Big Layoff at Barclays - 5/1/24
Gonna be bloodbath tomorrow. Confirmed a lot of juniors gone, unsure on seniors
Source: Overheard an MD conversation from the stalls lmao
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Heard they are considering exiting US IBD after losing nearly 30% of their MDs in the last twelve months
Blatantly untrue. They hired +25 MDs in the US over the last year.
I am at Barclays and can confidently say the majority of the new MDs are much weaker. A lot of the MDs that left were the rainmakers of the firm, and it has materially impacted deal flow. Still don't think Barclays will be exiting US IBD and strong MDs still remain, but it's false to say that the bank right now is as stong as it was the year before.
Following
Following.
Heard FIG's gonna suffer.
https://www.bloomberg.com/news/articles/2024-05-01/barclays-begins-impl…
A bunch of us are at the elevator gates and our key cards no longer work. Security is confused and no one knows what going on (including a staffer that we talked to)
Think IT might have cut access before HR could notify people (didn't coordinate the timing).
It's a total mess.
Best of luck, brothers. Wishing you all well.
Sorry this is happening to you. Stay strong.
Dang man, best of luck
Fake news (unless this is non-NYC)
I texted my buddy at Barclays NY and he said this is NOT the case and nobody has been locked out of the elevator like that. Guy who posted that, either provide details and corroborate or just shut up if you're putting out wrong info.
isnt this a copy paste from a comment on a thread a year ago when GS laid people off?
What country is this in? Would Asia be affected as well?
The country of Asia probably won’t.
I'd assume the front office cuts will virtually all be in NYC and London. Venkat has previously said Asia will be spared from the cuts and Barc's presence in Asia is already pretty small by BB standards. I could be wrong, of course.
bump on NY?
Just saw a girl by the elevator bank crying
Fake news. Girls don't get fired regardless of performance.
Unfortunately, it’s more sad than funny that this is the reality.
Depends on the industry
lol dude she got laid off for bad performance. 2nd floor elevator bank on the trading floor. Also one of the top MDs in securitized products got laid off (female as well). Barclays is consolidating power right now, just look at the new division heads
I think she discovered the MD she was sleeping with isn't leaving his wife.
Least unexpected layoffs this year after the Citi & UBS ones. Barclay's big deal makers were the ex-Lehman guys... a quarter of whom just left for UBS. Of course, layoffs were going to happen, especially since the quality of the new MDs is terrible as they hired a bunch from downmarket/MMs.
bump for NY?
What's the impact on incoming SA?
Barclays is cooked
That's what happens when you don't take care of your rainmakers and allow them to join rivals like UBS. So tough to see.
Not sure what Barclays would've done other than picked Valla as head of IB. It was a political battle and the senior ex-Lehman IB guys lost and moved firms. The real problem isn't the losing of the MDs as that's bound to happen with these political battles, the main issue is their lack of reinforcement of their ranks and the quickness of how they lost their MDs. I don't think Barclays expected their rainmaker ranks to be decimated this quickly and made some terrible senior hires from subpar banks, which just caused further distress leading to even more rainmakers joining UBS. UBS/Barclays are both being run by ex-Lehman guys and Barclays is prob equal to them in IBD(UBS has been 1 spot above them globally for 2023 and now H1 2024 per FactSet data but it's been a negligible difference). Ultimately, Barclays definitely lost out from this but can recover if they decide to invest in their IBD division and actually hire dealmakers and not random MM bankers.
How does this impact incoming analysts / junior level that will stay at the bank; if at all?
This is always such a silly question on these threads... get you guys are worried but obviously layoffs are not a good thing to have happen, especially when IB has been such an earnings drag for Barclays recently.
Banks do not typically pull offers, but they've been more willing to get rid of tenured analysts in the last year or two than they were previously. Don't obsess over it.
you can always rely on the analyst simp army of Barclays/UBS/CS to ratchet up their cheerleading of their bank right before layoffs and influencing prospects to join at the worst time - anyone who disagreed (me) was shouted down
Edited for clarity as I wasn't attacking juniors getting laid off (which sucks)
Not helpful at all. If you read OPs post, you’d see that juniors are getting cut, which is why mostly analysts are in this thread. These are recent college grads who worked their asses off to earn a spot in IB only to get laid off in this horrible job market. Fuck off man.
yes moron, my point was that existing analysts defend these banks vehemently when prospects are comparing them against other banks - its not the incoming analysts fault, who have my sympathies, it's the unobjective pumping up of their bank by existing juniors who led them astray. I was also reached out to by one of these but it's been clear for awhile now where this was headed so I stayed away. every time I suggested the same, I was completely drowned out. but do your thing boo-boo
Smoke Frog is that you?
There are so many Barclays, so maybe no one will be in the ditch. Let’s love on!!
Bump. How does this affect Barclays moving forward?
Any updates on numbers?
.
.
Was it mostly coverage / capital markets affected or a mix of both?
.
Blood bath on the third floor (equities) today. Started by getting the bbg article sent to me...then called up to 20th floor for hr meeting. People screaming in lobby on way out.
Wasn't there for super long but saw more and more people leaving to go to BMO, UBS, and MS from equities sales & trading. Culture is way off
The scavengers at DB and UBS are going to continue to hire from this
Very unlikely UBS is going to hire anymore given that UBS took a large chunk of the Lehman rainmakers and Valla brought over the people he wants/has relationships with. Some of the tech/sponsors/healthcare(UBS publically stated growth industries) MDs may get brought over, but even if it happens it'll be a very select few. DB is much more likely especially now that they seem to want to grow their IBD. I think Jefferies/RBC is a very possible landing spot alongside Santander since those 3 banks have(alongside UBS) been the main banks hiring a bunch of MDs and want to grow their investment bank. I am in FIG IB and am pretty interested in banking, so have been keeping track of the banking hires.
pardon my dumb question but if they poached all the MDs won’t they need more analysts and associates to handle the deal flow?
“The screaming eagle: How to ruin a leading investment bank with self-inflicted wounds in less than a year” - a guide by Venkat, Taylor, and Cathal.
Barclays aint a BB folks. They are the japanese yen of investment banks. SAD
Just curious, are u really in HR?
Did European banks do something to you? Just consistent hatred of Barclays/UBS. Weird for you to not hate on DB, are they just not good enough to deserve your hate or do you just need to get your game up?
Is RBC going to take Barclays' BB spot?
You aren’t funny
There is no way you are not a retard.
Most kind and respectful WSO commentator
already has
Layoffs seem to be focused on Markets according to litquidity
Incorrect, a solid amount in my coverage group
In New York?
Was corporate banking affected as well or to a lesser extent compared to markets and ib? Considering a potential lateral opps so curious
Bump
I am now going through background checks to join Barclays CB in London. Wish me luck.. 🤞
Are you joining the liquidation group?
Can only speak on the NY office, but within CB, the impact was minimal compared to the bloodbath in markets and IB.
Source: I work in CB at the blue eagle
At Barclays the grass has withered to an unappealing brown. Not a BB
Bidenomics in action
Is this for NY or EMEA and Asia regions as well ? Is Hong Kong impacted ?
Think it is just for NY and London. I think I saw somewhere on this forum (or this thread) that APAC isn't affected.
Can confirm APAC (both HK and SG) were impacted as well
Any impact to the Sustainable Impact team? I heard an I-Bank head was in Houston just the other week telling staff O&G is coming back and they f’d up how they handled the space.
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