Barclays investment bank is not meant to be hiring. Instead, it is firing: an extra 1,000 people are going, mostly in Asia, although the precious metals business may be closed too. It’s also got a hiring freeze indefinitely. And it’s cutting bonuses by 10%.
Barclays is about to bring in a new set of junior investment bankers.
The British bank is one of few in London to run a February intake for analysts (aka graduate hires). Most banks add new analysts in July, but Barclays adds them in July and February.
The new intake will arrive before Jes Staley divulges his strategy on March 1st.
Barclays declined to comment on its analyst hiring plans. A report this week suggested that banks have started cutting their graduate recruitment targets for 2016, with projected recruits across the industry declining 17% between September and December 2015.
Richard Hoar, director of banking and financial services recruitment at Goodman Masson, said most banks over-hired for their analyst classes in 2015: “They built in a bit of fallout.”
Recent joiners to Barclays’ IBD class include Aleksejs Razzivins, a former senior consultant in transaction advisory services at EY in Latvia. Razzivins, who interned at Barclays last summer, joined this month.