It’s the start of a new week and the papers in Britain are all filled with one thing: pay for partners at PwC in the UK. It’s surprisingly generous, and is rising. In the recently ended financial year, average profit per partner at the all-singing, all-dancing accounting and consulting firm which audits 40% of British companies, was up 4% to £705k per head. As ever, the fastest growing area of PwC’s business was consulting (revenues up 9% to £478m), suggesting this might be where you want to work if you want to work for PwC. The only problem with working at the very top of PwC is diversity: only 16% of its partner-promotes are women, putting it on a par with Goldman Sachs, where a similar proportion of new partners were female in 2012.
On the subject of sexism and the travails of high-flying women, the New York Times has an interesting article on the problems faced by female MBAs at Harvard. These can be distilled down to the dual purpose of the business school for single women: it’s a place to get qualified, but it’s also a place to meet a potential spouse. Studying at Harvard felt like the “last chance [to meet a husband] among cream-of-the-crop-type people,” one female MBA told the New York Times. Female students said the most desirable male MBA students were bankers who,”worked in finance, drove luxury cars and advertised lavish weekend getaways on Instagram.” Female students faced problems attracting these desirable finance-types, however: male MBA students judged their female counterparts on how they looked and found them less alluring when they were assertive in class.
Finally, Michael Bloomberg, mayor of New York City and founder of the eponymous news service, has granted a long interview to New York Magazine in which he outlines the secret to his success. It’s not brains, it’s not creativity, it’s not parental connections, it’s hard, hard work. “I’m not the smartest guy, but I can outwork you. It’s the one thing that I can control,” Bloomberg said. He also told the interviewer that he said, “F*** them!” on the way out the door the day he was fired from an investment bank (Salomon Brothers).
Markit is expanding in Asia, out of Singapore. (Financial News)
55 year old James Gorman says there’s almost zero chance of another financial crisis in his lifetime. (Bloomberg)
Bank of America is paying $39m to settle a sex discrimination case at Merrill Lynch. (Bloomberg)
Far from being Elysium, investment banking is actually a pernicious and deadly trap which draws its victims in with unsupportable visions of endless riches and power only to chain them to a gold-plated galley oar. (Epicurean Dealmaker)
An inside look at Google’s data-driven job interview process. (Washington Post)
Sleep deprivation makes people look unattractive and sad. (Atlantic)