Maybe the investment banks got it wrong? Rarely has an industry given more importance to referrals. But Sam Bankman-Fried, the 30-year-old billionaire and CEO and founder of crypto exchange FTX, says that’s the wrong approach. If you hire people because they have the right credentials on paper, they usually won’t work, Bankman-Fried says. They will likely be underachievers who prefer the coast.
It’s unclear whether Bankman-Fried’s thinking applies to hyper-graduated college graduates from top universities (of which he’s a part), but it likely applies to older people transitioning from job to job. other by collecting big names on their CVs before presenting themselves. at FTX. This certainly applies to senior executives who might be considered trophy recruits. “IIt’s common for us to hear something like, “you should hire that CFO of a big public company and make him your CRO.” This is never a good idea, in our opinion. It never works,” Bankman-Fried told the GP. Often those kind of people want to relax in a retirement job, he added. And you don’t really know how good or how good they are. how well they performed.” – Why do they want to quit their job if they are so successful?
Instead of those people with great credentials, he said the best recruits are often not the “good” recruits on paper: “They may not have the fanciest resumes or the most experience.” At FTX, they prefer to hire people who, “can walk into a busy, complex and messy environment and work hard,” Fried said.We like people who grind, who want to work. And who are willing to do the work themselves.” The worst thing you can do is hire managers who enjoy managing other managers.
How do you identify these people? In an interview, Bankman-Fried says he doesn’t ask about FTX (“Cand candidates don’t have enough context to give a predictive answer for me as an interviewer.”) Instead, it asks them, “concisely explain a project they’ve been working on and describe their main goals, in a way that survives a sanity check.” The goal is to assess “clarity of thought.” This is something that often lacking…
On the other hand, if an analyst in an investment bank spends $32,000 a week on his birthday, does that indicate that he is extremely dedicated to continuing his work and perpetuating his lifestyle, that he is a jerk (given that JPMorgan analysts only make $175k? $260k gross) or is he lying that he’s an analyst at JPM/has an additional source of income?
Either way, that’s what a recent TikTok video claims to show. Much of the money appears to have gone into Ubers, hotels and clothing, including various items from Bruno Cucinelli, an Italian clothing store where a pair of ripped jeans cost nearly $700.
@jackiemorrow_1 it was his birthday week 🤣 #financebro #whatispendinaweek #richboycheck #personalfinance ♬ original sound – Jackie Morrow
Credit Suisse could rename its investment bank “First Boston”. (Bloomberg)
UBS has a team of special Chinese content reviewers to make sure its searches don’t include anything that might trigger in China. (FinancialTimes)
New British Chancellor of the Exchequer Kwasi Kwarteng not only wants to remove the EU bonus cap, he also wants to do without Solvency II rules which insurers say are hampering their ability to pump around £95billion into long-term infrastructure projects such as wind farms and social housing. (The temperature)
Lazard hired a woman like President of its financial advisory business in the Middle East and North Africa, based in Saudi Arabia. Sarah Al-Suhaimi was previously president of the Saudi Stock Exchange. (Bloomberg)
It’s been a long time since there’s been a major technology IPO. Wednesday will be 238 days without an IPO worth more than $50 million, longer than previous records from the 2008 financial crisis and the dotcom crash. (FinancialTimes)
Mizuho has hired David Moore of BNP Paribas as head of G10 rates sales and trading in the Americas. (Trade News)
People laid off from Coinbase had no problem finding new jobs. A software engineer said he was inundated with messages from crypto firms, recruiters and Wall Street banks. (Bloomberg)
The lifecycle of fintech events. (Week of work)
The people most likely to help you find a new job are those you don’t know very well. (Guardian)
HBO’s second ‘industry’ series is based on the post-COVID era. ‘Yasmin has spent the past year “seshing” in huge kitchens and trying to find the perfect white pajamas. Harper lives alone in a hotel, eating burgers in her dressing gown surrounded by screens…” (The Times)
Breaking your femurs to lengthen your legs is the new must-have cosmetic surgery for men. It costs $75 and is “scary.” (GQ)
Photo by Varvara Grabova on Unsplash
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