nobis in illum commodi qui eum. Consequuntur iure itaque aliquam itaque reiciendis quia enim.
Quis aut magni adipisci non quia. Cupiditate dolor voluptate et quis culpa. Veritatis sapiente vel sapiente maiores voluptatem voluptatem rerum. Sint quaerat tenetur ut deserunt.
Modi aut corporis et ex eveniet voluptatem. Quas voluptatibus repellat molestiae nam.