Barclays

Originally Posted by Unregistered

Guys relax. The high intern pay is a ploy used by all the IBs and not just Barcs.

It is meant to generate such WTF reactions (like yours) as it create brand awareness. It creates the impression that the IB house pays well and the bank hopes the intern tells their friends back at their grad/post grad school so that it builds up their brand equity.

I was in 2 US banks C*** and Leh****, both have such structures for their interns.

Although the starting salaries for full time hires are also in that range, don't forget it is just a very small minority that eventually land such jobs. Competition is stiff. Imagine everyone hears about the $10k starting salary? The queue to join is massive.

Anyways, just to share that the starting salaries for IB have not gone down but gone up. It is about $13k now (including allowances but exclude Bonus). But total compensation has gone down because Bonus is much lower.

Strange. A well known organization also uses the same trick to attract "ministers", but all they get are half-past-sixes, some of whom can't even speak properly.

Originally Posted by Unregistered

Hi all, I am currently in Barclays graduate program for Technology Singapore. I used to intern in Barclays as well. Since interns and graduates are very close to each other here, we share information. Here's what I know:

BACK OFFICE (Interns and graduate)
Ops - 50000 SGD / yr
Finance - 55000 SGD / yr
Technology - 60000 SGD / yr

FRONT OFFICE (Interns only, not sure about grad)
Sales / Trading - 9600 SGD / mth

These figures are pretty accurate, especially for back office. For front office, The number is only basic salary, they do get profit sharing, bonus, and commission as well.

I havent include all the business areas (such as compliance, marketing, IB) as I'm not close to them. I only post what I know is correct. Note that this is only in Singapore, in HK / TKY, they get paid higher doing the same job.

Hope it helps! lastly, just want to say that barclays grad program is really good and fun!

Now THIS, is much more accurate.

Originally Posted by Unregistered

Hi all, I am currently in Barclays graduate program for Technology Singapore. I used to intern in Barclays as well. Since interns and graduates are very close to each other here, we share information. Here's what I know:

BACK OFFICE (Interns and graduate)
Ops - 50000 SGD / yr
Finance - 55000 SGD / yr
Technology - 60000 SGD / yr

FRONT OFFICE (Interns only, not sure about grad)
Sales / Trading - 9600 SGD / mth

These figures are pretty accurate, especially for back office. For front office, The number is only basic salary, they do get profit sharing, bonus, and commission as well.

I havent include all the business areas (such as compliance, marketing, IB) as I'm not close to them. I only post what I know is correct. Note that this is only in Singapore, in HK / TKY, they get paid higher doing the same job.

Hope it helps! lastly, just want to say that barclays grad program is really good and fun!

I think the above figures are only for those in the graduate program which is only a small number of ppl and arguably hard to get in? What I mean is for eg. If one gets into the Ops grad program, one will draw 50k p.a. BUT if after grad I work first in another organisation before joining Barclays, then the salary may be lower than 50k (i.e. direct hires who are not under the graduate program will be paid differently..) So the above figures may seem very nice..but only the selected few who passed thru all the interviews and got offered into the graduate prog will draw that kinda salary..moreover foreign banks incl. Barclays are paying poor bonuses (if any) lately..just to give a more balanced perspective

Originally Posted by Unregistered

I think the above figures are only for those in the graduate program which is only a small number of ppl and arguably hard to get in? What I mean is for eg. If one gets into the Ops grad program, one will draw 50k p.a. BUT if after grad I work first in another organisation before joining Barclays, then the salary may be lower than 50k (i.e. direct hires who are not under the graduate program will be paid differently..) So the above figures may seem very nice..but only the selected few who passed thru all the interviews and got offered into the graduate prog will draw that kinda salary..moreover foreign banks incl. Barclays are paying poor bonuses (if any) lately..just to give a more balanced perspective

The salaries there are pretty accurate, even for someone who is direct hire would minimally get that sum or +-5k.

Here are some cold-hard facts on Barclays Backoffice in Singapore:
1) Bonuses in Barclays is in the form of weeks, if any.
2) Offshoring is huge now. MANY will be retrenched in time to come.

Originally Posted by Unregistered

The salaries there are pretty accurate, even for someone who is direct hire would minimally get that sum or +-5k.

Here are some cold-hard facts on Barclays Backoffice in Singapore:
1) Bonuses in Barclays is in the form of weeks, if any.
2) Offshoring is huge now. MANY will be retrenched in time to come.

Just curious from an outsider's perspective. Isn't it good in a way for Barc employees when their bonuses are cut but they get an upward adjustment in their base salary? Though their overall package is lesser now, when they go for their next job interview, HR will give them an increment above their base salary, which was already increased by Barcs, regardless of the bonus amt. Makes sense?

Originally Posted by Unregistered

Just curious from an outsider's perspective. Isn't it good in a way for Barc employees when their bonuses are cut but they get an upward adjustment in their base salary? Though their overall package is lesser now, when they go for their next job interview, HR will give them an increment above their base salary, which was already increased by Barcs, regardless of the bonus amt. Makes sense?

Barclays pay structure is a known fact in the industry, so what they really look at is your annual compensation.

Moreover, the salaries you see above are already upward adjusted. The adjustment in base is not even 10%.

Originally Posted by Unregistered

The salaries there are pretty accurate, even for someone who is direct hire would minimally get that sum or +-5k.

Here are some cold-hard facts on Barclays Backoffice in Singapore:
1) Bonuses in Barclays is in the form of weeks, if any.
2) Offshoring is huge now. MANY will be retrenched in time to come.

barclays only come onshore in sg a short time back. There is always retrenchment in the other sectors in sg eg engineering, etc, so this is favorite topic for any sg observer.

It has been so long already. Have u seen any offshoring in sg banking already ?

Originally Posted by Unregistered

barclays only come onshore in sg a short time back. There is always retrenchment in the other sectors in sg eg engineering, etc, so this is favorite topic for any sg observer.

It has been so long already. Have u seen any offshoring in sg banking already ?

Many functions in backoffice in all the Investments Banks in Singapore are getting offshored, and retrenchment is big, and happening right now as we speak.

Ask any industry insiders...

Singapore is getting very expensive for backoffice functions, especially with the appreciation of the SGD and rise in rents.

Barclays, Morgan Stanley, BoA.. They are all offshoring their Singapore functions as much as possible...

Originally Posted by Unregistered

Many functions in backoffice in all the Investments Banks in Singapore are getting offshored, and retrenchment is big, and happening right now as we speak.

Ask any industry insiders...

Singapore is getting very expensive for backoffice functions, especially with the appreciation of the SGD and rise in rents.

Barclays, Morgan Stanley, BoA.. They are all offshoring their Singapore functions as much as possible...

if this is the case, WTF who paid to hire who all these idiots in the Graduate Programs now ?

1. On offshoring:

Offshoring has been happening for years. At first, the banks move their back office staff to places like Changi and their not so important functions to places such as Alexandra etc to alleviate staff costs.

For the lowest of the value chain, these get outsourced to India, Malaysia. How else do you think that front office gets paid so well? Something got to give.

The only positive thing right now is that we are still cheaper than HK. For regional operations, the executive office have to be hubbed somewhere (HK, Sin). So for front office staff, we are still safe. For back-office, it doesn't matter where you sit. Any country with cheap labour, housing and rent will fit the bill.

2. On base pay moving on to new job:

Employers usually discuss on total compensation (instead of base pay) basis. So it doesn't mean that moving on with high base will definitely be a plus for you. It actually make work against you. Companies maybe quick to term you as expensive if your base pay appears high for the job.