Barclays is cutting junior bankers: “It’s very scary right now.”
As it cuts jobs in its investment bank, Barclays is also understood to be cutting juniors.
Barclays didn't respond to a request to comment on the cuts, but both headhunters and Barclays insiders say analysts and associates are being let go at the bank's London and New York offices.
We understand that cuts have been made to teams such as TMT (technology, media, and telecommunications) that the bank had been investing in for some time. Sources say that juniors in utilities, power, and FIG (financial institutions group) have also been trimmed.
"It's very scary right now. However, I wouldn't have known what was going on if I hadn't suddenly had six calls from a recruiter in one day," one junior banker based in London said. Cuts are expected to go "on and on and on", he added, with more likely next year.
The cuts come after the bank hiked analyst and associate salaries as recently as February this year.
Barclays' M&A advisory revenues fell 10% in the first nine months of 2022 versus the same period of 2021. ECM revenues fell 81% over the same period.
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