Junior bankers at Barclays just learned about their yearly bonuses — and a few are so disenchanted that they’re taking to social media to complain.
The British-based bank — which generally pays lower than larger peers on Wall Street like Goldman Sachs and JPMorgan Chase — was even stingier than usual this yr, in response to peevish posts by junior bankers on a closely watched financial blog.
This time around, the range fell between $35,000 and $95,000, in response to the posts on Wall Street Oasis. That’s down sharply from a yr earlier, when Barclays bonuses ranged from $55,000 to $110,000, as previously reported The Post.
“That is literally a pay cut from last yr 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.”
Some Barclays bankers complain they’ve lost motivation after a disappointing batch of bonuses.REUTERS
“Today just killed morale, and our group has already been getting crushed,” one other junior banker kvetched. “Have had little or no motivation to work and that just got thrown out the window.”
Yet one more chimed in that the paltry payout was the bank’s way of telling employees, “go find one other job.”
A Barclays spokesman declined to comment, but a source near the bank noted that pay is variable and that good performance is all the time rewarded.
The complaints come as Wall Street faces a pointy drop-off within the flow of massive corporate deals including IPOs and leveraged financing, sparking renewed fears that layoffs are looming within the months ahead. On Monday, Goldman said it planned to slow hiring and reinstate worker reviews which might be used to cull laggard employees.
At Barclays, junior bankers are bemoaning stingy bonuses. Bloomberg via Getty Images
Senior bankers are also sure to see smaller bonuses once they’re announced later this yr, but that’s no surprise to them. Within the meantime, some confess to a little bit of schadenfreude as they watch the junior set finally facing reality.
“Most of the little f–kers were unhappy in March (before bonuses),” one senior banker told The Post. “Most entitled group of individuals in history of mankind.”
Barclays is certainly one of the primary banks at hand out bonuses to junior employees. Banks including Goldman Sachs, JPMorgan and Morgan Stanley will share bonus information with employees later in the summertime.