Barclays Cuts Business Class, Car Service, Late Night Snacks

Only if your flight is under four hours, if you leave the office past ten, and if you’re working and hungry before 9PM but still- this hurts.

From: Richard Blackburn and Chris Winchenbaugh
Cc: IBD ExCo, IBD COO’s, Talent Management
Date: 3 October 2011
Subject: 4th Quarter Savings Initiatives

We have done a great job this year driving our business forward and delivering on revenue and market share. Importantly, our division has been vigilant on costs and we have been able to manage our overall cost structure aggressively. However, as you are all aware, we continue to operate in a difficult environment, and we have more to do on cost savings.

Many of you have been helpful in providing us with ideas on how to save on costs. Some of you were recognized by the firm for suggestions you made in the recent survey issued by Skip McGee, and we will be recognizing a number of you in the next few weeks for your suggestions on how IBD can save additional costs.

In addition to the steps we have taken so far this year, below are a number of actions we will be taking for the 4th Quarter. Each will be revisited at year end. In the normal course, business demands may necessitate exceptions. All requests for exceptions must be sent in the first instance by email to your group COO and will require written pre-approval by Richard Blackburn.

* Limit Barclays employees travelling to the same meeting to essential attendees only

* Suspend internal and non-reimbursable travel (i.e., conferences, training, recruiting trips not charged to central recruiting, attendance at internal meetings such as ECCC)

* Suspend Analyst and Associate Travel (exceptions to be submitted by Group Head)

* Suspend Business Class Travel for flights under 4 hours, in line with our peer group

* Fixed economy is required, but COOs may approve requests for flexible economy if the cost differential is < £50
Only essential changes should be made to fixed economy bookings

* Suspend use of out-of-policy flights and hotels

* If it is necessary to arrange a business class ticket out-of-hours, the traveller must send an email justification to their COO

* Late night car service will be available one hour later (will begin at 22:00 rather than 21:00), and the following policies will continue to apply for London-based staff:

ComCab (i.e., taxi) services are only reimbursable for late night working if journeys are fewer than 5 miles

Addison Lee cars should be pre-booked in all other instances and are only authorised to transport you to the nearest mainline station unless it’s later than 23:00 or you have pre-approval from your manager

Local taxis should be used and individual journeys made in all instances whilst travelling overseas (i.e., cars should not be booked for blocks of time); where this is not practical (e.g., for security reasons) exceptions must be arranged with preferred vendors via the local office

Late night meal programs, including SeamlessWeb and reimbursement for purchases from other vendors, will be available one hour later (will begin at 21:00 rather than 20:00; however, no change to 20:00 delivery start time for SeamlessWeb). Alternatively, you may order a meal before 21:00 if you have worked 12 hours straight on any regular workday

Weekend / holiday meals will be limited to one per 6 hours of work completed

Suspend reimbursement for internal, group meals and entertainment (both at normal office and while travelling)

Suspend reimbursement for expenses exceeding £10 when submitted without receipts

Finally, we ask that you continue to maintain strict discipline tracking expenses to clients and projects in order to strengthen our client expense recovery efforts.

(hidden for your protection)
Show all comments

25 Responses to “Barclays Cuts Business Class, Car Service, Late Night Snacks”

  1. Bud Fox says:

    Hookers are still ok. Nice.

  2. deal_mkr says:

    Thanks Obama.

    Blame it on the black guy. Works every time.

    – Barclays HR

  3. Skip McGee says:

    Being named Skip McGee is the NKI

  4. Zoroz says:

    Finally, we are bringing back the "bring your own toilet paper" policy after employee feedback regarding the use of discarded pitchbooks.

  5. guest says:

    just checking if bringing my hot little 1st year with me to a client meeting so i can bang her in the hotel after falls into "non essential" travel.

    -confused MD

  6. Chris Bridges says:

    Yes, but due to cost-cutting measures, you have to pay for the coat-hanger yourself.

  7. Judge Smales says:

    "You'll get nothing and like it!"

  8. Hamilton says:

    You guys travel?

    – UBS MD

  9. HFguy says:

    "To: IBD EMEA
    From: Richard Blackburn and Chris Winchenbaugh"

    2 guys 1 email address. Times are tough at Barclays.

  10. Backdoor_Bess says:

    Removing the company emblem from the building and selling it to the metal scrap yard to make payroll is the NKI

  11. HFguy says:

    That eagle looks freakishly Nazi . I wonder what Barclays Germany uses as emblem.

  12. juniormistmaker says:

    Haha… I like how the people making the suggestions to make everyone's life worse get outed, ahem… I mean "recognized".

  13. Guest says:

    Reality hits you hard, bro.

  14. BigCompanyHater says:

    Instead of cutting the travel expenses you should get rid off the useless administrative processes, then everyone could fly business. Concentrate on making money not saving costs.

  15. LucyDale says:

    Don’t you know that this is the best time to receive the personal loans, which will make your dreams come true.

  16. Good to see bankers making an effort!

  17. Your blogging skills are really good and you should carry on blogging and posting posts like this. Keep it up 

  18. Sekel says:

    Car show rooms should look very attractive and also all the show room should have service stations inside. Having service station attracts the people to remain their cars as well as the showrooms can promote their new car design and model. The colorful look of the show rooms having cars attracts the people to visit and also having all the facilities in service station attracts more people to come to the show room. To buy a new car is very easy now. BMW is one of the most imported cars in the car world. You can get all the types of facilities in one car. This model is a unique modeled car which is designed by the most reputed designers of car designers. The interior design of BMW is really attractive also the music system and lighting facility is very user friendly. This blog provides a details information about the BMW models and designs which helps you to choose your dream car.

  19. Barlow says:

    I have really noticed that repairing credit activity needs to be conducted with techniques. If not, you will probably find yourself causing harm to your position. In order to realize your aspirations in fixing your credit ranking you have to confirm that from this second you pay all of your monthly dues promptly in advance of their appointed date. It's really significant given that by not accomplishing that, all other activities that you will decide to use to improve your credit position will not be effective.
    Audi Repair Hesperia

  20. It also a good business. The profit in car rental business is more and it help to growth of our automobile sector.

  21. That eagle looks freakishly Nazi . I wonder what Barclays Germany uses as emblem.. thank you for providing excellent information

  22. @imjasper99 says:

    I want to thank to the efforts you have put into composing this blog post. I am hoping the same top-quality blog post from you in the upcoming as well. In fact your creative writing abilities have inspired me to get my own blog now. Truly the blogging is spreading its wings rapidly. Your write up is a good example of it. Travel Tips and Guide