Big Four boss tells consultant to stop whining for hours

If the temper is already frayed for other reasons, careless words can do a lot of damage. Bill Michael The chairman of KPMG UK seems to have noticed most of the phrases “stop moaning” and “play victim card” the moment he put his lips on the city hall with the financial services consulting team. The app, which allowed employees to send anonymous live comments, apparently “quitted at least some employees’ jobs” (KPMG denies this), but some employees responded. Until you get the chance to state your thoughts and make suggestions, Michael’s £ 1.7m ($ 2.4m) paid package must make Michael feel a little more motivated than they are.

As with bankers, the first few months of the year tend to be the peak season for consultants. This is because the client’s budget needs to be updated, old jobs need to be offered, and new businesses need to be marketed.It’s a year working time It usually starts to reach the same level of madness as an M & A Associate for a fairly small amount of money. In addition, KPMG consultants seemed concerned about potential wage cuts, bonus reductions, pension contributions, and the new compulsory ranking performance measurement system. This was definitely the time to read the room (or actually read the zoom).

On the same day, Michael said, “I’m sorry to use words that don’t reflect what I believe. I apologized to my colleagues,” said an apology that seemed very quick and sincere. And KPMG can point out quite a few concrete pieces of evidence that they want to take care of people. Very specific in the form of “mental health resources” (unlimited vacations for care, seems to include a ubiquitous mindfulness app), plus an 11% reduction that partners take to protect their work Supports the recruitment of graduates who have typical gestures. They are”Pod Allows homeschooling employees to share resources.

But no matter what, long-term damage can occur. According to a KPMG statement, “no plans” to reduce pension contributions and bonuses and promotions will be paid “as usual”, but they don’t seem to comment on rank and yank ratings. These are always controversial, especially as they explicitly turn the system into a zero-sum game. Employees are often right to suspect that they are heavily motivated by the quest to curb performance-related awards.

Companies implementing such systems need to think about the impact on morale. Usually, you can only escape with them if your corporate culture and team spirit are very strong. When it hangs down, it’s important for top management to calm things down and make them feel respected.

Elsewhere, it’s an industry saying that one of the most undoubtedly opposite indicators of the equity market is the percentage of Harvard graduates entering investment banking. The higher the percentage, the more likely the crash is imminent. With anxious intuition about the relationship between hiring practices and market conditions, this is Hire someone with good Reddit karma To become a “sentiment trader”.

Apparently, “sophisticated taste of memes” is one of the recruitment criteria, and this job requires spending all day on Reddit, Twitter, and Discord before doing “six-digit OTM options trading. You can buy Reddit upvotes for a huge engagement on reddit”Perhaps more importantly, the fund “did not immediately respond to the request to validate the ad,” and LinkedIn The post was enthusiastic about clarifying that Redditor is traded in “company equity” rather than customer money. Benefits include “50% grant for psychotherapy-related medications” and “political parties in Seoul, South Korea and St. Petersburg, Russia.” It’s hard to tell if it’s a real role or a meme itself.

in the meantime…

Nicolas Agjin seems to have promised his long-term future to the region in an era when many financial professionals seem to be worried about Hong Kong. Already a permanent resident of Hong Kong, Mr. Agjin left JP Morgan (who was the CEO of an international private bank) to become the first non-ethnic Chinese CEO of the Hong Kong Stock Exchange, the Hong Kong Stock Exchange. (((South China Morning Post)

There may be a tendency here. Rachel Road, head of BlackRock’s Europe and recognized as the company’s rising star, will also be based in Hong Kong in her new role as head of Asia. This is a long-term bet, especially against financial centers in Asia. In an interview, Ms. Lord told FT, “There are no signs that Hong Kong will lose its excellence.”FT)

Can I get “OK Boomer”? Readers reply with surprisingly open ideas to articles about when to leave for the next generation. (((WSJ)

More than half of all FICC traders surveyed by JP Morgan expect to work from home “at least four days a week” for the rest of 2021. (Financial news)

Numis may have set a trend on UK brokerage firms when setting up EU offices to avoid losing market share from companies that have decided to do an IPO at other financial centers There is. From a recruitment perspective, this is usually good news, as they tend to grow. When entering the market, companies always tend to think that it is better to hire enough people to compete. (((FT)

Do you know how people have said over the last decade that the electronic bond trading revolution is about to happen?Now people are really in the electronic bond trading revolution is It’s about to happen! (((Bloomberg)

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