PE recruiting on pause — Wells CEO's history of hiring — Accenture's outlook

 

New US jobless claims are back on the rise again. The latest report (870,000) was above the consensus economist estimate (840,000). However, the aggregate sum of Americans receiving unemployment benefits is still down from the previous period. 

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Private equity puts recruiting on pause

Jeff Vinnick/Getty Images

Here's a fun one out of Reed Alexander and Casey Sullivan. 

Recruiting in private equity has gotten aggressive. In recent years, young analysts at investment banks would only have been on the job for a few weeks before PE recruiters came calling.

This year, however, is different. With so much up in the air, headhunters and private-equity firms have called a cease fire, so to speak, on going after young talent. 

Reed and Casey have all the details on what led to the timeout. 

Click here to read the full story.

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How Wells Fargo CEO Charlie Scharf, who's under fire for his 'limited' Black talent remark, filled the bank's top ranks with white men from his JPMorgan days

Charlie Scharf, the chief executive of Wells Fargo, was appointed to his post in late 2019.

Alex Wroblewski/Getty Images

I've talked a lot about the comments from Charlie Scharf, Wells Fargo's CEO, on recruiting and hiring Black talent. Here's a great analysis piece from Rebecca Ungarino detailing how since Scharf arrived at Wells in October 2019 he has had a chance to reshape senior management, filling eight executive positions during his tenure. In the end, the majority of new hires to his senior leadership team have been white men he worked with at JPMorgan. Read the entire story here. 

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Accenture execs say that the firm's consulting and strategy work should bounce back from a pandemic-induced slump within a year

Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona

Reuters

Consultants have been hit hard by the coronavirus, as companies impacted by the pandemic have cut budgets that could be allocated toward their services. Samantha Stokes has the latest from Accenture's earnings call on what the road ahead looks like. Read more here.

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 Odd lots:

Wells Fargo signs data exchange agreement with Envestnet Yodlee (Reuters)

Big Law firms are launching new groups dedicated to data privacy and biometrics. Here's why they're betting changes in regulations are creating a huge opportunity. (BI)

On-campus interviews for law students are getting postponed and moving online. Here's the latest on how Columbia, NYU, and 4 other law schools are reworking the high-stakes process. (BI)

After Brief TikTok Run, Kevin Mayer Is in Talks to Join Investment Firm (NYT)

Tom Hanks paid for the iconic cross-country running scene to be in 'Forrest Gump' himself after the studio said it was too expensive (Insider)

Someone edited all of Shia LaBeouf's scenes from his wild table read with Jennifer Aniston and Brad Pitt into one must-watch video (Insider)

The 7 biggest announcements Amazon made at its Echo event, from a mini drone that can fly around your home to a cloud-gaming service (BI)

Olive Garden's Times Square restaurant is burning through $300,000 every week, as New York City restaurants await the return of indoor dining (BI)

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