Saturday, June 6, 2015

Carlyle Hires, then Fires Barclay's Wanker

The Carlyle Group fired a second year analyst from Barclays.

The Barclays interns who received an absurd email about their upcoming summer at the investment bank may still have to provide their neckties for use as napkins, but it won’t come at the behest of the email’s sender, Justin Kwan, who, according to a source, lost two jobs this week after his missive leaked to the Wall Street Journal.

Kwan, who was a second-year analyst in Barclays’ Global Power & Utilities group, was let go by the bank on Friday, our source says.  Kwan was set to leave Barclays at some point this summer anyway for a job at the prestigious asset management firm The Carlyle Group. But after the email fiasco, The Carlyle Group preemptively fired him, leaving him out two gigs. (Through a spokesperson, The Carlyle Group declined comment.) 

Carlyle likely has rules for dealing with its co-founders, collectively known as the DBDs.  It's a shame Justin didn't make it inside Carlyle so the outside world could learn

Kwan was excited about private equity.  His e-mail sounded like a James Bond theme song.

Welcome to Power!  ...I wanted to introduce you to the 10 Power Commandments. Respect them, love them, live them. You may have heard different stories about Barclays Power - go on WSO and you’ll see us called the “frattiest group”, “top Power group on the street”, or the group with the “best PE placement” - needless to say we are a unique group at Barclays. 

Best PE placement.  Nobody does it better.  Almost.