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We live in a world where hustle-culture has been over-glorified by companies. Even though recent studies have shown that the new generation prioritises <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> over a bigger pay cheque, the situation is far from changing. Most companies, especially in India, still follow a rigid 9-5 schedule and often tend to overwork their employees to the extent that they sometimes affect their physical and mental health. A grave case has now surfaced where a 26-year-old employee allegedly passed away due to immense <keyword id="21000002" type="General" weightage="20" keywordseo="work-pressure" source="keywords">work pressure</keyword>. The woman, named <keyword id="23214242" type="General" weightage="20" keywordseo="Anna-Sebastian-Perayil" source="keywords">Anna Sebastian Perayil</keyword>, was a <keyword id="20065808" type="General" weightage="20" keywordseo="Chartered-Accountant" source="keywords">Chartered Accountant</keyword> who had joined EY in March this year. This was her first job. Her mother, in a letter to the company, expressed her sorrow at losing her daughter and said that she passed away due to immense work pressure. The letter has now gone viral on LinkedIn and people are reacting strongly to the news, calling to end the glorification of hustle culture. <h2>26-year-old dies, mother blames work stress </h2>In her letter to the company, Anna’s mother begins by writing that the young employee passed her CA Exams in November 2023 and joined the company in March this year. "She was full of life, dreams and excitement for the future," she added. She then writes how Anna was thrilled to be a part of the company but passed away four months later, on July 20. "My world collapsed when I received the devastating news," she wrote. In the letter, Anna's mother further explained how the work culture at EY is extremely toxic and that they burden newcomers with "backbreaking" tasks. She added that Anna experienced "anxiety, sleeplessness, and stress" soon after starting her new job. She also added how Anna was working even on the day of her convocation and insisted on getting back to work after they took her to a doctor after she complained of chest pain. "Since she had been complaining of chest constriction upon reaching her PG late at night for the past week, we took her to the hospital in Pune. Her ECG was normal and the cardiologist came to allay our fears, telling us she wasn't getting enough sleep and was eating very late." Anna's mother added that her manager would "reschedule meetings during cricket matches and assign her work at the end of the day." When Anna voiced her concerns, she was told that working late at night is something they all do. “Anna would return to her room utterly exhausted, sometimes collapsing on the bed without even changing her clothes, only to be bombarded with messages asking for more reports. She was putting in her best efforts, working very hard to meet the deadlines. She was a fighter to the core, not someone to give up easily. We told her to quit, but she wanted to learn and gain new exposure. However, the overwhelming pressure proved too much even for her,” the letter read. <h2>'No one attended her funeral'</h2> In addition to this, Anna's mother also wrote that nobody came to attend her funeral. The letter read, “ This absence at such a critical moment, for an employee who gave her all to your organization until her last breath, is deeply hurtful. Anna deserved better, and so do all the employees who continue to work under these conditions. "My heart aches not just for the loss of my child but also for the lack of empathy shown by those who were supposed to guide and support her. After her funeral, I reached out to her managers, but I received no reply. How can a company that speaks of values and human rights fail to show up for one of its own in their final moments?” <h2>Internet reactions</h2>The internet is reacting strongly to the news and various people have been sharing the letter with their own opinion. “Few managers really need to google the word HUMILITY and incorporate it into their lives. They are already destroying young Indian careers with toxicity, incompetence, and a lack of people management skills,” wrote Manisha Yadav, a CA finalist. “I hope people who did this to you get punished and shamed. I request everyone please take care of yourself, protect yourself. No Job is worth exploiting your mental and physical health,” wrote Fathima Shahjahan, an HR professional. “Very heart breaking to see young professional Anna Sebastian Perayil leaving us! We live in a world where it is difficult to be mentally strong as some things can worry us, affect us and hurt us,” wrote Prabhdeep Singh Baweja, a senior level employee at The Institute of Chartered Accountants of India

'The pressure became too much for her': Mother blames 'work stress' for 26-year-old EY employee's death

The death of 26-year-old <keyword id="20468023" type="General" weightage="20" keywordseo="EY" source="keywords" meta.keywordsubtype="org" meta.entityname="EY" meta.hostid="153" meta.entityid="EY">EY</keyword> employee, Anna Sebastian Perayil, shook the nation last week and people have been talking about the incident on social media. Her mother, in a letter to EY, had blamed “work stress” and said that she hopes no other family has to go through what they faced. Ever since the letter has gone viral, people are reacting to it. While many are saying how having a sense of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> is important, others are lashing out at big companies for overworking their employees. Some experts have also weighed in on the debate, saying that the incident is unfortunate and people need to have compassion. <h2>Experts talk about work-life balance </h2> In a conversation with ANI, Corporate Outbound Expert, Tanmay Pendse, urged the government to introduce clear regulations aimed at managing workplace stress more effectively. “We are training people for the last 15-16 years and through the management activities, we make sure that such sessions are included which helps in reducing the stress. After employees reach home they should spend good time with their family and stay away from mobile phones. I appeal to the government to come up with a specific policy so that these kind of situations can be tackled,” Pendse said. He also recommended the introduction of wellness activities like yoga in companies to help employees unwind and manage pressure. Nikhil Badgujar, an Associate Consultant at Tata Consultancy Services (TCS), reflected on how stress is an unavoidable part of corporate life and has to be managed. He also said that what happened with the EY employee was very unfortunate. “Whatever happened is very unfortunate. People need to understand how to react to stress. Stress is relative, as the stress I am feeling is not the same for the other person. People (need) to understand how to react. I can easily understand this as these things are very common nowadays. We need to think about how we can reduce the impact. This is the only thing we can manage. Stress cannot be avoided but it can be managed. In the corporate world stress is a part of our life. We need to understand how to react to that. We are the solution makers itself." Badgujar said. Anand Kulkarni, a Process Specialist at Infosys, agreed that while stress is prevalent in many workplaces, it can be handled with the right mindset. "Being in the corporate for more than ten years, I have been experiencing and observing a lot of work stress. I handle stress by enjoying the work. Stress does exist in the corporate world but it is all about how you handle it.” Pushkar Aurangabadkar, an educator and author, took a more philosophical approach to the issue, noting that societal pressures often drive people into high-stress environments. "The incident is very painful and it has a lot to do with the kind of aspirations that we have these days. The majority of which comes from the compulsive obsession for owning a lot of things. It is not just the trap of corporate but we also need to consider what makes people get into these traps in the first place.” Aurangabadkar added that fostering compassion and promoting spiritual wisdom could help reduce feelings of isolation and pressure in the corporate world. "But there are means and ways in which this can be handled in a better way and as a society, we should be taking care of it. It depends on corporate culture and as everyone might be aware every company has a different culture. It depends from company to company what kind of culture they have that defines how much pressure is getting instituted in that organisation. But beyond that what I believe is compassion and the longing for spiritual wisdom need to be promoted in society because it can reduce the possibility of such incident. The reason is that beyond the pressure people are facing in corporate, it drills down the compulsion and loneliness that we are facing and the answers to which may lie in the compassion." <h2>EY employee's death shocks nation</h2> Anna Sebastian Perayil, a 26-year-old Chartered Accountant, passed away in July 2024, just four months after joining EY in her first job. Her mother, in a heartfelt letter to the company, attributed Anna's death to extreme work pressure. The letter went viral on LinkedIn last week. Anna’s mother said in the letter that her daughter worked tirelessly, even on her convocation day despite experiencing chest pains. Though doctors found no immediate cause for concern, Anna continued to feel unwell. Her mother added how Anna’s manager would reschedule meetings during cricket matches and assign tasks at the end of the day, dismissing Anna’s concerns about the late-night workload. The letter added that despite her struggles, Anna chose to stay, eager to learn and gain experience, but the pressure proved too much. In her letter, Anna’s mother expressed her deep sorrow, not only at losing her daughter but also at EY's failure to provide support. She also said that none of Anna's colleagues or managers attended her funeral. (With ANI inputs)

Unfortunate incident, compassion needs to be promoted: Experts react to EY employee’s death

<ul class="summary-list"><li>The death of a 26-year-old EY employee has triggered a conversation about India's work culture.</li><li>The employee's family says that she was overworked — and that it reflects a wider problem.</li></ul>Fourteen-hour work days, meetings during vacations, and no overtime.To some, this may sound like a job from hell. But for many employees in India, it's just another working day.India has one of the toughest work cultures in the world. In 2022, according to the most recently available data from the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, the average employee in India worked 46.7 hours a week, compared to about 38 in the US.Not only are employees in India working long hours, but many are also doing it under intense pressure."The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. "If you don't deliver it at a particular time, you either lose your bonus, or you lose your job. It doesn't matter what you're going through otherwise."A Boston Consulting Group <a target="_blank" class="" href="https://www.google.com/url?q=https://www.bcg.com/publications/2024/india-hr-revolution-building-workplaces-for-the-future&amp;sa=D&amp;source=docs&amp;ust=1727195342438866&amp;usg=AOvVaw366N6_QMHZIy6fbfnMv__Y">survey</a> of 11,000 workers in eight countries in October 2023 found that 58% of Indian respondents reported feeling burned out — the highest share of any of the countries, including the US (50%), the UK (47%), and Japan (37%).<h2 id="56dd16d5-8f41-4ab5-aad1-efb517f1a780">'Glorifying overwork'</h2>This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July.Peryail's father, Sebastian Perayil, told<a target="_blank" href="https://www.thenewsminute.com/news/what-action-will-ey-take-anna-sebastians-father-speaks-to-tnm"> The News Minute</a> that he believed his daughter died of a combination of health issues, including work stress and acid reflux which triggered a lack of sleep. The official cause of Perayil's death, however, remains unclear."Anna was unable to sleep on most days and couldn't eat on time," he told the publication. "After a whole night of work, she would have to wake up at 7:30 the next morning and repeat the same cycle."According to<a target="_blank" href="https://www.thehindu.com/news/national/maharashtra/mother-pens-letter-following-death-of-26-year-old-daughter-due-to-work-stress-urges-ey-chairman-to-reflect-on-toxic-work-culture/article68656957.ece"> The Hindu</a>, Perayil's mother emailed Rajiv Memani, the chairman at EY India, in the wake of Perayil's death, saying her daughter had collapsed four months into the job after struggling with "the workload, new environment, and long hours."She also accused EY of "glorifying overwork."EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss."<h2 id="0e580f7b-a1b5-40de-bcd5-4c5e1cd9f1da">A 70-hour workweek</h2>Concerns about India's workplace culture are not new.Last year, the software billionaire and Infosys founder Narayana Murthy sparked controversy after saying that young people in India should be willing to work 70 hours a week to help the country progress."India's work productivity is one of the lowest in the world," he told<a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs"> The Record</a>, going on to say that unless India improved several factors including its work productivity, "we will not be able to compete with those countries that have made tremendous progress.""So, therefore," he continued, "my request is that our youngsters must say: "'This is my country. I'd like to work 70 hours a week.'"The comments appear to reflect wider expectations in India, even among employers with head offices elsewhere.Kavach Khanna, a former EY analyst in India, told BI that he believed he was expected to do more work than his US colleagues."We used to talk to colleagues in the US in the same roles, and their experience was completely different from ours," Khanna said. "They would get to go for client meetings, leave the office on time, no stretched workdays, and they weren't overburdened like we were."EY did not immediately respond to a request for comment.<h2 id="c34411b0-4cf7-4ac6-b8b5-d828d78369df">Cost centers and cheap labor</h2>Huge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India.These centers, also called Global Capability Centers (GCCs), manage everything from cyber security to product development. They can also manage human resources and accounting.They are cheaper to run in India due to lower labor costs, and they help companies tap into a wide and hungry pool of tech-savvy, English-speaking talent.An <a target="_blank" class="" href="https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/consulting/gcc/2023/06/ey-future-of-gccs-in-india-a-vision-2030.pdf">EY report in 2023 </a>projected that India is set to host at least 2,400 such centers by 2030, with a market value of more than $100 billion.An associate at the Indian office of a multinational banking and advisory firm told BI that even at his Western company, he believed Indian employees were expected to work longer and harder.He said 16- to 18-hour workdays — including some weekends — were normal in his job."A lot of multinational corporations use India as a cost center because of the cheap labor," said the associate, who wanted to remain anonymous for fear of retaliation. "Offices in other countries have boundaries and then dump their extra work on us."Jeanie Chang, an executive coach who specializes in workplace mental health, said she had noticed such a trend, too. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"Chang also noted that some Asian communities place a cultural importance on work ethic that can lend itself to exploitation."There's a word in Japanese and Korean," Chang said, "that literally means 'overworking yourself to death.' That should say something."<h2 id="799c5726-4028-4993-85d3-1175f4f96f4d">Fear of replacement</h2>So what is stopping employees from demanding change?Part of it might come down to competition. In 2022, <a target="_blank" class="" href="http://www.indiaenvironmentportal.org.in/files/file/India%20Employment%20Report%202024.pdf">according to the India Employment Report 2024</a>, India's youth made up nearly 83% of the country's total unemployed population. With <a target="_blank" href="https://www.thehindu.com/business/budget/68432023-Economic-Survey-2023-24-Complete-document">India's workforce</a> thought to number well over 500 million, each job counts.Hephzibah, the senior HR professional, said that the sheer number of available workers has contributed to a feeling that employees are expendable, and has held them back from saying no to unreasonable demands for fear of losing their jobs.Perayil's mother's email, for instance, said her daughter "did not know how to say no.""She was trying to prove herself in a new environment, and in doing so, she pushed herself beyond her limits," the email said,Hephzibah said this was especially true for younger workers, who may not have enough experience to become critical within the company yet."In the bigger companies," she said, "if you don't deliver, that's it: You're replaced."<h2 id="76d9e66d-7e50-4929-bb3f-86da08d669dd">Cultural differences</h2>Chang told BI that she's had Indian employees point out their lack of resources compared to international peers in the same company."They tell me, 'Jeanie, we don't have effective mental-health resources, but we hear the US does,'" she said.In a<a target="_blank" href="https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx"> Gallup State of the Global Workplace report</a> published in 2024, only 14% of the roughly 2,262 Indian employees surveyed said they were thriving at their workplace, compared with 34% of the 128,278 employees surveyed globally.Hephzibah, who has worked in both Indian-owned and multinational companies, told BI that multiple colleagues had left or requested transfers outside India in recent years — mainly because of the work culture.She also found cultural differences when conducting training sessions for employees in India and the US.When implementing the Indian training schedule for one company's American employees, Hephzibah faced pushback on issues like late session timings."They said, 'We're not going to work after 6 and they could clearly call it out without feeling bad," Hephzibah said. "The problem in India is that people get scared to speak up because their jobs might be impacted."<h2 id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">The way forward</h2>In Hephzibah's opinion, overtime and vacation policies need to be strictly enforceable in India."Outside, we're very careful to communicate that we care because they have legal backing to sue," she said. "Over here, that entire system is missing."She agreed with Chang that effecting systemic change would also be up to the leaders and middle management, and not just down to a country's laws."What is the leadership believing in? Is leadership overworking?" Chang said. "Because if they are, they're going to overwork their employees."

The death of a young EY employee is raising questions over India's 'always-on' work culture

<keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> laid off thousands of employees in 2023 and many found their lives turned upside down with just an email notification. After all, when you have given your heart and soul to an organisation, it is never easy accepting the fact that you are being asked to leave at a moment’s notice. The situation becomes even more complicated when you have been with the company for more than a decade. Something similar happened with <keyword id="23300967" type="General" weightage="20" keywordseo="Nicholas-Whitaker" source="keywords">Nicholas Whitaker</keyword>, who had been working with the company since 2010 and found out about his <keyword id="20118388" type="General" weightage="20" keywordseo="layoff" source="keywords">layoff</keyword> abruptly. <h2>The 3 am email bringing bad news</h2>“My layoff experience was traumatic. I got an email at 3 am to my personal email, that I only found because a colleague pinged me on Linkedin in the DMs to ask if I was ‘Ok’ and if I was ‘safe’,” Whitaker told <keyword id="21390875" type="General" weightage="20" keywordseo="Business-Insider-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Business Insider India" meta.hostid="261" meta.entityid="Business Insider India">Business Insider India</keyword> in a conversation. He added that when his colleague enquired about his safety, he thought it was a “shooting or some natural disaster.” In other words, he didn’t even imagine that he was being laid off from Google. He then revealed that when he checked his work email, he discovered that he was locked out of his laptop and phone. He then checked his personal email and there it was, the “short and impersonal email” that told him that his role at Google was being eliminated. <h2>The layoff process was uncomfortable</h2>When Google announced large-scale layoffs last year, the company made a lot of headlines for handling them in an unprofessional manner. In March 2023, several Google employees had even written an open letter to Google CEO Sundar Pichai, asking him to deal with layoffs in a better manner. Whitaker, narrating his own experience, shared with Business Insider India that after receiving the dreadful layoff email at 3 am, he spent the next few months completing formalities to get his payments that were due. He said, “It took all of the next several months for me to mail back my laptop, badge and any gear that I had that was Google property. (I also had to) navigate unemployment, health insurance and get all of the documentation I had to submit to "self Offboard" and to receive payments that I was supposed to get.” “Along the way there were multiple errors and miscommunications from the team that made it all even more uncomfortable,” he said. Whitaker also noted a complete lack of communication and empathy from his old team at Google. “I got a single text message from my prior manager asking how I was doing a few days after I was laid off, but otherwise no one reached out to check on me or offer assistance from my old team. Overall I found the process to be brutally impersonal and inhumane,” he said. <h2>Experience at Google</h2>But was Google always “inhumane” in his experience? Not really. There were some amazing days too and Google, according to Whitaker, was a different company when he had joined. “My initial experience working at Google was like it was a completely different company. I started as a temp, contractor and then a vendor for Google back in 2010, and at the time I think it was something like 40,000 employees. It had a real startup feel to it. Teams were agile and collaborative, and there was a lot of room for growth. It may have been specific to my team and org, but it felt like you had a lot more room for experimentation and autonomy to make decisions, and failure wasn't seen as a bad thing, but a necessary part of innovation,” he said. Whitaker also said that a “class system” was there at Google, especially since he was a TVC (Temporary, Vendor and Contractor). “As a TVC you wouldn't be included in many of the activities and learning opportunities that full time employees had, and didn't get invited to extracurricular activities. There was a real bias towards culture at the time, and words like Don't be Evil, and be Googly were often used.” However, in general, he added that the atmosphere was positive and full of possibilities. “Colleagues generally were very supportive, collaborative and encouraging to work with. I was excited as this was my first time working in big tech, or Corporate America and I saw that period of time as a real coming of age for me. I learned how to be a professional at Google and appreciated all of the early guidance and support that I got from colleagues and leaders.” <h2>Helping others</h2>It has now been over a year since Whitaker was laid off. He now has his own venture and helps other people navigate their careers. Talking about what motivated him to kick-start his own venture, he said, “After 13 years in big tech, the last few years in particular being particularly difficult due to toxic teams and leaders, I didn't want to jump right back into that kind of experience again. A year before getting laid off, I had experienced a bad <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword> crisis that was the result of workplace bullying, gaslighting and toxic leadership. "I wanted to help others avoid and recover from similar situations and create a community where people can find mutual support and coaching on how to best navigate their careers in a conscious way. My severance after working so long at Google allowed me to fund the launch of my coaching business, and eventually ‘changingwork.org’." <keyword id="23300968" type="General" weightage="20" keywordseo="Changing-Work" source="keywords">Changing Work</keyword>, Whitaker explained, is his way of addressing a deep need in corporate life — helping people rediscover their sense of purpose and alignment in their careers and finding ways to build more conscious leaders and businesses. He added, “What makes this so transformative for me personally is that it allowed me to step into a role where I could integrate all the lessons from my own career—especially the parts that were hardest for me. During my time at Google, I saw firsthand how high-pressure environments can lead to burnout, anxiety, and a disconnect from our true selves.” The recent tragic death of a young CA at Ernst &amp; Young (EY) employee in India has turned the spotlight on toxic work cultures prevalent in many high-pressure industries. Broader debates on burnout, mental health struggles, and unrealistic expectations in corporate environments in the workplace have occupied social media platforms. This incident serves as a painful reminder that companies must prioritize <keyword id="21050364" type="General" weightage="20" keywordseo="employee-well-being" source="keywords">employee well-being</keyword> and mental health to foster sustainable, humane workplaces. And makes the work that people like Whitaker are doing all the more important. “I’ve spoken publicly about how mindfulness practice, coaching and therapy literally saved my life during some of my darkest times at Google. Changing Work is the culmination of that journey. It’s not just about helping others find balance and fulfillment—it’s about creating a space where I can live those values every day,” he concludes.

Fired from Google after 13 years of service, he used his severance to build a business around helping others with their careers

A couple of days back, EY employee Anna Sebastian Perayil’s death had left the entire nation shocked. The 26-year-old’s mother had blamed <keyword id="21541838" type="General" weightage="20" keywordseo="work-stress" source="keywords">work stress</keyword> for her death. The incident reignited debates about the importance of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> and people took to social media to react to the incident. Now, yet another tragic incident has unfolded in Jhansi. <h2>42-year-old <keyword id="19955371" type="General" weightage="100" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> employee dies by suicide </h2> A 42-year-old area manager, employed by Bajaj Finance, was found dead in his home on Sunday morning. According to a PTI report, the employee, named <keyword id="23381707" type="General" weightage="20" keywordseo="Tarun-Saxena" source="keywords">Tarun Saxena</keyword>, ended his life by hanging, leaving behind a suicide note in which he alleged severe work pressure and <keyword id="20186119" type="General" weightage="20" keywordseo="mental-harassment" source="keywords">mental harassment</keyword> by his superiors. Tarun Saxena’s body was discovered by his housekeeper, who immediately alerted his family. The local police, as per a ET report, confirmed the recovery of a suicide note, which contains accusations against his senior colleagues. <h2>What was in the suicide note? </h2> In the letter, Saxena revealed he was facing immense pressure to meet recovery targets, stating that his seniors had threatened him with salary deductions and the possibility of losing his job if he failed to achieve the required quotas. According to Saxena’s note, the pressure to meet unrealistic targets had left him mentally and physically drained. “I have not slept for 45 days. I have hardly eaten. I am under a lot of stress. Senior managers are pressuring me to meet targets at any cost or quit,” Saxena wrote in his final letter. He also mentioned that employees were forced to cover missed loan payments from their own pockets, adding to the financial burden. I am very tense about the future. I have lost my ability to think. I am going”, the suicide note added as per NDTV. Saxena reportedly also named his superiors in the note and urged his family to file a police complaint against them, holding them responsible for his death. His family, still grappling with the loss, has yet to lodge an official complaint with the authorities. However, the local police have assured that an investigation will be conducted if a formal complaint is registered. Superintendent of Police Gyanendra Kumar Singh confirmed that a post-mortem has been ordered, and the police are prepared to take action pending further developments. Tarun Saxena’s death sheds light on the growing issue of <keyword id="22447710" type="General" weightage="20" keywordseo="workplace-stress" source="keywords">workplace stress</keyword> and its tragic consequences. Bajaj Finance, at the centre of the allegations, is yet to issue a formal statement regarding the incident. <h2>“He was mentally tortured,” says cousin</h2> The 42-year-old’s cousin, <keyword id="20130532" type="General" weightage="20" keywordseo="gaurav" source="keywords">Gaurav</keyword> Saxena, corroborated his late brother’s claims. He said that a virtual conference that was held on Sunday morning, involving senior managers, further pushed his cousin to the breaking point. Gaurav also alleged that during the call, abusive language was used, and his cousin was humiliated over his inability to meet the stringent recovery demands. "In the morning, he was mentally tortured by his regional manager Prabhakar Mishra and national manager Vaibhav Saxena. Abuses were also hurled at him during a conference, which was held virtually. He was quite frustrated since that (Saturday) night, following which he took the extreme step (on Sunday),” Gaurav said as per a report in PTI. He added, ”He was told that in case of non-fulfilment of the target, he would have to pay from his own pocket. He was assigned areas like Moth and Talbehat for collection, which are rural areas.” (With PTI inputs)

‘Being pressurised to meet targets at any cost, I am leaving’: Bajaj Finance employee dies by suicide, leaves note blaming work stress

<ul class="summary-list"><li>Banks are tracking the hours of junior staff amid concerns about overwork.</li><li>Many other corporates are using surveillance and tracking to monitor compliance with RTO policies.</li></ul>Bosses are taking the power back.There was a brief period during the pandemic and the years after it when hybrid work, four-day workweeks, and flexible hours gave employees more power than ever before. Between 2021 and 2022, millions of Americans quit their jobs, spurring the "<a target="_blank" href="https://www.businessinsider.com/great-resignation-what-to-know-who-is-quitting-2021-9">Great Resignation</a>."Now, however, the tide has changed. From stringent return-to-office policies to mass lay-offs, employers are on top again. And now, employee surveillance is on the rise.Earlier in September, The Wall Street Journal reported that <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-caps-bankers-work-80-hours-bank-of-america-tracking-2024-9">Bank of America and JPMorgan Chase</a> plan to prevent young bankers from being overworked.<h2 id="092b4474-bda0-4bcc-a88c-4db9e86b55a2">Concerns about overworking</h2>The changes come after <a target="_blank" href="https://www.businessinsider.com/wall-street-transfixed-by-bofa-banker-leo-lukenas-untimely-death-2024-5">the death of a 35-year-old Bank of America junior associate</a> in May. Leo Lukenas III, an Army veteran turned investment banker, is believed to have worked several 100-hour weeks while working on a major deal.Although a coroner's report established no connection between his death and work, it sparked a conversation across Wall Street about <a target="_blank" class="" href="https://www.businessinsider.com/quit-wall-street-investment-banking-after-fainting-bad-work-culture-2024-4">working conditions</a>, especially for early-career employees.JPMorgan will cap the working time of junior bankers at 80 hours a week, which can be lifted in some scenarios, including during a live deal — typically one of the most taxing parts of the job.According to a source within JPMorgan, in cases where an exemption is made, average hours worked should quickly start to fall below the cap.Meanwhile, BofA is introducing a timekeeping tool in which junior bankers must log more details about their workloads each day. The bank had already implemented a system that flags those working above the 80-hour threshold to human resources.Employees will need to share how many hours they are working and if they have the capacity to take on more.<h2 id="627c36ec-b7d3-48b0-a201-e7b8c5f096ea">Improving employee well-being</h2>Oliver Kayas, a senior lecturer in the faculty of business and law at Liverpool John Moores University, told Business Insider that these forms of employee-tracking technologies can be useful when the aim is to resolve issues surrounding employee well-being."Sometimes they can help to improve job satisfaction because if performance monitoring information is being used in a supportive way, staff can be quite satisfied with that," he said.Kayas said they can also be important in matters of health and safety, such as monitoring and identifying unsafe practices, like not wearing a high-visibility jacket or helmet on a construction site.He pointed out that surveillance tools can additionally reduce the misreporting of expenses within businesses and minimize bribery, corruption, and theft.<h2 id="1181c42e-dd75-4f68-a742-eba4757ad7f3">Employee surveillance for RTO policies</h2><a target="_blank" href="https://www.businessinsider.com/ey-tracking-office-attendance-data-teams-disregard-rto-policies-2024-1">EY</a>, <a target="_blank" class="" href="https://www.businessinsider.com/citigroup-monitoring-office-attendance-absent-staff-fired-2023-7">Citigroup</a>, and PwC have also introduced measures to track workers — but for a different reason. These firms want to ensure staff are complying with RTO policies.Earlier this month, accounting giant PwC informed its 26,000 employees in the UK that <a target="_blank" href="https://www.businessinsider.com/accountancy-giant-pwc-introduces-office-mandates-uk-staff-2024-9">it will start tracking their work locations</a> from January to ensure people were spending at least three days in the office or with clients."We told employees that from January we would start sharing their location data on a monthly basis, so they can see how many days they have spent in an office or on a client site," a spokesperson from PwC told Business Insider.For Kayas, alongside some of the positive effects that can arise from surveillance technology, there are a whole host of negative outcomes.<h2 id="aa878169-455c-4ebd-9d1d-a2c6bb9c9fd7">Blurring the line between private and personal life</h2>"It can reduce the privacy of employees," he said, adding that when it comes to <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-chase-employees-describe-fear-mass-workplace-data-surveillance-wadu-2022-5">tracking locations</a>, staff are likely to think: 'Why doesn't my employer trust me?'"That blurring of the lines between the private and the personal life is a big no-no," Kayas said.Invasive practices like this can, in turn, increase resistance from workers against their managers, which heightens stress and anxiety, he explained."That might create high staff turnover rates," he said, "and there are all sorts of costs associated with recruiting staff."Overall, Kayas held that whether staff surveillance is good or bad, or right or wrong, comes down to whether you're asking the employee or the employer.Bank of America, EY, and Citigroup did not respond to requests for comment from Business Insider.JPMorgan Chase declined to comment.

Employers are increasingly tracking staff in the return-to-office world. One academic says it has its good, bad, and ugly.

Dear reader, Yet another week comes to a close and India's financial landscape saw a slight dip after reaching for the skies last week. Yet, speculations around <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> possibly reaching the coveted 100,000 mark in early 2025 are on the rise. Meanwhile, excitement is building for Coldplay’s upcoming concert in January next year. However, there is some bad news for those who have purchased or sold tickets via unauthorised means. BookMyShow has lodged an FIR to investigate the illegal sale and purchase of tickets. On a more somber note, the tragic passing of a <keyword id="19955371" type="General" weightage="20" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> employee made headlines this week and reignited discussions around the pressing issues of <keyword id="22447710" type="General" weightage="20" keywordseo="workplace-stress" source="keywords">workplace stress</keyword> and mental health. Coming to what’s happening in the corporate world, <keyword id="19904608" type="General" weightage="100" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> is considering a major overhaul of its management structure that could see thousands of <keyword id="21263592" type="General" weightage="20" keywordseo="managerial-roles" source="keywords">managerial roles</keyword> eliminated by next year, aiming for increased efficiency and significant cost savings. Additionally, popular YouTuber Ranveer Allahbadia recently faced a hacking incident, raising awareness about the importance of online account security and the necessary steps for recovery. Join us as we explore these compelling stories and more, helping you stay informed and engaged in this ever-evolving landscape. <h2>Top stories of the week: </h2><h2>Will Sensex touch the coveted 1,00,000 mark early next year? Experts weigh in </h2> The Indian stock market experienced a significant growth, with the BSE Sensexsurpassing 85,000 points last week. However on Thursday, October 3, the Indian stock market faced a substantial decline. Bothbenchmark indices, Sensex and Nifty 50, ended the trading day down by more than 2%. Meanwhile, analysts are speculating that the index could reach the 100,000 mark by early 2025, bolstered by a ₹57,359 crore inflow from foreign investors in September—the highest in nine months. <a href="https://www.businessinsider.in/stock-market/article/will-sensex-touch-the-coveted-100000-mark-early-next-year-experts-weigh-in/articleshow/113797957.cms" data-type="tilCustomLink" target="_blank">Read more </a> <h2>Coldplay India 2025 concert: BookMyShow might cancel tickets sold through unauthorised channels, files FIR</h2> BookMyShow took legal action against unknown scalpers involved in the reselling of tickets for Coldplay's "Music Of The Spheres World Tour " in India. The online ticket platform filed an FIR with the <keyword id="19906039" type="General" weightage="20" keywordseo="Mumbai-Police" source="keywords" meta.keywordsubtype="org" meta.entityname="Mumbai Police" meta.hostid="261" meta.entityid="Mumbai Police">Mumbai Police</keyword> on October 2, accusing scalpers of black market activity surrounding tickets for the band's highly anticipated shows in January 2025 at DY Patil Stadium in Navi Mumbai. BookMyShow might even consider cancelling the tickets purchased through unauthorised sources. <a href="https://www.businessinsider.in/business/news/coldplay-india-2025-concert-bookmyshow-might-cancel-tickets-sold-through-unauthorised-channels-files-fir/articleshow/113925164.cms" data-type="tilCustomLink" target="_blank">Read more </a> <h2>‘Being pressurised to meet targets at any cost, I am leaving’: Bajaj Finance employee dies by suicide, leaves note blaming work stress </h2> A couple of days back, EY employee Anna Sebastian Perayil’s death had left the entire nation shocked. This week, yet another tragic incident has unfolded in Jhansi. A 42-year-old area manager, employed by Bajaj Finance, was found dead in his home on Sunday morning. According to a PTI report, the employee, named Tarun Saxena, ended his life by hanging, leaving behind a suicide note in which he alleged severe work pressure and mental harassment by his superiors. <a href="https://www.businessinsider.in/business/news/being-pressurised-to-meet-targets-at-any-cost-i-am-leaving-bajaj-finance-employee-dies-by-suicide-leaves-note-blaming-work-stress/articleshow/113843117.cms" data-type="tilCustomLink" target="_blank">Read more </a> <h2>Amazon could cut 14,000 managers soon and save $3 billion a year, according to Morgan Stanley</h2> Last month, CEO Andy Jassy announced plans to boost the ratio of individual contributors to managers at Amazon by at least 15% by the end of the first quarter of 2025. By reducing the number of managers, Jassy aims to streamline operations, eliminating unnecessary layers of management and enabling the company to operate more efficiently without bureaucratic obstacles. This initiative could potentially result in the loss of around 13,834 managerial positions by early next year, which Morgan Stanley estimates could lead to cost savings of between $2.1 billion and $3.6 billion, according to a note released on Thursday. <a href="https://www.businessinsider.in/tech/news/amazon-could-cut-14000-managers-soon-and-save-3-billion-a-year-according-to-morgan-stanley/articleshow/113918663.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Ranveer Allahbadia YouTube channel hack – What steps should you take to protect and recover your account? </h2> Ranveer Allahbadia, widely known as BeerBiceps, recently faced a setback when his YouTube channels were hacked, leading to the deletion of all his videos and the renaming of his channels. However, YouTube has since removed the hacked accounts, and they were restored today, along with all the original content. While Allahbadia, as a prominent YouTuber, was able to regain access to his accounts with relative ease, not everyone has the same resources or connections. This situation highlights the importance of knowing how to safeguard your account and the steps to take if it becomes compromised. <a href="https://www.businessinsider.in/tech/news/ranveer-allahbadia-youtube-channel-hack-what-steps-should-you-take-to-protect-and-recover-your-account/articleshow/113738508.cms" data-type="tilCustomLink" target="_blank">Read more </a><h2> Top web stories of the week</h2> <a href="https://www.businessinsider.in/stock-market/webstories/indias-biggest-ipos-by-issue-size/slidelist/113916108.cms" data-type="tilCustomLink" target="_blank">India's biggest IPOs by issue size</a> <a href="https://www.businessinsider.in/thelife/webstories/9-effective-brain-exercises-to-improve-memory-and-focus/slidelist/113622167.cms" data-type="tilCustomLink" target="_blank">9 brain exercises to improve memory and focus</a> <a href="https://www.businessinsider.in/travel/india/webstories/tired-of-jaipur-check-out-these-7-alternative-places-in-rajasthan/slidelist/113819793.cms" data-type="tilCustomLink" target="_blank">Tired of Jaipur? Check out these 7 alternative places in Rajasthan</a>

Weekend wrap: Experts talk about Sensex reaching 100,000 mark, Amazon plans major managerial cuts

For investment bankers, September can be one of the busiest months, as borrowers flock to the capital markets, and M&amp;A agreements fly in thick and fast.It's a bit of a sprint between now and the Thanksgiving holiday, when bankers typically hit the brakes again. And this time around, that sprint might involve more water-cooler chatter as Wall Street institutions clear a path for more staff to return to their offices.Jefferies wants employees back consistently, Goldman Sachs and Morgan Stanley are clearing COVID-19 testing hurdles, and Credit Suisse bankers could be wondering whether <a href="https://www.reuters.com/markets/europe/credit-suisse-weighs-cutting-around-5000-jobs-source-2022-09-01/">they'll get to keep their job</a> at the Swiss lender.Let's unpack <a href="https://finance.yahoo.com/news/how-wall-streets-mega-banks-are-rallying-staff-for-a-post-summer-return-183154414.html">where Wall Street stands</a> on in-office expectations.This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://news.yahoo.com/jefferies-tells-staff-come-back-121230999.html"></a>1. For all the talk of flexibility around the return to work, big banks are not really hiding their desire to fill their office spaces. Goldman Sachs and Morgan Stanley are <a href="https://www.bloomberg.com/news/articles/2022-08-30/goldman-morgan-stanley-ease-covid-rules-clearing-path-to-desks?sref=eeq6exxF">suspending testing</a> for COVID, while Jefferies wants staff back to get through its backlog of business.Bankers are still torn over the issue. Most love the flexibility of being able to work from home for at least portions of the week. Some told me they're just as productive from home in their board shorts and flip flops. And if 2020 and 2021 deal-making numbers were anything to go by, I'm inclined to agree.Another banker who was in the Outer Banks in North Carolina last month told me he didn't want to leave the beach, and immediately texted me a picture of him and his golden retriever, who seemed to be having a jolly good time.The fact of the matter, however, is that Wall Street's top bosses <a href="https://www.reuters.com/business/finance/banks-battle-back-to-office-fatigue-with-ping-pong-snacks-indoor-gardens-2022-09-02/">want their employees back</a> in the office more. No bank has outright said that workers have to be at their desks five days a week, but the message is that these banks are doing everything to fill up their office floors.Goldman Sachs will let staff outside New York enter offices regardless of vaccination status. There will be no requirement to wear face coverings and no need for regular testing.Morgan Stanley told its New York staff that it is ending testing and no longer disseminating notifications regarding any exposure to COVID.Jefferies took a different approach. The bank asked employees to <a href="https://news.yahoo.com/jefferies-tells-staff-come-back-121230999.html">come in on a more "consistent basis"</a> to get through its investment-banking backlog of work. Jefferies has no issue when employees need to work from home, but it wants senior bankers to be present to motivate their minions.JPMorgan and Citi, meanwhile, have not outlined any official policy change.Citi still expects staff to be on the premises three days a week.JPMorgan's Chief Executive Jamie Dimon has been clear that he wants more employees in offices. Earlier this year, the bank went Orwellian, at least it seemed to some employees, when it took to <a href="https://www.businessinsider.com/jpmorgan-is-tracking-employee-id-badges-swipes-jamie-dimon-hybrid-2022-4">ID tracking</a> to ensure in-office quotas were being met.In other news:<a href="https://www.businessinsider.com/man-fell-to-death-identified-as-bed-bath-beyond-cfo-2022-9"></a><div type="image" title="A Bed Bath &amp; Beyond store in New York City." height="5464" width="7285" msid="94030677" hostid="261"></div>2. Gustavo Arnal, Bed Bath &amp; Beyond's chief financial officer, was identified as the man who fell to his death from an apartment in New York. His death comes as the retailer looks to revise its debt structure, cut its workforce, and <a href="https://www.businessinsider.com/man-fell-to-death-identified-as-bed-bath-beyond-cfo-2022-9">close 150 stores</a>.3. Canyon Partners, a $21 billion hedge fund, focuses on distressed loans, event-driven equities, and arbitrage. The fund is predicting a wave of bankruptcies and broke down its playbook <a href="https://www.businessinsider.com/canyon-partners-hedge-fund-distressed-investing-2022-8">for a fractured market</a>.4. In less than two years as Citi's chief executive, Jane Fraser unveiled plans to exit Russia, pare down risky assets, and sell consumer-banking businesses around the world. Analysts said that Fraser is taking the bank in the right direction, but that monumental challenges remain, according to this <a href="https://www.reuters.com/business/finance/citigroups-russia-exit-removes-one-obstacle-ceo-challenges-remain-2022-09-01/">analysis from Reuters</a>.5. A former Goldman Sachs employee said male colleagues mimicked the squeezing of breasts when she used the company's lactation room. She also said that her colleagues once put a toy cow on her desk <a href="https://www.businessinsider.com/former-goldman-sachs-employee-colleagues-mooed-lactation-rooms-pump-milk-2022-9">as she used the area</a>.6. Ernst &amp; Young executives are closing in on a plan to split the financial-services company. A group of leaders met on Labor Day to hash out the details to a plan that would separate EY's auditing business <a href="https://www.businessinsider.com/ernst-young-executives-finalizing-plan-split-auditing-consulting-businesses-2022-9">from its consulting services</a>.7. The head of research at crypto investment firm Arca explains barriers and catalysts for success on the ethereum network. Katie Talati runs research at the $600 million crypto shop, and said that layer-2s can "turbocharge" <a href="https://www.businessinsider.com/ethereum-blockchain-bull-bear-case-crypto-arca-investment-firm-exec-2022-8">the ethereum blockchain growth</a>.8. SoftBank is planning to cut at least 20% of staff at its Vision Fund operation, Bloomberg reported. The company will cut at least 100 positions, and they may be <a href="https://www.bloomberg.com/news/articles/2022-09-02/softbank-is-said-to-plan-vision-fund-staff-cuts-of-at-least-20?cmpid=BBBXT090222_DEALS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220902&amp;utm_campaign=deals">announced later this month</a>.9. The Federal Reserve has terminated a decade-long enforcement action against HSBC. The British bank was ordered to improve practices after violating money laundering and sanction rules. In 2012, HSBC was accused of being a "preferred financial institution" <a href="https://www.reuters.com/business/finance/us-fed-terminates-enforcement-action-against-hsbc-2022-09-02/">for drug cartels</a>.10. Startups in the marketing and media spaces are using tech to disrupt advertising. Here are 30 pitch decks that they're using to raise millions of <a href="https://www.businessinsider.com/pitch-decks-that-advertising-media-startups-used-to-raise-millions-2021-6">dollars from top investors</a>.Done deals:<ul><li>Digital grocery delivery company Instacart said it <a href="https://www.bloomberg.com/news/articles/2022-09-01/instacart-buys-ai-pricing-platform-eversight-in-enterprise-push?cmpid=BBBXT090222_DEALS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220902&amp;utm_campaign=deals">will acquire Eversight</a>, a platform that helps retailer and packaged-goods companies determine pricing. Union Square Advisors advised Eversight.</li><li>Camera maker Nikon said it will buy German 3D metal-printing machine maker SLM Solutions Group <a href="https://www.reuters.com/markets/deals/nikon-conduct-tender-offer-germanys-slm-solutions-group-2022-09-02/">for $622 million</a>.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street banks' latest messages on return-to-office policies might seem flexible, but the underlying message is clear: Come back to your desks.

Good morning! This is the tech news you need to know this Tuesday.<ol><li><a href="https://www.businessinsider.com/trump-executive-order-work-visas-immigration-2020-6?r=US&amp;IR=TIR=T">President Donald Trump signed a proclamation Monday halting a variety of immigration visas</a>. It temporarily suspends H-1B, H-2B, H-4, J-1, and L-1 visas, affecting the tech industry, students, and au pairs, among others.</li><li><a href="https://www.businessinsider.com/amazon-google-twitter-speak-out-against-trump-h1b-visa-freeze-2020-6?r=US&amp;IR=TIR=T">Amazon, Google, Twitter, and other major tech companies are criticizing Trump's move to halt certain immigration visas</a>. The companies said it will make American firms less competitive and less diverse.</li><li><a href="https://www.businessinsider.com/apple-silicon-new-chip-ios-ipad-apps-run-on-mac-2020-6?r=US&amp;IR=TIR=T">Apple on Monday unveiled a new processor that the company says will replace Intel chips in MacBooks, iMacs, and Mac Pros going forward</a>. Apple's chip, called Apple Silicon, will make app architecture more consistent across Mac, iPhone, and iPad, the company said at its annual <a href="https://www.businessinsider.com/apple-wwdc-2020-keynote-live-blog-ios-14-watchos-announcements-2020-6">Worldwide Developers Conference</a>, which took place virtually.</li><li><a href="https://www.ft.com/content/b8eec9d0-0c85-467d-8cb1-467ad87adced">SoftBank Vision Fund executives are set to lose out on millions after a complex investment in scandal-hit German fintech Wirecard, according to the Financial Times</a>. One of the executives behind the deal, Akshay Naheta, lashed out at Wirecard's auditor EY on Twitter on Thursday, saying the auditor had "materially failed in their fiduciary duties."</li><li><a href="https://www.businessinsider.com/ios-14-new-apple-iphone-features-2020-6?r=US&amp;IR=T#home-screen-1en-1">Apple unveiled the next big update to iOS, unveiling major changes to the iPhone's software</a>. iOS 14 includes new features for the home screen such as App Library, which will automatically organize your apps based on type, and widgets that you can pin and alter in size.</li><li><a href="https://www.businessinsider.com/apple-watch-sleep-tracking-app-announced-wwdc-fitbit-2020-6?r=US&amp;IR=TIR=T">Apple's update to the Apple Watch finally brings a long-awaited sleep tracking feature, which will use motion sensors, heart-rate sensors, and microphones to gather sleep data</a>. It's a noteworthy addition that brings the Apple Watch up to speed in one key area where it's lagged behind rivals like Fitbit and Garmin.</li><li><a href="https://www.businessinsider.com/googlers-send-letter-ceo-sundar-pichai-stop-working-with-police-2020-6?r=US&amp;IR=TIR=T">More than 1,600 Google employees have signed a letter to Google CEO Sundar Pichai that asks the company to stop selling its technology to police forces</a>. About 20 workers wrote the letter, which outlines ways that employees are "disappointed" in the company's response to the deaths of George Floyd and Breonna Taylor. </li><li><a href="https://www.businessinsider.com/depixelator-turned-obama-white-illustrates-racial-bias-in-ai-2020-6">An AI tool which reconstructs pixelated pictures to look like clear images ended up making Barack Obama to look like a white man, garnering immediate criticism for algorithmic bias</a>. Experts in machine learning speculated that the tool, Face Depixelizer, had a common problem — its training set of images was not diverse enough.</li><li><a href="https://www.ft.com/content/7d79f753-a274-4829-9a7d-7735a36c5d9e">UK payments firm Checkout.com is now valued at $5.5 billion after raising $150m of new cash</a>. The firm is eyeing an IPO, according to the Financial Times.</li><li><a href="https://www.businessinsider.com/microsoft-closes-mixer-partners-with-facebook-2020-6">Microsoft is shutting down its Twitch competitor Mixer and partnering with Facebook going forward — even after spending millions on deals with top streamers</a>. Mixer has struggled to compete against Twitch, despite a string of high-profile exclusivity deals with major streamers like Tyler "Ninja" Blevins and Mike "Shroud" Grzesiek said to be worth millions of dollars each.</li></ol>Have an Amazon Alexa device? Now you can hear <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword> each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.You can also <a href="https://newsletter.businessinsider.com/join/free">subscribe to this newsletter</a> here — just tick "10 Things in Tech You Need to Know.

10 things in tech you need to know today

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersIqbal Khan, the former boss of Credit Suisse's wealth management division.</div></div></div><ul><li>The secretive world of Swiss banking has been rocked by a wild scandal involving spies, a suicide, and a clash at a cocktail party.</li><li>Credit Suisse hired private investigators to spy on Iqbal Khan, its former head of wealth management, after he feuded with CEO Tidjane Thiam and left for local archrival UBS earlier this year.</li><li>The fiasco has culminated with the resignation of both the Swiss bank's operating chief and head of global security, and the death of the contractor who hired the spies to follow Khan.</li><li>Here's a timeline of what happened.</li><li>Watch <a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Credit Suisse</a> and <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> trade live.</li></ul>The secretive world of Swiss banking has been rocked by a public scandal involving spies, a suicide, and a clash at a cocktail party.<a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Credit Suisse</a> hired private investigators to spy on Iqbal Khan, the head of its wealth management division, after he feuded with CEO Tidjane Thiam and left for local archrival <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> earlier this year.The fiasco has culminated with the <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-coo-resigns-over-spying-of-iqbal-khan-2019-10-1028565903">resignation</a> of both the Swiss bank's operating chief and head of global security, and the death of the contractor who hired the spies to follow Khan.<h2>Here's a timeline of what happened:</h2>Background: Tidjane Thiam was appointed CEO of Credit Suisse in March 2015 after running UK insurer Prudential for six years. The French-Ivorian, a former McKinsey consultant, launched a three-year turnaround program that resulted in the Swiss bank posting its first annual profit in four years in 2018.Iqbal Khan, who was born in Pakistan and moved to Switzerland at the age of 12, spent 12 years as an auditor at EY. He joined Credit Suisse's wealth management division in 2013 and rose to CEO two years later. He oversaw an 80% increase in divisional profit and helped bring in upwards of $46 billion in net new assets between 2016 and 2018, <a href="https://www.ft.com/content/bbe24f04-dfa2-11e9-9743-db5a370481bc">according to the Financial Times</a>.January 2019: Thiam hosts a cocktail party at his home in the tony Herrliberg area on the "gold coast" of Lake Zurich, according to the Financial Times. Khan and his wife - who bought the house next door, bulldozed it, then redeveloped it over the course of nearly two years - are among the guests. Thiam complained to Credit Suisse Chairman Urs Rohner about the disruptive construction work, the Financial Times reported.After Khan and Thiam's partner squabble over some trees planted on the CEO's property, Khan and Thiam have an argument away from the other guests. Khan's wife has to separate them, Swiss newspaper Tages-Anzeiger reported.Spring and summer: Khan complains to Rohner and Credit Suisse's board about the incident, widening the rift between the two and creating an unpleasant working environment, the Financial Times reported.Khan is allowed to quit with a shortened gardening leave period of three months. During meetings with UBS, Julius Baer, Goldman Sachs, and other prospective employers, he expresses a desire to recruit former Credit Suisse colleagues across structured trading, lending, relationship management and other functions, the Financial Times reported.July 1: Credit Suisse announces Khan is leaving the company. He makes the move after growing frustrated with his profile within the bank, number of public appearances, and a lack of assurances from Thiam and other executives about his potential to rise further up the ranks, according to the Financial Times."He's in a rush, wants a huge job and had become a bit frustrated because there's no room at the top here - Tidjane isn't going anywhere and he wasn't comfortable in his seat," a person familiar with the developments told the newspaper.August 29: UBS <a href="https://www.businessinsider.com/ubs-appoints-iqbal-khan-wealth-management-co-head-2019-8?r=US&amp;IR=T">announces</a> Khan will become its co-president of global wealth management on October 1. Pierre-Olivier Bouee, Credit Suisse's operating chief, orders the bank's security chief to begin observing Khan out of concern he may be planning to poach clients and former coworkers. Bouee's worries are elevated by the fact that Khan continues to socialize with key Credit Suisse employees.Credit Suisse hires Investigo, a security firm, to keep tabs on Khan. Investigo assigns private detectives to trail Khan and identify everyone he meets.September 17: During a shopping trip, Khan spots and confronts one of his tails in downtown Zurich. He exits his car and photographs the license plate of the private investigator's vehicle. The investigator confronts him, asks him to stop, and tells Khan to hand over his phone. Khan shouts for police help, and the investigator departs.Khan files a complaint with Zurich's public prosecutor, saying three men chased him and his wife through the streets of Zurich by car and on foot. He says things turned physical behind the Swiss National Bank, when the men tried to take his mobile phone as he was photographing them and their car.However, the detective provides a sworn statement to Credit Suisse and authorities that he was alone that day, and Khan chased him, the Financial Times reported. The bank instructed the investigator to follow Khan only on weekdays from a suitable distance and take note of the people he meets, without breaking any criminal or traffic laws, according to a document seen by the newspaper.September 18: Credit Suisse halts its observation of Khan.September 23: Credit Suisse's board says it has appointed external consultants and lawyers to inquire whether executives signed off on the decision to hire private investigators and if the move was justified.Zurich's public prosecutor's office confirms it has opened a criminal case for coercion and threat, and city police have made three arrests, <a href="https://www.ft.com/content/2c48ed78-dee2-11e9-9743-db5a370481bc?desktop=true&amp;segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content">the Financial Times reports</a>.September 24: An unnamed contractor who hired Investigo to trail Khan on behalf of Credit Suisse dies by suicide. A lawyer for Investigo later confirms the death to the Financial Times.September 26: Pressure mounts on Credit Suisse to address the scandal."It's something of extreme gravity; in Zurich it is becoming a time bomb and you can feel the panic," a major investor in the bank <a href="https://www.ft.com/content/bbe24f04-dfa2-11e9-9743-db5a370481bc">told the Financial Times</a>. "Both sides have been damaged, but especially Credit Suisse." "We have said to the chairman and board they have to provide a clear outcome and explanation; whoever did wrong has to pay," the investor added.September 30: Inside Paradeplatz, a Swiss financial blog, reports the contractor's death by suicide. Credit Suisse's board meets to discuss the findings of an investigation into the spying scandal by Homburger, a law firm.October 1: Bouee, Credit Suisse's COO, resigns after Homburger finds he independently made the call to follow Khan. The bank's head of global security also resigns."The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank," Credit Suisse <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/statement-investigation-201910.html">says in a statement</a>.The Homburger inquiry failed to find any evidence that Khan tried to poach employees or clients, the bank added, or any indication that Thiam approved the spying or was aware of it before it ceased on September 18.Credit Suisse says Bouee alone, "in order to protect the interests of the bank," ordered the observation of Khan, and he didn't discuss it with Thiam or any other executives.Zurich's public prosecutor is still investigating the matter. <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-mars-starship-spacex-starhopper-rocket-moon-2019-6">Elon Musk's multibillion-dollar Starship rocket could one day take people to the moon and Mars</a></h3> <div> </div> </div>

Spies, suicide, and a clash at a cocktail party - here's what we know about the scandal rocking Credit Suisse

Courtesy of Erin HatzikostasErin Hatzikostas.<ul class="summary-list"><li><a href="https://www.bauthenticinc.com/about">Erin Hatzikostas</a> is a former corporate CEO turned career coach, speaker, and podcast host. She is the founder and CEO of <a href="https://www.bauthenticinc.com/">b Authentic inc</a>. You can listen to her offbeat career podcast, "<a href="https://www.bauthenticinc.com/podcast">b CAUSE with Erin &amp; Nicole</a>," or you can start pumping up your career with her free guide,"<a href="https://bauthenticinc.mykajabi.com/pl/74108">10 Simple Steps to a Rich Career</a>."</li><li>She writes that women's business conferences are a "noble idea" - but gender diversity still persists as a big issue in many workplaces. While improving them won't solve the issue at large, looking at their problems is helpful.</li><li>These conferences can be dominated by jargon. They don't offer up enough women who have actually done it, and often end up being a time suck for the women they're trying to support. </li><li>Instead, give women the tools to change up jobs, and make conferences more creative.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>In comes a new email from your boss. The subject reads, "You are invited … "Your stomach flutters with anticipation. What could this possibly be about? You open it up to learn … your boss is sending you to a "women's conference."Every year, hundreds of women-focused business conferences are held across the globe. This is great, right? At first blush, it certainly feels great to be selected for one. Wow! They must think a lot of me to choose me to participate!Awesome! Who will I be able to mix and mingle with?(Secretly) What will I wear? I need to stand out. But pretty soon reality sets in.Hang on. I'm already slammed. This is going to throw another monkey-wrench in my schedule.Wait, why is Janice invited? She leaves every day at 4:00.So, what are all the men doing that day?What exactly are the chances that I'll be volunteered to help organize this thing?Women's business conferences are a noble idea. If you've been to one, it's hard not to be in awe of the passion, sophistication, and attention to detail demonstrated by the organizers and attendees. But if there are so many amazing women's conferences, why is gender diversity still such a massive issue in the corporate workplace?Obviously, this is a complicated question. Improving women's conferences isn't a silver bullet, but considering how they miss the mark can shed some light on the problem as a whole. My podcast cohost and I recently drew up a list of all the things we've generally disliked about the over 25 women's conferences we've collectively attended. Here they are:<h2>1. They are too politically correct and vanilla. There simply isn't enough plain speak and authentic, hard-earned perspective. </h2>Suggesting that women's conferences should be less politically correct immediately brings to mind a <a href="https://www.huffpost.com/entry/women-ernst-young-how-to-dress-act-around-men_n_5da721eee4b002e33e78606a">recent HuffPost article</a> that shared an insider look at a particularly egregious (and politically incorrect) conference held by Ernst &amp; Young. When I read this article, I gasped. And then laughed. The gist of it was a completely ludicrous education about how to rise in your career by working within the gender stereotypes of the 1960s: Eschew anything masculine (but don't flaunt your body), approach men deferentially, avoid being assertive, and above all, avoid being authentic. This is not the kind of political incorrectness we need. Instead, what we need is less jargon and more real talk. We also need to laugh more; we face a lot of ridiculous things in the average work day, and sometimes simply laughing together about it helps us get through it all. Cut the crap. No more phrases that have been done to death such as "lean in," "executive presence," "speak up," etc. These are all solid ideas, mind you, but they've become meaningless with overuse. For example, the term "executive presence" infers that women have to change who they are to succeed. The result? Many of the most qualified women decide to opt out of the bigger roles. Women need authentic examples, preferably interesting ones, not buzzwords.<h2>2. There are too many professional facilitators and consultants and too few women who have actually been in the trenches</h2>Consultants have their place, and conferences definitely need facilitators to start - and keep - the balls rolling. But relying on academic advice from people who have never personally navigated the landmines of rising through the corporate ranks leaves a lot of expertise on the table. Conferences need to do more than pay lip service to the idea that women can be leaders by allowing them to actually lead. Encourage them to share their experiences, their ideas, and their solutions. Another common issue with these conferences: Focusing on problems women are assumed to face without enough timely, tactical, or tangible advice on how to solve them. If we want women to be leaders, we must make sure that the conferences aimed at that goal are interactive and offer opportunities to put those skills to use.<h2>3. Organizing conferences is often a time suck for the very people they are supposed to be supporting </h2>Too often, organizing a women's conference falls to a woman who is already working her butt off in a leadership position. And although helping each other rise is a noble and worthy goal, the women leading the charge are generally forced to shoehorn the planning into an already tight schedule filled with all the other responsibilities of the job. One wonders: How many male executives spend hours on end organizing events for other men? According to McKinsey's latest <a href="https://www.mckinsey.com/featured-insights/gender-equality/women-in-the-workplace-2019">"Women in the Workplace" study</a>, companies' commitment to gender diversity has gone up 13% since 2015. However, only half of employees think that gender diversity is a priority in their company. Could this be because it is left to women alone to lead the charge?<h2>4. The conferences are too darn formal</h2>Generally, a women's business conference looks and feels like a conference designed for a very uptight, stuffy, unapproachable man. Everything - from the agenda to the seating - screams button up and mind your manners. Is this really an environment that fosters the authenticity and vulnerability required to bring your best self to bear? We think not. Why not customize the experience to the attendees? What's wrong with comfy couches, bean bag chairs, or (gasp) yoga pants?To be fair, many icebreakers are not formal. In fact, they can be cheesy and sometimes downright offensive. This isn't true across the board, but we've definitely experienced some doozies. Women may prefer comfortable clothes and humor, but we aren't children. Drop the dumb games. <h2>5. Women's conferences only include, well, women </h2>Though the intention behind female-only conferences is good, they still perpetuate the myth that women need to learn how to behave in order to become leaders. This is simply not true. The same leadership skills that work for men work for women as well. We need conferences designed to challenge the idea that there is one right style of leadership - and that that winning style can only be achieved by straight white men. Yes, women must be included in these conferences, but so must leadership. How can we drive change without all the leadership in the room?So what do we do?<h2>Don't try to change women for the job. Instead, enable them to change the job. </h2>Though the EY conference is an extreme example, it highlights one of the biggest issues we have. We give advice to women focused on how to act just like those before them - whether male or female. For some reason, we believe there is only one way to be in order to be successful. That couldn't be further from the truth.When I was initially tapped for my first corporate executive position, I actually said, "No thank you." I feared I'd have to become someone I'm not. I feared I would have to compromise my family, my health, and even my identity to be successful. It took a while to realize that I have unique qualities that I could exploit (humor, humility, and the ability to inspire) and that the things that I wasn't so good at (extensive travel, detailed operations) could be addressed by strengthening the team around me.I love the <a href="https://thriveglobal.com/stories/abby-wambach-you-dont-have-to-be-perfect-to-be-a-great-leader/">quote by soccer legend Abby Wambach</a>, "Imperfect men have been empowered and permitted to run the world since the beginning of time. It's time for imperfect women to grant themselves permission to join them."We have got to stop pretending that there is a linear formula for being a successful leader. Instead, we must help women celebrate and exploit their unique, positive qualities.<h2>Go ahead, hold women's conferences, but shake them up … significantly </h2>In our perfect world, there would be no need for women's conferences or talk of gender parity. We're making progress toward this goal: The <a href="https://womenintheworkplace.com/">number of women rising to a top CEO spot has increased 24%</a> over the last five years. But obviously, we're not there yet. So, until we arrive at the nirvana that is true gender diversity (of all kinds, mind you), women's conferences offer a unique opportunity for us to learn from each other. However, that only happens if the women attending and leading are allowed to show up as their authentic selves. Showcase speakers that tell it like it is. Give real-life actionable examples of women who've crushed their careers without selling their souls, and play some fun music while you're at it. A few weeks ago, my <a href="https://www.bauthenticinc.com/podcast">podcast cohost</a> and I experimented with something like this. Imagine a conference that kicks off with dancing and lip synching into a room packed to the gills with high-powered and successful women in the financial industry. Not sounding so bold? One of us was wearing a bedazzled tracksuit, and we may have had props, parody videos, and cheese cubes. And, it wasn't just a show. We got real down and dirty about the things that helped us rise into executive positions. The crowd left incredibly inspired to be more of themselves, both in work and in their personal lives.If we can't shake up a conference, how can we hope to shake up the workplace?It is time we start acknowledging that we must get much more creative in our approach to gender diversity if we ever want to have a shot at reaching parity.We need to start asking the tough questions:<ul><li>What is working and what isn't? </li><li>What bold moves do we need to make to go from looking at gender diversity as a problem to solve and embracing it as an organic source of strength, especially in the corporate world?</li></ul>Whether you're a decision-maker or low down on the totem pole, one thing is clear. It is going to take all of us thinking well beyond the current conference box to get where we need to be. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-jay-z-and-diddy-made-millions-off-of-cheap-alcohol-zack-omalley-greenburg-2018-3">How Jay-Z and Diddy used their fame to make millions off of 'cheap grapes'</a></h3>

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