What the fuck is going on at Barclays

Intern in IB - Gen

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)

Jul 10, 2020

Seriously, they have done such a terrible job!

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  • Works at Barclays Capital
Jul 10, 2020

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

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  • Prospect in IB-M&A
Jul 10, 2020

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.

  • Analyst 1 in IB - Gen
Jul 10, 2020

Thanks. Any idea if this impacts full time? We were asked to submit I-9 to that law firm this week as well.

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  • Prospect in S&T - FI
Jul 10, 2020

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

  • Intern in IB-M&A
Jul 10, 2020
Intern in IB - Gen:

if you know you know.

Well gee, that's helpful. I didn't realize this was a Barclays specific forum.

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  • Intern in IB - Gen
Jul 10, 2020

lmao heads are rolling

  • Summer Associate in IB - Ind
Jul 10, 2020

This week has been rough.

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  • Intern in IB - Ind
Jul 10, 2020

Can someone explain? Were there layoffs?

  • Associate 2 in IB-M&A
Jul 10, 2020

huge layoffs

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  • Intern in IB-M&A
Jul 10, 2020

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

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  • Managing Director in IB - Ind
Jul 10, 2020

Just not true

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Controversial
  • Associate 2 in IB-M&A
Jul 10, 2020

Just jokes man, how's the wife?

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  • Analyst 2 in IB - Ind
Jul 10, 2020

hope analyst, incoming analysts, and summers wont be affected much?

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  • Intern in IB - Gen
Jul 10, 2020

just goes to show u cant shit on the back office or they'll ruin ur life lmao

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  • Prospect in S&T - Equities
Jul 10, 2020

which groups were affected?

  • Associate 1 in IB - Ind
Jul 10, 2020

interested too

  • Works at Barclays Capital
Jul 10, 2020

Fill me in, what are you talking about?

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  • Intern in IB-M&A
Jul 10, 2020

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

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  • Prospect in S&T - Equities
Jul 10, 2020

banking or markets?

  • Works at Barclays Capital
Jul 10, 2020

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.

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  • Works at Barclays Capital
Jul 10, 2020

What was HR's explanation? The ambiguity isn't really saying much. Haven't heard of this either so some details would help.

  • Prospect in S&T - Equities
Jul 10, 2020

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

  • Prospect in S&T - FI
Jul 10, 2020

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)

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  • Prospect in S&T - Comm
Jul 10, 2020

Is it the whole internship program or just interns who are in groups that are being restructured?

  • Associate 1 in IB - Ind
Jul 10, 2020

this. Can anyone clarify?

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  • Managing Director in IB - Ind
Jul 10, 2020

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

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  • Prospect in IB - Gen
Jul 10, 2020

Yea idk what to do tbh

Jul 10, 2020

Disappointing and sad. S&T is also affected

  • Prospect in S&T - Comm
Jul 10, 2020

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

  • Analyst 1 in IB - Gen
Jul 10, 2020

does this affect everyone?

  • Prospect in S&T - Comm
Jul 10, 2020

are you at barclays and not affected?

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  • Prospect in S&T - FI
Jul 10, 2020

interesting

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Jul 10, 2020

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.

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Jul 10, 2020

Good times remembering how everyone was shitting on DB a for cutting intern summer pay. At least they were upfront and honest about it.

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  • Works at Barclays Capital
Jul 10, 2020

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.

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  • Prospect in IB - Gen
Jul 10, 2020
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

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

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  • Works at Barclays Capital
Jul 10, 2020

Shitty thread then with no info and lots of rumors.

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  • Intern in IB-M&A
Jul 10, 2020

relax bro you're tweaking over your firm's rep

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Most Helpful
  • Works at Barclays Capital
Jul 10, 2020

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.

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  • Analyst 2 in IB - Ind
Jul 10, 2020

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?

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  • Prospect in S&T - FI
Jul 10, 2020

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

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.

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  • Intern in S&T - Other
Jul 10, 2020

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

Funniest
Jul 10, 2020

BARCLAYS NOT BB

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Jul 10, 2020

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.

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  • Prospect in S&T - FI
Jul 10, 2020

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

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Jul 10, 2020

lol. Must have been a scary night. I didn't even know I-9s needed to be verified. I thought it was a records thing.

  • Prospect in S&T - FI
Jul 10, 2020

What does that mean? clear to work? did you fill out both section 1 and 2 of i9?

  • Intern in IB - Gen
Jul 10, 2020

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

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.

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Jul 10, 2020

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.

  • Prospect in S&T - FI
Jul 10, 2020

but they said it's not just internationals

  • Works at Barclays Capital
Jul 10, 2020

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

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  • Prospect in S&T - FI
Jul 10, 2020

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

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."

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  • Works at Barclays Capital
Jul 10, 2020

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!

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  • Works at Barclays Capital
Jul 10, 2020

No that's me, the certified VP, not the certified 2nd year Analyst

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  • Prospect in S&T - FI
Jul 10, 2020

any updates from HR? are they trying to fix it or is it too late

Jul 10, 2020

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 - Ind
Jul 10, 2020

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

  • Analyst 1 in IB - Gen
Jul 10, 2020

Shouldn't that have been discovered and dealt with weeks ago?

  • Prospect in S&T - FI
Jul 10, 2020

But they said they filled out I9

  • Prospect in S&T - FI
Jul 10, 2020

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

  • Analyst 1 in IB - Gen
Jul 10, 2020

Exactly, if that is the case seems like a simple fix

  • Prospect in S&T - FI
Jul 10, 2020

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

sad

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

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  • Managing Director in IB - Ind
Jul 10, 2020

No layoffs. 0.

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

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  • Analyst 2 in IB-M&A
Jul 14, 2020

interesting to think you might be one of my MDs...

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  • Prospect in IB-M&A
Jul 15, 2020

You might be one of my analysts ;)

  • Prospect in S&T - Equities
Jul 10, 2020

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

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

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

  • Intern in IB - Gen
Jul 10, 2020

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?

  • Prospect in S&T - Equities
Jul 10, 2020

I am not sure if they figured it out

  • Intern in IB - Ind
Jul 11, 2020

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

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  • Associate 1 in IB - Ind
Jul 11, 2020

read the comments... it was an hr fumble and nothing major. Should be cleared up in the next couple of days

  • Intern in IB - Ind
Jul 11, 2020
Comment
  • Analyst 2 in IB - Ind
Jul 11, 2020
Jul 11, 2020
  • Prospect in S&T - Equities
Jul 11, 2020
  • Analyst 1 in IB - Gen
Jul 13, 2020