Interview: Is There a Blacklist in Finance?
By BankersBall on Oct 18, 2006 in Cube Life, Interviews
Q: What’s the background check like?
A: For mid/high ranking people, you hire a private eye, police records, all that.
Q: Really? Wow. What about junior level people?
A: At [bulge bracket bank], they do a thorough background check. Any new hires are thoroughly investigated. It’s a regulated industry so they have to do it.
Q: Is there such a thing as blacklisting in the industry?
A: Well, if you are very stupid or very dishonest, that will follow you. People always check references. Your old bosses aren’t going to say outright that you are stupid … but they will find a way of making you sound less than optimal if you are.
Q: What are the worst things a reference could say about you?
A: Anything having to do with dishonesty, indiscretion, lying, stealing, falsifying expenses — things of that nature.
Q: What’s the difference between bullshitting and lying?
A: Bullshitting is fundamentally innocuous.
Q: And lying?
A: Lying is a negation of your integrity.
Q: Let’s say you made a work-related mistake, big enough that you were tempted to lie about it. What would you do?
A: Usually I’m very very upfront about my mistakes.
Q: What if it was a big mistake?
A: The bigger it is, the more you should come out with it.
On Nov 8, 2006, Anony said:
HR very often doesn’t verify anything for entry-level people. i have worked with people who have lied about their entire degree’s (ie: said they got the degree in one thing, but actually got the degree in something entirely different) and worked for years in the firm. It seems that HR simply doesn’t have the resources to do a thorough check on every new hire, especially at these larger bracket firms.
On Jan 1, 2007, Anonymous said:
totally untrue - all firms outsource the background checks these days so resources are not an issue. EVERY fulltime hire is subject to a background check
On Jan 1, 2007, anon said:
totally untrue - all firms outsource the background checks these days so resources are not an issue. EVERY fulltime hire is subject to a background check
On Jan 8, 2007, James Triggs said:
totally untrue - all firms outsource the background checks these days so resources are not an issue. EVERY fulltime hire is subject to a background check
On Jan 5, 2008, mabel said:
Typically Pre Employment Screen Background Checks include: Verification of identity, SSN, employment history, education, and address history. Checks State and county criminal records, sexual offender, terrorist watch, credit check, bankruptcy. (Federal criminal records available.) Matched by name & birthday.
As a job candidate or employee, your privacy rights are protected by several laws. According to BackgroundSearch.com, these laws include:
1. The Fair Credit Reporting Act (FCRA).
2. The Driver’s Privacy Protection Act.
3. The American with Disabilities Act (ADA).
4. Different states have different legal frameworks, such as the Investigative Consumer Reporting Agencies Act which exists in California.
If the company uses a background check as a reason to withdraw the job offer, then they must show you a copy of the report so that you can correct or contest information in the report.
On Jan 12, 2008, anonymous said:
mabel, what about cell phone records? do firms use the freedom of information act to see who u call and send text messages to either before or after the offer?
On Jun 25, 2008, Anonymous said:
Is this an industry-wide blacklist or just within a single firm?