An algorithm knows you are about to quit and just emailed your boss

eFC logo

Wall Street has a history of people doing sketchy things through email before they up and quit. Several software engineers have been busted for taking proprietary code from one financial firm to another. And then there’s Morgan Stanley’s Galen Marsh, who was fired in January for pinching data from as many as 350,000 wealth-management clients before the firm got wise. Actions like this won’t ever occur again if a few security startups have their way.

The idea is built on predictive analytics: software that reads your email and identifies which sites you visit, and then develops a baseline user profile to detect when you stray away from the norm, like downloading documents from a database that you rarely use, according to a new report by Bloomberg.

One company installed their software within an unnamed financial exchange and identified six people who were preparing to leave with sensitive data in just the first 30 days. Those six people changed their email habits in one way or another.

Then there are other, much creepier ways to analyze employees that aren’t necessarily always designed to predict crime. Rather, they simply identify the fact that someone may be prepping to quit. Another firm, which is “careful when discussing the software,” provided a scenario where a star trader is disappointed with their bonus and aims to leave, possibly with the intent to take other staffers with them, for example.

The software can “identify discontent” through behavioral and linguistic analysis, according to Bloomberg, which sounds an awful lot like reading your emails, only it’s a piece of software not someone in HR. The algorithm can even look for specific red flags related to financial stress, like “late rent” and “medical bills.”

While none of the companies that currently utilize this brand of software were identified, nearly every example involved the financial services world. The chief scientist at one of the firms was a former security executive at Bank of America.

So, if you are about to quit your job, don’t change your behavior. Or better yet, act completely random from the start, emailing yourself in different languages and downloading e-books on ancient farming techniques. Keep the algorithm on its heels.

Everything You Knew About Finance Careers Is Wrong (eFinancialCareers)

Morgan Stanley’s banking analysts have just released their annual investment banking outlook. If you work in banking and finance, you need to know all that follows.

What’s Up With All These LinkedIn Bans? (eFinancialCareers)

As we’ve previously reported, J.P. Morgan has banned its technology team from displaying all but the sparsest information about their credentials on LinkedIn. Now it appears that a hedge fund is disallowing its front office staffers from even naming the firm on the social media site.

Regulatory Environment a Nightmare (WSJ)

How is the current relationship between banks and regulators? “The regulatory environment today is the most tension-filled, confrontational and skeptical of any time in my professional career,” one Wall Street lawyer noted on Wednesday. Just a few hours following his comments, Fed chair Janet Yellen blasted banks for their “brazen violations of the law” and said the Fed is keeping its eye on banker bonuses.

Explaining Corbat’s Pay Cut (WSJ)

Citi cut its CEO Michael Corbat’s compensation last year due to its failing of the Federal Reserve’s stress test, corruption within its Mexican subsidiary and its fixed income troubles. Corbat will still be paid $13 million for last year, down from $14.5 million in 2013. Elsewhere, Wells Fargo CEO John Stumpf will receive $19.3 million for 2014, unchanged from the previous year.

When Skipping a Meeting Leads to Mental Health Problems (Bloomberg)

A Royal Bank of Scotland analyst is suing the firm for allegedly causing long-term psychiatric injuries that resulted from him being prevented from attending a bank committee meeting several years ago. Aaron Rich was going to expose how a client falsified its financial accounts but RBS physically prevented him from going, instead sending a senior banker who presented misleading information, the lawsuit claims.

FINRA Is (Finally) Paying Attention (Dealbreaker)

If you are a broker with an undisclosed lien or judgment and never reported it to your company, you were likely going to be fine. FINRA has historically done a poor job flagging those cases. But things are now changing following several Wall Street Journal exposés. FINRA is currently all over brokers, including flagging a case from 1986 for an $80 lien.

Like a Diamond (Business Insider)

It’s Friday, so here is Jim Reid, the head of global fundamental credit strategy at Deutsche Bank, covering a Rihanna 2012 hit "Diamonds." It’s weird but pretty good. He has a slightly different vibe than Rihanna.

Buzz Around the Office

Bond, Jim* Bond (Fox News Latino)

Mexican officials paid Sony (shocking) and MGM $20 million to change the script of the new James Bond film to make the country look better, including changing the villain to a non-Mexican actor.

Quote of the Day: “It is a place where everyone is out to get everyone else. In a place where no one can be the best at everything, everyone takes any chance they can get to measure up to their peers. It is a mob of ruthless young overachievers with a taste for blood.” – a Harvard admissions adviser on the culture there

Popular job sectors

Loading...

Search jobs

Search articles

Close
Loading...