Morning Coffee: A personality test that can predict your income. JPMorgan’s colourful attempt to attract staff
Which kinds of people earn the most? Try rational extroverts who make quick, decisive, logical judgments, who like to be in charge and who have no patience with inefficiency. Which kinds of people earn the least? Try introverted types whose main focus is making the world a better place and who are on a continuous mission to try and uncover truth and meaning. Which type are you? Try taking this online Myers Briggs Personality Test to find out.
The rational extroverts and the idealistic introverts fall at either end of the socioeconomic scale according to a study by Career Assessment Site featured in Time Magazine. There are 14 other gradations between them. The Myers Briggs test - which measures where people lie on spectra between antithetical traits of introversion/extroversion, sensing/intuition, thinking/perceiving - throws up 16 personality types which will reportedly land you household incomes midway between the heights of the rationally extroverted ENTJ and the moralistically introverted INFP. Notably, the average ENTJ earns far more than anyone else - but remains impoverished by banking standards, with an average U.S. household income of just $85k.
Separately, JPMorgan has reportedly hit upon a way of attracting technologists types who might otherwise go off and work somewhere hip like Google or Facebook. The Wall Street Journal reports that the U.S. bank has initiated colourful 'breakout lounges' where technologists can hang out and code together among primary colours. Other banks are taking a different approach: Bank of America Merrill Lynch is developing special applications it can take to universities to give technology-oriented students an idea of the exciting stuff they'll be working on there, and Credit Suisse is offering coding lessons at a 'top university'. Banks are also reverting to their tried and tested method of attracting top staff: money. A senior technologist with seven years' experience can earn up to £90k in a bank according to the Wall Street Journal. In a technology firm, the same person can earn £80k max.
Meanwhile:
John Reed, former co-chief executive of Citigroup, suggests the bank is unmanageable bureaucratic behemoth which has had too many chief executives over too short a period of time. (Financial Times)
Citigroup failed the stress test because it was unable to project global losses under an adverse scenario, or to develop scenarios that adequately reflected the full range of stresses its business could be exposed to. (Forbes)
Guy Saidenberg, head of FX trading at Goldman Sachs, is becoming global co-head of commodities trading. (Financial News)
Morgan Stanley has made Nancy King, chief risk officer for its commodities division, head of its oil liquids business. (Risk)
Kai Lew, a Deutsche Bank currency saleswoman who handled business for central banks in London, has been placed on leave. She may not have done anything wrong. (Bloomberg)
The FCA says it will step up the intensity with which it monitors wholesale markets. (Financial Times)
European M&A was up 60% year-on-year in the first three months of 2014. (Bloomberg)
Headlines to use for your cover letter. (The Undercover Recruiter)
How economics and physics are related. (Medium)
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