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Your career in Banking

The pace here means there’s always something new to tackle. You’ll learn constantly from global colleagues and market-leading organizations. The work you do will fuel the success of your clients and Barclays – and keep the wheels of commerce turning.

Areas in Banking

The challenges in this part of our business come in all shapes and sizes. They range from acquisitions, financings, divestitures and restructurings to leveraged buyouts, exclusive sales and takeover defense. No matter which group you work in, you’ll enjoy the flexibility to find your passion and develop in a host of different directions.

We operate two major business units. Learn more about each below.


Capital Markets

Capital Markets
This business unit originates equity or debt, arranges loans, takes part in syndication and handles structuring. All of it across continents and sectors.
  • Debt Capital Markets

    Debt Capital Markets works with investment grade rated companies to raise primary debt. Here you’ll work with our experts to design and structure fixed income securities and market them to investors. Among other things, this debt helps finance acquisitions and capital expenditures, and refinance bonds or other debt securities with a fixed maturity date.

    How it works

    Back to overview

    A large clothing retailer with stores in the US and a small presence in Europe wants to raise funds to expand abroad. It decides to issue a bond, essentially an IOU that promises to pay the bondholder a set level of interest each year and the full value when it matures. Debt Capital Markets monitors things like interest rates, macroeconomic events and investor appetite, then works with the client’s Treasury team and/or CFO to structure the transaction. The team also partners with the Syndicate desk to execute the transaction, delivering the bonds to investors and transferring the money from the investors to the client’s bank account.

  • Global Finance Advisory

    This team uses analytical approaches to address traditional corporate finance questions for clients. We look at topics such as how companies allocate cash, manage their capital structure and mitigate potential financial risks. We work closely with other Capital Markets teams, as well as with colleagues in Coverage and Mergers and Acquisitions.

    How it works

    Back to overview

    A technology company is under pressure from an activist investor that’s buying up large amounts of shares. It asks Barclays to develop a strategic response. GFA analyzes the company’s business volatility, compares risk and return outcomes of various strategic alternatives, and compiles broader industry and market trends. The analytical work helps the company concretely weigh their options and informs final recommendations to senior executives or the Board of Directors. These could include how much debt to raise, what to communicate to credit rating agencies, creating a shareholder return policy, or tactics to manage interest rate or foreign exchange risk.

  • Equity Capital Markets

    This team advises corporations on the range of ways to raise equity capital. You’ll help structure and execute equity and equity-linked transactions, such as initial public offerings, follow-on and secondary offerings, share repurchases, private placements and more.

    How it works

    Back to overview

    A renewable energy company decides to buy a portfolio of wind farms but needs financing to do it. The company completed an IPO several years before and its stock is currently listed on the New York Stock Exchange. We recommend raising capital by selling new common equity via a follow-on offering. This involves selling incremental shares to new and existing investors. ECM structures the offering by setting the deal size, drafting investor marketing materials and determining the launch date. Once the follow-on offering is complete, the renewable energy company will have the capital it needs to complete the acquisition.

  • Equity-Linked and Hybrid Solutions

    Innovative and complex, equity-linked securities are hybrid debt securities whose return is linked to the equity markets – usually a single stock, a group of stocks or an equity-based index. This team originates and structures equity-related transactions. These range from convertible securities, accelerated share repurchases and margin loans to preferred stock and hedging and monetization.

    How it works

    Back to overview

    A vehicle company wants to raise $2 billion for a new manufacturing plant. Its stock price is on the up so it doesn’t want to sell shares at today’s price. And although it’s ready to take on debt, it doesn’t want to pay high interest. ELHS tailors a solution where the company issues a debt that can be converted into shares only if its stock price doubles in the next five years. Effectively, the company sells shares at twice today’s stock price or receives long-term financing at 1% annual interest.

  • Leveraged Finance

    This team generates funding for companies that already have a considerable amount of debt. And because the funding is riskier, it’s also more costly.

    You’ll help design, structure and deliver the unique financing needed, using high yield bonds and leveraged loans. And you’ll work with corporate and financial sponsor clients, offering solutions ranging from leveraged buyouts and acquisition financings to growth capital and dividend recapitalizations.

    How it works

    Back to overview

    A private equity firm wants to acquire a publicly traded, casual dining chain with over 300 restaurants and help it expand. The PE firm turns to Barclays for financing, and Leveraged Finance creates the financing package that supports their bid. Once the dining chain’s shareholders approve the deal, we arrange a loan from a number of key investors to finance it. The buy-out will help the dining chain open a further 30 restaurants each year over the next three to four years.

  • Private Capital Markets

    Our PCM team raises private equity and debt capital for both private and public companies globally. Private financing consists of both equity and debt securities issued by companies where the security is not publicly traded on a stock exchange. Capital markets channel savings from investors, acting as sources of capital for businesses, governments and individuals who have a need for capital.

    How it works

    Back to overview

    A private technology company wants to raise capital to invest in its leading software product and hire more staff. Sales of the company’s product are soaring, but it’s a young company and not yet profitable. The company decides to sell a small stake in its business to venture capitalists and other growth equity investors. PCM partners with our Technology coverage group to analyze the company’s prospects, value the business, structure an appropriate investment security and target a list of potential investors. Many choose to invest after concluding the company will increase in value as its sales and market share grow.

  • Restructuring and Finance Group

    This group works with companies that are distressed. It helps clients repair their balance sheets through a variety of strategic advisory and financing options, including negotiations with creditors and other stakeholders. The group also provides tactical guidance and financing solutions in distressed mergers and acquisitions.

    How it works

    Back to overview

    A private equity firm acquires a waste management company through a leveraged buyout (LBO). The LBO is financed with debt linked to growth in the company’s business. This growth never materializes and the company faces bankruptcy. RFG works with our Industrials coverage team to find a buyer. When no bid covers the company’s debts, RFG files the company for bankruptcy and negotiates a reorganization of the company with its creditors. In the reorganized company, senior lenders convert part of their debt to equity, and junior lenders recover a small amount of cash and get the right to buy stock at a fixed price. The company emerges from bankruptcy with a leaner balance sheet that allows it to strengthen its competitive position in the waste industry.

  • Risk Solutions Group

    RSG helps corporate clients manage their exposure to financial risks. By structuring and marketing interest rate and currency derivatives, it protects clients against the risks that are part and parcel of mergers, acquisitions, debt funding and many other transactions.

    How it works

    Back to overview

    A US company wants to acquire a company in Europe. They’ll need to pay for the deal in Euros, but are raising the money in US Dollars. This brings the risk of currency fluctuation. If the Dollar weakens, the company won’t have enough Euros to pay for the acquisition and the deal will fall apart. RSG structures and executes an FX hedge to lock in a future exchange rate. Post acquisition, the US company fears fluctuations in the FX rate might reduce its Euro revenues when they’re converted to Dollars. RSG protects against this risk too, structuring a cross-currency swap to synthetically convert the Dollar debt into Euros. The company can then pay interest on its Dollar debt (now a Euro liability) using its Euro cash flow – now protected from losing value.

  • Securitized Products Origination

    Securitization is a form of secured lending, which can be used to create fixed income securities that are sold to buy side investors. Unlike other forms of debt, such as investment grade and high yield, which are backed by a company's credit rating / financial profile, securitized products rely on pools of assets pledged to a trust to pay back the principal and interest to the investors. Our SPO team offers a variety of structured products financing and advisory solutions. These include traditional and non-traditional asset-backed and mortgage-backed securities, warehouse financing, securitization valuation and advisory, and whole loan/principal financing.

    How it works

    Back to overview

    Restaurant X, a franchise company with a non-investment grade credit rating, wants to raise capital to refinance its current term loans and pay a dividend to shareholders. It decides to issue an investment grade-rated Whole Business Securitization, structured by our SPO team. By separating the income-generating assets of the company into a bankruptcy remote entity (a way of isolating financial risk) and pledging the company’s royalty streams to the trust, SPO can improve Restaurant X’s debt credit rating, resulting in financing that carries lower interest rates. SPO then markets the bond to a broad investor base.

  • Syndicate

    This team bridges the gap between the private and public sides of an investment bank, executing primary market transactions of fixed income securities. From multi-billion dollar bond deals to bridge loans for acquisition financing, this team offers a wide range of financing solutions to our issuing clients globally.

    How it works

    Back to overview

    A large US technology company decides to raise capital by issuing a bond. They will sell the bond to a wide array of fixed income investors and pay investors back by making interest payments each year plus a final principal payment of the full value when the bond matures. As well as executing the transaction, the Syndicate desk advises the company on what pricing outcome they can expect, how the market backdrop could affect the transaction, and how they should time their bond deal. Once announced, the Syndicate desk markets the transaction to the fixed income investors and ultimately delivers the bonds to the investors and the proceeds to the issuer. The goal is the best execution for the issuing client plus an outcome that also satisfies investors.   

Coverage and Mergers and Acquisitions

Coverage and Mergers and Acquisitions
Should one company buy another? How much should it pay? And what tactics should it use? This business unit is where you come up with the answers to our clients’ most strategic questions.
Groups
  • Groups

    Our industry coverage groups have M&A embedded in them and work closely with the Capital Markets teams, ensuring you’ll have plenty of exposure to all deal types. The industry or geographic teams you could work in include: Chemicals, Consumer Retail, M&A Exclusive Sales, Financial Institutions, Financial Sponsors, Healthcare, Industrials, Latin America M&A, Media and Telecommunications, Natural Resources, Power and Utilities, Real Estate, and Technology.

    How it works

    Back to overview

    Bid Company is considering buying Target Company, so it comes to Barclays for advice. We help Bid Company with the strategic metrics and tactics, like determining how much Target Company is worth, how the acquisition would impact Bid Company’s performance, how much to offer and who to approach with that offer. We also work alongside other advisers in the transaction, including Capital Markets colleagues, accountants, lawyers and public relations, with the main goal of ensuring a successful outcome for everybody.

Opportunities in Banking

Banking

Full-time Analyst

With intensive training from the start, you’ll become an integral part of a product, industry or geographic group. Working on live projects, you’ll set out on the path to promotion.

Education level
Undergraduate
Banking
Full-time Analyst
Start date
June 2018
Opportunity duration
Two and a half years
Location
Atlanta, Calgary, Chicago + 5 more
Banking

Full-time Associate

Learn from banking experts. Master the art of developing and executing transactions. And put yourself on a path to promotion, gaining the skills to rise to Vice President.

Education level
MBA, Masters + 1 more
Banking
Full-time Associate
Start date
July 2018
Opportunity duration
Two and a half years
Location
Chicago, Houston, Los Angeles + 2 more
Banking

Summer Analyst

Discover the art of planning and executing a live deal. You’ll learn the skills to launch your Banking career, and do it all with our support.

Education level
Undergraduate
Banking
Summer Analyst
Start date
June 2018
Apply by
31 October 2017
Opportunity duration
10 weeks
Location
Atlanta, Calgary, Chicago + 5 more
Banking

Summer Associate

Be involved in pitching deals and executing transactions, learning from experts in the field. Do well, and earn a full-time role.

Education level
MBA
Banking
Summer Associate
Start date
June 2018
Apply by
02 January 2018
Opportunity duration
10 weeks
Location
Atlanta, Chicago, Houston + 3 more

Did you know?

We have lots of fascinating opportunities in the Asia Pacific region too. So whether you’re more familiar with that part of the world or fancy working somewhere new, why not take a look?

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