This is the first bold claim in a Financial Times article today on how Barclays Capital has done so well for itself over the last 14 years: “most investment banks claim to have a ‘no-jerk’ policy on hiring.” Of course, on occasion, said rule is overlooked. Not too many times, once, maybe twice at Goldman Sachs. But at BarCap? NEVER (“at BarCap the policy is taken seriously from the top executive suites on down.”) It’s just one of the many ways the firm keeps its people grounded and in doing so has been able to consistently make it rain. Others include:
* Making new hires work for it: “BarCap also will not take on a senior hire as a managing director – the ultimate sign of status in investment banking circles – if he or she has not already earned the title at their own institution. Those that have not yet made MD rank then have to make the cut through BarCap’s own internal vetting process.
* Taking a page from Goldman’s playa-book: “Potential employees are frequently interviewed by as many as 15-20 different people, depending on job level. While perhaps less tortuous than the notoriously lengthy process at Goldman Sachs, where applicants can be subjected to more than 30 interviews, it is tougher than most other European institutions.”
* Unofficially forcing employees to take either cabs or black cars to work lest they suffer intense ridicule: “One long-serving executive recounts the tale of a senior banker, brought in to build an important new business within BarCap’s booming fixed income operation in the early part of the decade, showing up in a limousine. ‘He didn’t last very long,’ the executive chuckles.”
* Keeping it ridiculously real: “Other than those that must be submitted to regulators, there are no organisational charts at BarCap and no personalised stationery for senior bankers.”
* Not sure how this jibes with the image they’re putting out there but go with it: “Perhaps one of the biggest status symbols at BarCap is the 24-carat gold cuff links awarded to every new MD, engraved with the Barclays Capital logo (female MDs are given a choice of a BarCap pendant). Like most things at the bank, the cufflinks were redesigned after an earlier version failed to meet executives’ exacting standards.”
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
Barcap is littered with DB “B” players who got edged out or saw the writing on the wall.
no jury would convict.
Pendants? That’s it? Female MDs @ GS get vejazzled.
Barclay’s hired Berkenfeld from Lehman , one of the worst people I have ever dealt with. Enough said
barcap hired an illiterate who failed out of my law school class while ‘keeping it real’
We also have a strict no fags policy.
-Hugh “Skip” McGee
They will always be second fiddle to Credit Suisse.
If true, then why is EVERYONE at Barcap miserable?
CNBC instituted a no jerk policy. Thank God for Fox, or I woulda been outta a job, and my book sales are for shit. I’m misunderstood, like most geniuses.
By da way, do yous guys know dat I drive a Saturn Ion.
- CG
We arso have strictu no asswhore poricy.
-Nomura Widecrops
That must be a typo. All the investment banks that I know of, have an all-jerk policy.
So what explains all of those ex-Lehman hires? Barcap buys them a dime a dopey dozen…..
@6 the word “fag” is derogatory and hateful just like the N word. Stop using it, you hateful person.
@6 homosexual, or gay is nicer, @13 should be happier…
LOBSTERCLOPS is derogatory towards lobsters.
-Gloucesterman
@8 – so true. I do not know anyone who is not either looking for another job, found one and quit, or passively looking for something else. And I know a lot of people there… Maybe it is just like that in every bank these days, but it was nowhere near as miserable during pre-BK Lehman days.
Is Ian Lowiit dead man walking there?
Bear Stearns didn’t have an org chart either… fat lot of good that did us.
-ex-BSC guy
Is Ian Lowitt dead man walking there, any Barcap insiders how the pulse on this one?
bess – this new site and posting delays are a real pain in the kister, but still love you regardless…..
@15 – I appreciate your work.
@16: It is unfair to lump in your friends in settlements and HR with the whole bank.
Diamond is a former head of IT.
Strategy: Hang out in a crap Dept, and get promoted over crap.
Barclays de Zotte Wed (BZW) was crap till 2000
Bar Cap was crap all of 2000s
Now its great?
A competent BOD would have sacked BD years ago – no other senior executive in any industry could have lost so much money so early on and still survived (think LTCM, Russian Gekkos). BD was blessed with an ignorant BOD that allowed him to recycle and re-load MDs from 1994 to present. The F-T now thinks he is gifted?
@11 That was a misquote. They have a no jerk-off policy. This has had a stifling effect.
- Pfluger Gasparino
correction: 1996 to present (25)
@10 Nicery dunne.
@24 huh? I have a trading background
@22. Ehh, my area is front office but unique enough that I do not want to really disclose it. Glad if you had a good experience.
“no-jerk” policy? Someone needs to explain this asshole then:
http://www.linkedin.com/pub/jonathan-hughes/5/493/863
BarCap is a second rate bank that certainly hires assholes. I had a 1st round interview for an internship with them in college and the interviewer took the opportunity to conduct a stress test. Pretty aggressive relative to firms who try and maintain a collegial culture.