A frequently encountered problem in the financial industry, which has worsened since the invention of electronic communication, is that many people have the same name. ask them. In general, you will find that they have received several emails from him that really shouldn’t have been received. Investment management firm Capital Group has come up with a solution to this problem. When you start working there, they assign you a four-letter acronym loosely related to your initials.
It’s a cute system. This allows everyone to be on par with first name terms while maintaining each individual’s identity so that they can know if “GMQH” is in charge of international expansion or “AJNG” is the head of human resources. can be There may be a slight hierarchical element to the fact that some people who have been there long have his three-letter name (“RWL”, Vice Chairman, or “JFJ”, most importantly his one overall coordinator, etc.). funds).
The idea is that the four-letter name system is meant to reflect an overall culture that is very different from the usual Wall Street world. The CEO could be a former water ski instructor who was mentored by the founder, and that same could be where his CEO ends up. They were sued by the same founders after they retroactively resented their high board pay and culture of cronyism. I can’t believe you’ve been so kind to me.’There are moments when I think.’
The investment performance that this culture has produced is undisputed. All but one of his stock mutual funds have outperformed their benchmarks since inception (even though they are only marketed under the name “American Fund” and don’t even display the company name on the outside of their office buildings). ), Capital is the largest active manager in the United States. world. It’s been described as ‘cult’, but only in a good way.
If you hire the best people, encourage collaboration, and create an atmosphere where people feel they can disagree without tension and conflict, you might get good results. But the financial services industry has rarely done so. Capital faces all kinds of challenges as a business. Especially from the fact that it’s been around since the 1930s and, as a result, our retired baby boomer customer base is depleting their stock savings. But I feel that it should be an advantage in reinventing yourself that the key employees probably don’t actually hate each other.
Elsewhere, a new lawsuit in New York throws another angle on the industry-wide WhatsApp scandal. I’m here. She expressed concern that two of her employees were “defaming the compliance department” in a WhatsApp chat after HSBC issued a company-wide warning about unauthorized communication channels to her in April. claim to have expressed
And the various things that are the subject of lawsuits did or did not happen. But a conversation in which the compliance department is narrated in negative terms is always a bad idea for anyone interested in a long-term career. Please remember something.
A nasty little secret in this industry is that compliance departments aren’t always right. There are a lot of helpful and hardworking employees there, but they have other kinds of shares just like any other department. The unwillingness to admit that you were wrong can also prevent you from having a profitable business.
But saying it out loud is like arguing with a referee. It’s unsporting behavior. If you’re upset about a compliance decision, the right place to complain about it is your long-suffering spouse, a friend outside the industry, or ideally your pillow. (worse, in written communication) is the exact opposite of becoming a cultural carrier.
in the meantime
The phenomenon of “quiet retirement” has received less attention in the banking industry. Because we’ve all been more worried about “quiet firing” (the practice of paying employees only the minimum contractual base salary without extra effort). for a big bonus). But it continues to haunt people elsewhere in the economy, and we’re now in a phase of rebound to rebound.(Wall Street Journal)
Sometimes you have to go to a place of business. Steve Drummond and Taki Dermedgoglu are Natural Resources Bankers at UBS Australia and the current market requires them to head west and live in Perth. (AFR)
A celebrity website did a thorough analysis of whether or not the Game of Thrones actor was related to the vice president at BlackRock’s Impact investment. (News Conduct)
Whether with good intentions or malice, or with discriminatory attention, making vulgar jokes about an employee’s breasts can result in a losing court case.(FT)
What happens when the sneaker-related Ponzi scheme collapses? Among other things, a sneaker law expert told me that to make the most of their inventory of 60,000 pairs of potential collector tennis shoes, administrators need to take a sneaker marketing approach. It was suggested that it may be necessary to hire a specialist in (Bloomberg)
On LinkedIn, “Michael Yule” is a Royal Engineers veteran and Senior Associate in Corporate and Investment Banking. Team his Scottish Commonwealth bronze medalist, Mickey Yule, on the Paralympic powerlifting stage. Congratulations to both of you on your achievement. (East Lothian Courier)
Photo by Anthony Fomin on Unsplash
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