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.

To: IBD EMEA
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.

22 comments (hidden to protect delicate sensibilities)
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Comments (22)

  1. Posted by Bud Fox | October 3, 2011 at 6:07 PM

    Hookers are still ok. Nice.

  2. Posted by deal_mkr | October 3, 2011 at 6:11 PM

    Thanks Obama.

    Blame it on the black guy. Works every time.

    - Barclays HR

  3. Posted by Skip McGee | October 3, 2011 at 6:21 PM

    Being named Skip McGee is the NKI

  4. Posted by wing man | October 3, 2011 at 6:27 PM

    would you like a fly half with that?

  5. Posted by Zoroz | October 3, 2011 at 6:35 PM

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

  6. Posted by guest | October 3, 2011 at 6:55 PM

    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

  7. Posted by Chris Bridges | October 3, 2011 at 7:12 PM

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

  8. Posted by Judge Smales | October 3, 2011 at 7:12 PM

    "You'll get nothing and like it!"

  9. Posted by Guest | October 3, 2011 at 9:17 PM

    I beg to differ.

    - Tits McGee

  10. Posted by Hamilton | October 4, 2011 at 7:53 AM

    You guys travel?

    - UBS MD

  11. Posted by HFguy | October 4, 2011 at 8:24 AM

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

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

  12. Posted by Backdoor_Bess | October 4, 2011 at 11:00 AM

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

  13. Posted by HFguy | October 4, 2011 at 11:24 AM

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

  14. Posted by juniormistmaker | October 4, 2011 at 11:45 AM

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

  15. Posted by ron | October 4, 2011 at 12:44 PM

    that's so dumm….u got nothing to do man..

  16. Posted by Guest | October 4, 2011 at 2:09 PM

    Reality hits you hard, bro.

  17. Posted by BigCompanyHater | October 5, 2011 at 5:58 PM

    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.

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

  19. Posted by Find a car dealer | January 24, 2013 at 12:28 PM

    Good to see bankers making an effort!

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