Fake interviews for banking jobs over $100,000


Informational talks have long been a thing in financial services. For those who have not encountered them, these are interviews where there is no real intention to be hired or to be hired, and where one of the parties is simply trying to glean information from the other. One example is Nick Peddy, JPMorgan’s chief technology officer who says he’s going to interviews just to figure out how much he could earn elsewhere. Banks, on the other hand, can interview employees of competitors to get an idea of ​​what they are doing.

It’s slightly different, however, if you go to an interview hoping there’s a job offer and there isn’t. That’s what seems to have happened at Wells Fargo, although the incentive to conduct non-interviews is apparently only in place for six-figure jobs.

Following complaints that black applicants were interviewed for jobs already held by other applicants (who were presumably white) to satisfy a policy requiring the bank to interview a diverse list of people for jobs paying more than 100 $000, which itself was only implemented to make amends to a remark by the CEO that there weren’t enough qualified black applicants anyway, the New York Times reported. is interviewed by Barry Somers, head of WF’s wealth management and investment business. Barry said aggrieved interviewees discovered by the NYT would not have been eligible for check-in interviews because they weren’t going for the jobs over $100,000 where the incentive to interview various candidates exist. ““There is absolutely no reason for anyone to conduct a fake interview,” he added with the kind of emphatic insistence that is supposed to silence someone.

Except there is clearly a reason. Or at least there are for jobs paying over $100,000. Only by demonstrably interviewing a wide range of candidates at Wells Fargo can you stay on the good side of the CEO. And if it’s about interviewing instead of filling positions, then why not interview all kinds of different people when the positions are already filled?

While WF insists that’s not happening, Matt Levine notes that this wouldn’t be the first time the bank’s incentives have gone wrong. A decade ago, the bank was the subject of a cross-selling scandal that is now the subject of a Harvard case study after its branch employees were discovered to be opening all kinds of accounts and imposed all kinds of products on customers in order to meet targets. Then CEO John Stumpf resigned and lost $11 million in unvested stock.

Is it that bad to interview people for jobs that don’t exist? At least they practice interviewing. But interviewees who feel they have been wronged do not see it that way and complain about false promises and ghosting. And if Wells Fargo is doing it, surely other banks are preparing something similar. Most have diversity goals. Most as a diverse shortlist. Various interviews are the obvious next step, especially for big jobs where the interviewees are predominantly pale and male.

Also, as we noted in April, JPMorgan’s bonuses are expected to decline this year. It’s not because JPMorgan’s corporate and investment bank is making less money (although it is), but because JPMorgan is spending too much money on other things.

Reuters notes that JPMorgan is holding its first investor conference in two years on Monday and that the conference appears to have been called in response to concerns that JPMorgan’s costs will rise by $6 billion or 8% this year, with no indication that revenue will increase in relation to this or an explanation of how the investments will ultimately pay off.

As you might expect, a big chunk of spending involves technology. Speaking on JPMorgan’s first quarter earnings call, Jamie Dimon said the bank “wants to earn” and is spending money on everything from real-time payments and “some blockchain-like things” to cyber controls. It’s about the future, Dimon explained.

JPMorgan’s stock is down 24% year-to-date. S&P500 banking stocks are down 20%.


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