Junior bankers at Barclays just learned about their annual bonus – and some are so disappointed they’re taking to social media to complain.
The British-based bank – which typically pays less than big peers on Wall Street like Goldman Sachs and JPMorgan Chase – was even more stingy this year than usual, according to a Pvish post by junior bankers on a closely watched financial blog. According to.
This time around, the range fell between $35,000 and $95,000, according to a post on Wall Street Oasis. That’s down sharply from a year ago, when Barclays bonuses ranged from $55,000 to $110,000, as previously reported by The Post.
“It’s literally just a wage cut considering inflation compared to last year,” said a banker on the blog’s popular chat forum. “I’m not going to put much effort on the job going forward, if I’m being honest.”
“Today it’s just a morale hit, and our group is already being crushed,” said another junior banker. “There’s little motivation to work and that just went out the window.”
Yet another said the meager payment was the bank’s way of telling employees, “Go find another job.”
A Barclays spokesperson declined to comment, but a source close to the bank said salaries are variable and good performance is always rewarded.
The complaints come as Wall Street faces a sharp drop in the inflow of large corporate deals, including IPOs and leveraged financing, raising fresh fears that layoffs could loom in the coming months. On Monday, Goldman said it plans to slow hiring and reinstate employee reviews that are used to reduce lagging employees.
Senior bankers are also sure to see smaller bonuses when they are announced later this year, but it comes as no surprise to them. Meanwhile, some accept some degree of schadenfreude as they watch the junior set finally face reality.
A senior banker told The Post, “In March (before the bonus) there were several small f-curs unhappy.” “The most entitled group of people in the history of mankind.”
Barclays is one of the first banks to offer bonuses to junior employees. Banks including Goldman Sachs, JPMorgan and Morgan Stanley will share bonus information with employees later in the summer.