Barclays Wealth

  www.barclayswealth.com
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Barclays Wealth Reviews

Updated Jul 23, 2014
Barclays Wealth – New York – “metlife building”

All Employees Current Employees Only

2.3 110 reviews

22% Approve of the CEO

(no image)

Peter Horrell

(9 ratings)

25% of employees recommend this company to a friend

Review Highlights

Pros
  • Good benefits was the only good thing in this place(in 8 reviews)

  • work life balance and training is good(in 4 reviews)


Cons
  • Senior management is out of touch and operates in a vacuum(in 9 reviews)

  • Heavy turnover of people because of good people throwing in the towel and getting the hell out(in 5 reviews)

110 Employee Reviews
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
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    • No Opinion of CEO

     

    Great work experience for an entry level hire.

    Anonymous (Former Employee)

    ProsReally talented, smart, ambitious employees contribute to a high functioning organization. Relatively flat hierarchy so plenty of access to senior leadership. Entrepreneurial environment makes for a place you can get experience contributing to a variety of projects.

    ConsYou can invest 25 hours a day and bring your A+ game and it doesn't feel like enough to get the job done. Work never feels finished and leadership forgets to appreciate your work in any real form/fashion, monetarily or not.

    Advice to Senior ManagementGive people some time off and be sincere about work life balance. Take the time to openly appreciate each and every one of your team members for a job well done. And mean it!

    Yes, I would recommend this company to a friend

    • Culture & Values
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    • Comp & Benefits
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    • Disapproves of CEO

    1 person found this helpful  

    Insane organization

    Vice President (Current Employee) Miami, FL

    ProsHealth insurance is okay. Leadership is a joke. Personal growth depends entirely on who and how good your are at brown nosing.

    ConsThe company culture is hypocritical and two-faced. Change is talked about but the reality is that the present culture here is too entrenched. Technology is mediocre. Employee retention is none existent. Senior Management run the place like personal fiefdoms. Branch Managers are not held accountable for unethical and policy breaking behavior. Cronyism is widespread. Employee reviews are an exercise in favoritism and have nothing to do with actual employee performance. New ethics rolled out last year after the LIBOR scandal are window dressing and nothing else. Most of current senior management were all hired by the crooks that were let go in the wake of the LIBOR scandal so the drama continues. The stuff that goes on here is tabloid material worthy.

    Advice to Senior ManagementChange need to be implemented from the top down. Fire every single Managing Director in a management role (like yourselves) and start from scratch. If there ever was a case for burning a place down because of excessive rot and infestation and rebuilding from scratch, this is it.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
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    • Senior Management
    • Comp & Benefits
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    • Disapproves of CEO

     

    Rule breaking and retaliatory corporate culture that starts at the top and trickles down throughout the firm.

    Director (Current Employee) New York, NY

    ProsThere may be a few pros but these are not worth the hassle of working here.

    ConsIt all starts at the top and trickles down. To work with senior managers, the rule is just do whatever it takes or asked of you even if it means violating ethics or rules. Refusal to go along with this culture will result in retaliation and dismissal. The primary objective at this firm is to close the deal and meet revenue targets no matter what rules have to be broken to achieve this. Management will terminate "problem" employees first and ask questions later. Bringing forward issues and not putting your ethics aside (which defines you as a "problem employee") especially if these impact senior managers or revenue will also lead to dismissal. My primary advice to colleagues is to never be the person to stand up and state obvious facts if these facts will negatively impact a senior manager or revenue. Human Resources is a waste of space and act as a rubber stamp for management. Same goes for Compliance which is subservient to production and deal making concerns. Producers or whoever bring in the bucks can violate the rules repeatedly and get slapped on the wrist if at all. Compliance and ethical rules are only enforced on out of favor employees. Out of favor employees get fired for made up reasons or the smallest infractions while producers, Senior Managers and favored employees get away with everything or at best get a mild written reprimand for the most egregious ethical or rule breaking offenses.

    Advice to Senior ManagementActions speak louder than words. All the talk about ethics and compliance is a farce and your continued actions continue to emphasize this fact. What other reason is there for this Firm or it's parent company being in the headlines all the time? Every single scandal and investigation can be traced to the toxic culture you have been promoting at this firm. Do everyone a favor and just resign or turn yourselves in. I am just incredulous that a firm as large as this can operate in this manner.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • Culture & Values
    • Work/Life Balance
    • Senior Management
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    • Disapproves of CEO

    1 person found this helpful  

    Train wreck!!!

    Vice President (Former Employee) New York, NY

    ProsNone - Really! That pretty much sums the pros of working here.

    ConsYou could fill a book with what's wrong with this place. Incompetent management, nepotism and favoritism, shoot the messenger culture, excessive turnover, outdated systems, rock bottom morale, HR department that rubber stamps bad hires and unjust firings, completely subjective review process with no recourse, disciplinary actions which are completely subjective and where many people get away with the worst display of ethics while others get fired for trying to do the right thing or speaking up about issues. Every honest Barclays Wealth Americas employee could give numerous examples of any of these above described examples. The stories in the media don't do this Firm justice. In fact, things here are far worse than any outsider could even imagine.

    Advice to Senior ManagementThe Firm is circling the drain. Senior management talks about values and compliance but what use are these if senior management themselves does not care to abide by them? The compliance culture here is that "Compliance is an itch that needs to be scratched SOMETIMES". The concept of "Leading by Example" is foreign to senior management here. Cost cutting all over the place but then the Firm flies all Managing Directors to London annually. And they don't fly Economy Class either. Senior Management is more concerned with keeping their jobs and firing anyone that will even remotely pose a threat to their positions than make changes. This has lead to a culture of yes-men/women who cannot come up with the drastic changes needed to salvage this organization. The only constructive advice I have is to fire every single Managing Director and start from scratch. But I don't see any chance of that happening.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • Disapproves of CEO

    3 people found this helpful  

    What a mess!

    Anonymous Employee (Former Employee)

    ProsI wish I had something positive to say about this bank. Unfortunately, I do not. It has been riddled with scandal after scandal and remains only a shell of its former self. As banks cycle through these sorts of problems on a fairly regular basis, I am sure Barclays will rise again but not for a good long while.

    ConsThe recruitment was amazing! Barclays recruited me over the course of 11 months. It took that long to organization a package that I and my family could live with. Within 21 days of my coming onboard, the entire management that had recruited me so carefully had all been replaced. All promises made with no long in effect and I found myself scrambling. Horrible experience!

    No, I would not recommend this company to a friend

    • Disapproves of CEO

    3 people found this helpful  

    Management out of touch with reality

    Assistant Vice President (Current Employee) New York, NY

    ProsGood pay and benefits with flexible working hours. Working from home is always an option

    ConsThere is no accountability for poor performance. Management lives in it's own little boys club patting themselves on the back preaching this "Go to bank" nonsense as vrevenues fall and clients run out the door. The amount of self righteous notifications to their employees on how the Transform plan is working out is sickening as they continue to miss revenue estimates.

    Advice to Senior Managementturn yourselves in a let them pick redo the whole executive management.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • Disapproves of CEO

    3 people found this helpful  

    Rogue bank with law breaking, whistleblower breaking culture

    Director (Former Employee) San Francisco, CA

    ProsDecent offices, good third party managers, weak control and non existent compliance

    ConsConstant law, rule and reg. breaking, finra and sec violations daily is usa. Retaliation from management if you complain about it. Policies that screw clients of best returns and deliver false performance reports to clients

    Advice to Senior ManagementTerminate all lehman era management and boiler room managers

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
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    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

    3 people found this helpful  

    Senior Analyst, FICC GLOBAL OPERATIONS

    Senior Business Analyst (Former Employee) New York, NY

    ProsOver-Time plus Time and a Half

    Cons1. Long hours - It is a prison for work and you will not be recognized for your hard work and successes. Working in global operations, a regular day could begin at 7/7:30 AM and ended around 7 PM/8 PM - 11 PM or 12 PM some nights. Only stepped outside for 15 mins to grab lunch and ate at my desk. This was a typical day.

    2. Poorly managed organization - Management is narrow-minded, hypocritical, and narcissistic - apres Lehman days. Your mistakes will be magnified under a telescope and you will be constantly pushed to do more.

    3. Professionalism and social respect is obsolete. - Barclays is not an institution upholding integrity and respect. It does not encourage sharing knowledge and learning from each other. Management sets the standard and have the only prerogative to come in, get the job done, and leave. Senior leads and management buddy up and turn their heads in bias. Do not bother questioning if what you do is right or wrong, management will not listen. People actually had the audacity to yell at each other on the floor. This was appualing.

    4. Technology is Legacy - Difficult to use and puts the bank at major potential risk. All at operational cost. Bank is stuck on old ways (technology) and so it seems to be that management is stuck on old perspectives as well.

    5. HR does nothing to your concern.

    I WAS RELIEVED TO LEAVE. Working for Barclays was THE WORST YEAR OF MY LIFE. I have worked 3 years at an equally top-teir investment bank prior to this position, and now at a another, and my experiences are a great contrast to Barclays.

    Advice to Senior ManagementYou can learn from those who work for you. You are only as strong as your weakest link.
    Really get to understand the people who work for you. That is the only way to be successful.

    Encourage a positive and professional team culture, even in the worst of times.
    Encourage a learning atmosphere.
    Do not play favorites. You just make yourself look like a bad manager.

    Listen to your subordinates. There's no such thing as a "dumb question".

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
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    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Great experience

    Anonymous Employee (Current Employee)

    ProsI enjoy my time here.

    ConsNot sure what was my next step

    Advice to Senior ManagementShow support

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    7 people found this helpful  

    Horrible hypocritical people in management, even worse ethics as a firm

    Vice President (Current Employee) New York, NY

    ProsThere are none. Seriously! If you are an honest person with an ounce of decency, you will be miserable here. Honesty and trying to do the right thing are not the way they do things here. The culture here can only be described as kafkaesque

    ConsThis place is extremely unethical and every decent employee is looking over their shoulder. You learn very quickly by witnessing management behavior that honesty and doing what is RIGHT is not appreciated. Don't bring problems to their attention because management doesn't want to hear it. If you don't heed the advice of your colleagues and just keep your head down and your mouth shut (except to state the company line of how wonderful they are) then you will be miserable and will soon be looking for another job. The only way you will move up here is to blatantly brown nose and kiss up to management even if it makes you want to throw up. If you're smart, you'll start looking for a new job within a month (or maybe two) of arriving in this place because that's how long it will take you to realize how this place really ticks. They will start the process of firing you by writing you up for imaginary offenses, give you bad reviews which you cannot contest and forget about getting a bonus. If you don't take the hint and leave on your own, they'll simply make up a reason to fire you. The most common reasons for firing you will be "loss of confidence" or "showing a lack of judgement". And forget about complaining to HR or Employee Relations; that will only expedite your inevitable exit from here. If you are on your way out, collect evidence, document everything, make copies and record conversations. You will need it to sue these people because they will mark up your securities licenses without a second thought, essentially destroying your career in the securities industry.

    Some examples of how things are done here: Branch Managers at Barclays Wealth Americas branches are highly political roles. If they fall out of favor with senior management in New York, they will be let go no matter how many Financial Advisers they recruit or how profitable their branches are. One Branch Manager of a very productive branch fell out of favor and was let go and replaced by someone who was transferred down from the home office. This new Branch Manager had absolutely no branch management experience and didn't even have the securities licenses to be able to manage this branch. Yet, this person got the job. Conversely, another Branch Manager in another branch hasn't been able to recruit a SINGLE Financial Adviser on their own since this person joined Barclays Wealth in March 2012. This Branch Manager was told very publicly, in no uncertain terms that the expectation was to double the number of Financial Advisers in this branch within a year. In fact in two years, this branch has lost almost half of its Financial Advisers. Yet, this Branch Manager is still employed because this Manager is a master of kissing up to senior management in New York and doing their bidding.

    These are just two examples how this firm operates. Other examples of managers outright lying, committing fraud, pressuring Financial Advisers to sell proprietary products (mostly highly risky structured products), firing people on blatantly false pretenses, theft, etc. are conveniently ignored if these are committed by, let's call them, the "chosen" ones. Any employee who is honest with you will give you specific examples of all of this occurring and more.

    Advice to Senior ManagementWithout the entire senior management team (and some Branch Managers) first being escorted out (preferably in handcuffs), I really don't see how this place can change. This firm is rotten to the core. The majority of employees are miserable and morale is absolutely rock bottom and still digging a hole. I really don't see this firm going anywhere but in the toilet.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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