By Moynihan
Junior bankers at Barclays just learned about their yearly bonuses – and some are so disappointed that they’re taking to social media to complain.
The British-based bank – which typically pays less than larger peers on Wall Street like Goldman Sachs and JPMorgan Chase – was even stingier than usual this year, according to peevish posts by junior bankers on a closely watched financial blog.
This time around, the range fell between $35,000 and $95,000, according to the posts on Wall Street Oasis. That’s down sharply from a year earlier, when Barclays bonuses ranged from $55,000 to $110,000, as previously reported.
“This is literally a pay cut from last year with inflation considered,” one banker griped on the blog’s popular chat forum. “Not going to be giving much effort at work going forward if I’m being honest.”
“Today just killed morale, and our group has already been getting crushed,” another junior banker kvetched. “Have had very little motivation to work and that just got thrown out the window.”
Yet another chimed in that the paltry payout was the bank’s way of telling employees, “go find another job.”
A Barclays spokesman declined to comment, but a source close to the bank noted that pay is variable and that good performance is always rewarded.
The complaints come as Wall Street faces a sharp drop-off in the flow of big corporate deals including IPOs and leveraged financing, sparking renewed fears that layoffs are looming in the months ahead. On Monday, Goldman said it planned to slow hiring and reinstate employee reviews that are used to cull laggard employees.
Senior bankers also are sure to see smaller bonuses when they’re announced later this year, but that’s no surprise to them. In the meantime, some confess to a bit of schadenfreude as they watch the junior set finally facing reality.
“Many of the little f–kers were unhappy in March before bonuses,” one senior banker told. “Most entitled group of people in history of mankind.”
Barclays is one of the first banks to hand out bonuses to junior employees. Banks including Goldman Sachs, JPMorgan and Morgan Stanley will share bonus information with employees later in the summer.
