🍋 The Dark Side of Hiring

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Good Morning! The finance world got spooked on Friday as some experts speculated Deutsche Bank could follow in Credit Suisse’s footsteps. But retail investors haven’t lost confidence yet - they’ve pumped $200 million back into the banking industry since SVB’s collapse.

ChatGPT can now browse the Internet, and consulting IT giant Accenture will lay off close to 20k employees. Elon Musk valued Twitter at $20 billion while giving out employees stock grants, a far cry from his $44 billion acquisition fee last fall. But Musk says he still sees a path to a $250 billion valuation for the company.

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1. Story of the Day: The Dark Side of Hiring - Ghost Postings

It’s looking like even prospective employers are stringing you along in 2023. A new Wall Street Journal report found that more and more companies are resorting to deceptive tactics like ‘ghost postings’ to make it seem like they're hiring when they're actually not.

The investigation found that 27% of hiring managers kept job postings up for more than four months at a time. In leaving job postings up for months on end, companies are creating a false impression of growth and stability, when in reality they’re facing budget constraints and uncertainty.

Companies are also using these tactics to keep overworked employees from leaving or collect resumes as a hedge in case they need to fill a position down the road. And many companies are legally required to post job openings publicly, even if they have already identified a candidate internally. But some job candidates are getting fed up.

Candidates want to make sure they’re not wasting their time, and in today's job market, it's not just about submitting a resume and waiting for a callback. Companies have implemented a range of additional hurdles, including lengthy surveys and automated interviews, which can be time-consuming and demoralizing if you later find out that the position was just a mirage.

Takeaway: Ghost positions might not be going away any time soon. To avoid falling victim to this frustrating experience, we recommend doing your due diligence before applying for a new job. Check the timestamp of when the job was posted and look for specific, detailed job descriptions rather than generic and vague ones.

2. Markets Rundown

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Stocks closed lower as Deutsche Bank’s woes triggered more contagion fear.

Movers & Shakers

• (+) Activision ($ATVI) +6% after its deal with Microsoft cleared UK regulatory hurdles.

• (+) GameStop ($GME) +6% continuing its rally after its first profitable quarter in two years.

• (-) Deutsche Bank ($DB) -3% after contagion concerns in the banking sector grew.

Private Dealmaking

• Rain, a fintech platform for employers, raised $116 million

• Cognito Therapeutics, an Alzheimer’s treatment startup, raised $73 million

• Apprentice.io, a software platform for pharmaceutical companies, raised $65 million

• Masttro, a wealth management fintech platform, raised $43 million

• Circ, a textile recycler, raised $25 million

• Zellerfeld, a 3D printing shoe company, raised $15 million

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3. Top Reads

• Why insuring all bank deposits might make sense (YF)

• How the banking crisis could ripple through the economy (Axios)

• 12 charts that explain financial risk (WSJ)

• Should Goldman Sachs be punished for role in SVB debacle? (YF)

• Why analysts say banks will be fine (CNBC)

• How big companies choose who is laid off (WSJ)

• Nvidia seeing acceleration in demand because of Generative AI (YF)

• The bosses still aren’t in charge (Vox)

• How ‘too big to fail’ banks became a symbol of safety (Axios)

• Companies big and small lose access to credit amid bank stress (WSJ)

4. Shortform Book of the Day: Two Weeks Notice

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5. Short Squeez Picks

• 5 busyness barriers that hold you back from being productive

• How to create your energy budget

• Takeaways from Bill Gates’ 7-page letter about AI

• 5 benefits of thinking out loud

• Mindfulness hurts - that’s why it works

6. Daily Visual: Generative AI Global VC Deal Activity

_{Source: Axios}

7. Daily Acumen

Our brains, akin to the world's most exclusive members-only clubs, are far from welcoming to facts that don't jive with our beliefs.

Apparently, we're all in this exclusive "Facts? Who needs 'em!" club, and we just love to cherry-pick data that supports our beliefs. In short, our minds are as selective as a picky eater at a buffet.

These clever psychologists, Anderson and Lord, conducted experiments that demonstrated our bias towards confirming our pre-existing beliefs.

And then there's the Stanford study. It showed that even when we're faced with irrefutable evidence that we're wrong, we cling to our beliefs like a stage-five clinger!

So, what's the solution? Well, that's still up for debate. But one thing's for sure: admitting we've got a problem is the first step towards change.

So, let's all raise a toast to a more open-minded future! Cheers!

8. Memes of the Day

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