Barclays Wealth Reviews

Updated August 27, 2014
Updated August 27, 2014
116 Reviews

2.2
116 Reviews
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Peter Horrell
11 Ratings

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 run the place like personal fiefdoms (in 10 reviews)

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

More Highlights

Employee Reviews

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  1. 7 people found this helpful  

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

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President  in  New York, NY
    Current Employee - Vice President in New York, NY

    I have been working at Barclays Wealth full-time for more than a year

    Pros

    There 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

    Cons

    This 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 ManagementAdvice

    Without 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.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 4 people found this helpful  

    Went in with high expectations, faced reality early on and finally left disillusioned

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Vice President  in  New York, NY
    Former Employee - Vice President in New York, NY

    I worked at Barclays Wealth full-time for more than a year

    Pros

    Good benefits was the only good thing in this place.

    Cons

    This review is for Barclays Wealth Americas.

    Technology was bad and antiquated would be an accurate descriptive term. For someone in my role, it really was a huge shock. The Firm was also far behind the curve on updating it's policies and procedures and was behind on almost everything. Band aid solutions was the name of the game. Supervision, Controls and Compliance was dominated by Sales. Being proactive with issues was actively discouraged especially if it could adversely effect sales no matter what risk was involved. The culture throughout the firm was one of actively brown nosing to gain advancement. You were either in the in-crowd or you were out. There were people working there who had no business being in their roles and owed their job entirely to the prevalent culture of nepotism. The turnover in my area was beyond anything I have ever seen in all my experience. Out of 13 peers, 7 quit or were let go. Many Branch Managers were incompetent and were incapable of managing a food stand let alone a wealth management office. There was an active culture of retaliation for bringing issues to senior management's attention. I personally know of this by experiencing it or have witnessed this. Annual bonuses and reviews are completely subjective and not grounded in reality. Many of the people I worked with were not happy to say the least.

    Advice to ManagementAdvice

    The culture of fear and retaliation has to change. You can say that things have changed or are changing but actions speak louder than words. Almost everyone listening in to you during your Townhalls are mentally rolling their eyes. Anthony Jenkins can role out all the new ethics he wants and tell us how things are improving but actions speak louder than words. Many of your employees are disrespected and bullied by their managers, see the same happening to their friends and colleagues and have become a very cynical breed. Frankly, I would recommend you fire everyone in a Managing Director role and start from scratch. The Firm has a horrible reputation on the street in New York. I personally would never recommend a friend to work here. I really do hold out much hope for this Firm.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 4 people found this helpful  

    WORST SALARIES and BENEFITS ever!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Analyst  in  New York, NY
    Current Employee - Analyst in New York, NY

    I have been working at Barclays Wealth full-time

    Pros

    Good name to put on a resume (maybe).

    Cons

    Every year people are supposed to have reviews with their managers and they are supposed to receive their salary increases and bonuses. NO SALARY INCREASES whatsoever, regardless of the long nights, constant pressure and stress, and increasing chaos. To add salt to the wound, BONUSES WERE INSULTING. It does not matter how efficient you are and how much you improve the processes and how well you work with others. Nothing matters because in the end YOU WILL NOT GET REWARDED FOR ANY HARD WORK.

    All management cares about is staying late, falsely assuming that more hours will result in more work being done. People are tired of this, which is why they are flying out of this firm. Morale is low. Compensation is worse than any other bank. Talent is moving on to better firms, that's for sure.

    If you want to love your job, don't come here. You will not only hate your job here, you will also hate your life.

    Advice to ManagementAdvice

    Give people the compensation they deserve.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
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  5. 7 people found this helpful  

    Workplace from HELL!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Vice President  in  New York, NY
    Former Employee - Vice President in New York, NY

    I worked at Barclays Wealth full-time for more than 3 years

    Pros

    Great health insurance which is good because you will need it working here!!!

    Cons

    The culture here is the worst I have seen at any Firm I have worked at in the past. Moral is dismal resulting in high employee turnover where almost everyone looking for a way off this sinking ship. Human Resources is useless.The Firm's leadership micromanages and fosters a culture of retaliation and favoritism. Technology is extremely antiquated.

    Advice to ManagementAdvice

    At Barclays Wealth Americas, management is either clueless or really just don't give a hoot. You have the "in crowd" that know they can get away with everything including breaking Firm and regulatory rules and never get disciplined. The "out crowd" is basically at the mercy of the Firm and are fired for any or even made up reasons. Complaining to Human Resources will only expedite your departure. The smart employees are taking notes, taking home evidence of wrongdoing and even recording conversations to protect themselves and collect evidence in case they get fired. I know more than a few former employees who are suing Barclays Wealth Americas for various reasons, the main reasons being that they complained either about their managers, did not work 18 hours a day or pointed out something that broke Firm or regulatory rules to name just a few reasons. Compliance here is a joke. I am seriously incredulous that this Firm has managed to keep its doors open for as long as it has. Compliance has a very compartmentalized mentality and is more concerned with checking a box versus acting proactively. As a result, brokers here not only get away with selling some very complex and risky investments such as Structured Products to their clientele, many of who are elderly, but are actively encouraged by senior management to sell these risky products because both the Firm and the brokers get paid more for selling them. They used to actually send out scorecards to show which brokers and which branches sold the most of these highly risky products. And God help anyone who stands in the way for Compliance reasons. In the aftermath of the LIBOR crises for which Barclays paid nearly $500 million in fines in 2012, Barclays Wealth rolled out a new ethics initiative early in 2013. Most rank and file employees and managers know that all this is window dressing PR and nothing else. They can roll out the most stringent ethics policy in the industry and it all sounds very nice but what's the use if senior managers ignore these same ethics rules and fire people for trying to do the right thing???

    I am very happy I left and many of my former colleagues have left too because the stress of putting up with all this simply became unbearable. They cannot treat people the way they do and expect any loyalty whatsoever from their employees. If you are desperate or clueless enough to work at Barclays Wealth Americas, keep your resume up to date and keep looking for something better somewhere else.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6. 4 people found this helpful  

    Serious Concerns

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Director  in  New York, NY
    Current Employee - Director in New York, NY

    I have been working at Barclays Wealth full-time for more than a year

    Pros

    Excellent benefits and decent research.

    Cons

    Senior management is out of touch and operates in a vacuum. Technology is very antiquated and cumbersome. I work very closely with my sales assistant and have to see her go through countless time consuming steps to complete routine tasks that were completely automated at previous firms. Very upsetting and frustrating to observe as we both know it does not have to be this way. This alone adversely affects our clients. The moral among the salaried staff is terrible and turnover is at chronic levels. Cronyism seems to be the way staff get promoted while the hard working rank and file seem ignored at best, mistreated and disrespected at worst. Promotions to senior positions are based more on perceived loyalty than knowledge, merit or experience. No one raises concerns because doing so is frowned upon by management and retaliation is always a concern. For brokers it means less access to good deals and for salaried staff this seems to result in mediocre performance reviews and ultimately getting fired. Training here is very basic and people are left to their own devices to learn how to do their jobs. Unrelenting pressure from senior management to sell complicated and risky products due to the firm's fee structure. Bigger producers are slapped on the wrist for serious regulatory rule violations while smaller producers and salaried staff are penalized and written up for seemingly minor offenses. Based on what I keep hearing, many of the lower and mid level brokers would leave if they were offered a decent package. I know that I am not happy and will leave at the first available opportunity.

    Advice to ManagementAdvice

    Senior management is providing no leadership or guidance and seem to run the firm on a week by week basis without providing any vision at all. When they have something to say, it comes across as empty phrases full of platitudes. This has resulted in a very cynical atmosphere at the firm. Important qualities like mutual respect, leadership through example, timely guidance, respect for fellow staff members are glaringly missing here. Last year, we all had to attend mandatory training on the new Ethics Policy that was introduced as a result of Barclays receiving very bad press in light of the interest rate rigging affair for which the firm paid a very substantial fine. One brave fellow in my meeting actually asked why we were being required to go through all this ethics training when the lack of ethics seemed to be more of a senior management problem!!! I am convinced that the majority, if not all of the senior managers need to be shown the door before the firm can even attempt to turn itself around. A culture of recognizing and rewarding excellence needs to replace the current culture of mistrust, fear and intimidation that seems to pervade throughout this firm. Senior Management also urgently needs to hire outside consultants to completely revamp HR so that they can actually help people understand why they are here and what the firm can do to help them move ahead. Promotions should be done in a transparent manner with merit being the sole deciding factor. I fear that unless drastic changes are not made very soon, this firm will not survive in it's current form. Perhaps that is a good thing.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 8 people found this helpful  

    Company is changing and does not seem to be for the better

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Business Analyst  in  New York, NY
    Current Employee - Business Analyst in New York, NY

    I have been working at Barclays Wealth full-time for more than 5 years

    Pros

    Good benefits and physical location.

    Cons

    IT is not valued, every year there is a new excuse for poor bonuses and the future is always depicted as grim.

    Advice to ManagementAdvice

    Honesty goes a long way, would be nice if we were told strategic direction without sugarcoating things.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  8. 8 people found this helpful  

    Barclays Wealth America: Sweatshop Atmosphere for Salaried Employees

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President  in  New York, NY
    Current Employee - Vice President in New York, NY

    I have been working at Barclays Wealth full-time for more than 3 years

    Pros

    Benefits are good. Can't really think of anything else.

    Cons

    Too many to list here. The culture here is horrible and is driven by management. Cronyism is how people get promoted here. I have seen absolutely unqualified people being promoted because the culture here promotes based on cronyism. Merit means absolutely nothing. Bonuses are paid out the same way. Good people are leaving in droves. The turnover in places such as compliance, business control, advisory services to name a few is horrendous. Conflicts of interest are rampant. Branch Administrators who are primarily responsible for compliance are being told to push risky products talked about on the weekly sales calls. Branch Managers are promoted and fired based solely on perceived loyalty, not production or recruiting. Senior management is just one big circle of Yes-Men/Women. Many areas of the firm are seriously understaffed putting increased burdens and risk on the remaining staff. Complaining about issues, especially if it involves a senior manager will end your career here. Corrupt practices and fraud are rampant. Escalating these will get you fired. Moral in the New York office and many offices in the field is bad. Stay away if you can.

    Advice to ManagementAdvice

    You have lost all credibility within the firm. The culture you have promoted within the firm is counterproductive to running a successful enterprise. You guys personify the caricature of the notorious corporate ladder. Just picture a bunch of chimps climbing a ladder. Those looking down see smiling faces, while those looking up see, well you get the idea. That in a nutshell is the culture you have been promoting at Barclays Wealth.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 8 people found this helpful  

    Lose all hope ye who enter (Dante's Inferno). An utterly dismal place to work.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Director  in  New York, NY
    Former Employee - Director in New York, NY

    I worked at Barclays Wealth full-time for more than 5 years

    Pros

    Got paid. Made good friends. Unfortunately, many of the smart, hardworking people left. The turn-over in my area was 50%. Politics and cronyism is the name of the game at Barclays Wealth Americas.

    Cons

    Barclays Wealth Americas is the worst firm I have ever experienced working in. If anyone wants to experience how people should not be managed, come work here. The old boy network is also alive and well here. I have seen senior managers get away with outright incompetence and fraud without any consequences. And if there is a problem with a manager who's behavior violates Firm Code of Conduct or even Regulatory rules, no one dares report it. Everyone I know can name someone who has tried to do the right thing and have had the door shown to them for their troubles. Doing the "right thing" will get you fired. The usual way they do that is by giving these people bad reviews or just making up reasons to fire them. Performance reviews are completely subjective and fake. The HR and Employee Relations areas of Barclays Wealth Americas are a joke and no one trusts them. Same goes for the "New" values they recently rolled out. Just a publicity stunt and gimmick for the shareholders. The technology here is also abysmal. I have seen systems being used everyday that in other firms were retired 7-8 years ago. They still use paper mutual fund tickets here which gives an indication of how far behind the times this firm is. Sales Assistants also have to manually book dividends and interest manually ever month/quarter since there is no other way to get this done.

    Advice to ManagementAdvice

    Anyone in a Managing Director role should be fired. The vast majority of them were hired by the previous corrupt regime of Bob Diamond, Mitch Cox and Tom Kalaris. These folks may
    be gone but the culture has NOT changed since the current crop of Managing Directors were hired by these same crooks. Senior managers continue to manage through fear and intimidation. I personally know of many very smart and decent people who have left because they simply could not work under these conditions.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10.  

    Intern experience in London in 2009…..

    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Barclays Wealth as an intern for less than a year

    Pros

    Learned a lot and was exposed to many different facets of private banking. Good change of scenery for a US intern.

    Cons

    Other internships may be more laid back but you are expected to produce results at this firm although you are not being compensated.

    Advice to ManagementAdvice

    Great

    Recommends
  11. 9 people found this helpful  

    Heritage Lehman

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Vice President  in  New York, NY
    Former Employee - Vice President in New York, NY

    I worked at Barclays Wealth full-time for more than 8 years

    Pros

    The management strucutre is flat and the people there are generally smart and driven.

    Cons

    No advancement outside of London, the management team is UK centric. The Wealth management team has an extremely boorish peolpe mgt. style and focus on "old boy networks" to dictate promotions/work assignments as opposed to meritocracy.

    Advice to ManagementAdvice

    Fire all the former Lehman management team. They value loyalty to themselves above all and do not care about the firm. Their culture is cancerous.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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