Jane street interview question: Interviewing :: Jane Street

Thank you for ur reply.
I followed it until u formed the first (Bp(B)). I understood the method to create u expected profit, its the natural/instinctive idea. Then it is maximal at a boundary or a max-turning point. My issue is then how to differentiate the equation. Using FTC I got:

(d(E(P))/dB = 2p(B))

where (p(B)) is the probability V=B. As we are talking about a continuous probability then that is zero, thus (d(E(P))/dB = 0) for all B. {B}p(V)dV)

I suggest you brush up on your calculus.

Also, I suggest that you brush up on your ideas about probability. p(B) is not the probability that the random variable is B. p(B) is the probability DENSITY. It is a finite-valued function. Its only measurable meaning is in integral form.

Joe Solly Val said:

Thank you for ur reply.
I followed it until u formed the first (Bp(B)). I understood the method to create u expected profit, its the natural/instinctive idea. Then it is maximal at a boundary or a max-turning point. My issue is then how to differentiate the equation. Using FTC I got:

(d(E(P))/dB = 2p(B))

where (p(B)) is the probability V=B. As we are talking about a continuous probability then that is zero, thus (d(E(P))/dB = 0) for all B. And all higher deriratives are 0.

Eeek!

For uniform distribution the intuitive thing, for me, if to just calculate the integral. b (1.5v – b) dv = – \frac{b}{4}
)

I think it’s the first one but a friend of mine insists it’s the second without a good explanation.

The second one looks like the conditional expectation (E[1.5v-b|b \geq v])

But surely what we want is (E[(1.5v-b)1_{[b \geq v]}]) where (1_{[b \geq v]}) is an indicator function.

I hope this all makes sense.

 

goodstudent

• 12/29/09

• #19

Prasad said:

For the mental math questions, are we expected to just rattle off the answer, or talk out loud through the steps?

For example,

-> Whats 54% of 110?

->(wait couple seconds to calculate) 59. b (1.5v – b) dv = – \frac{b}{4}

)

I think it’s the first one but a friend of mine insists it’s the second without a good explanation.

The second one looks like the conditional expectation (E[1.5v-b|b \geq v])

But surely what we want is (E[(1.5v-b)1_{[b \geq v]}]) where (1_{[b \geq v]}) is an indicator function.

I hope this all makes sense.

Click to expand…

The second one makes sense to me. But I am not sure.

 

Wannabe Quant

• 12/30/09

• #20

I don’t agree.

The second one says “because you’re bidding b, you now think the distribution of the real value is uniform on [0,b]” which does not make sense. This is just a conditional expectation and no where in the question does it say that your assumption changes with your bid.

The actual payout is (1.5V-B) if (B \geq V) and 0 otherwise.

This is equivalent to ((1.5V-B)\mathbb{I}_{[B \geq V]}).

Hence the first integral is the correct one.

 

Study programme for quant researcher interviews

• alovya
• 1/21/22
• Quant Interviews

Replies

1

Views

6K

8/23/22

alovya

Big List of Quant Interview Questions with Answers

• quantguyquantgirl
• 9/16/18
• Quant Interviews

Replies

2

Views

94K

2/14/20

Ng Hong Wai

Big Data in Finance

• Andrew Sheppard
• 11/26/20
• Articles

Replies

2

Views

13K

4/10/21

god

Some General Suggestions for New Students

• AsherLIUcpp
• 8/25/20
• C++ Course Info

Replies

2

Views

6K

9/9/20

stherien

I am unable to Validate Kelly Criterion with Python

• seattle_brew
• 12/31/18
• Computing

Replies

3

Views

3K

1/10/19

Archidamus

Share:

Reddit

Pinterest

Tumblr

WhatsApp

Email

Share

Link

Top

7.

7 – Jane Street Capital Second Round Interview

• C++ Programming for Financial Engineering
  Highly recommended by thousands of MFE students. Covers essential C++ topics with applications to financial engineering. Learn more Join!

  Python for Finance with Intro to Data Science
  Gain practical understanding of Python to read, understand, and write professional Python code for your first day on the job. Learn more Join!

  An Intuition-Based Options Primer for FE
  Ideal for entry level positions interviews and graduate studies, specializing in options trading arbitrage and options valuation models. Learn more Join!

JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.

• 
  Thread starter
  HarishKumar
• 
  Start date
  2/15/13

HarishKumar

• 2/15/13

• #1

Hello guys, I just had a brutal second round interview for a trader summer internship at Jane Street Capital. I didn’t do well but I’m curious in finding out the answer to one of their questions. Basically, this is how it goes.

You are given a 100 sided die. After you roll once, you can choose to either get paid the dollar amount of that roll OR pay one dollar for one more roll. What is the expected value of the game?(There is no limit on the number of rolls.)

 

Keith Tan

• 2/15/13

• #2

each side of landing is 1/100 probabilty.
each landing you have an equal payoff from $1 to $100.
expected value = 1/100 x sumFrom(1 to 100) = 1/100 x ((100 x (100+1)/2) = 50.50.

i could be wrong. correct me!

 

HarishKumar

• 2/15/13

• #3

I think that is incorrect. The interviewer told me that the expected value should be above 80. He then asked me to calculate the expected value of the game if the player adopted a strategy of opting to roll again only if he/she rolls <=84 which I then worked out to be 87.5 according to the following calculation.

E(game) = (Pr(>84) x (92.5)) + (Pr(<=84) * (E(game) – 1))

Using the above recurrence relation, E(game) works out to be $87.50. So after he asked me this, I learnt that the expected value of the game is at least $87.50. However, I am confused on how to find the maximum expected value(which I think is what the interviewer wanted) systematically.

 

DieterD

• 2/15/13

• #4

Keith, you need to take into account the fact that you can roll again.

If we let E be the expected value of the game, then the optimal strategy is to roll again if we roll any number less than E-1. The probability of rolling less than E-1 is approximately (E-1)/100 (need to round E down to an integer for this to be exact). If we roll greater than E-1, we stop and take the money. Our expectation, assuming we roll greater than E-1 is 0.5*(100+E-1) (again E needs to be rounded off to be exact). We have 1-(E-1)/100 probability of rolling a number greater than E-1.

Putting it all together then gives us that

E=0.01*(E-1)*(E-1) + 0.5*(100+E-1)*(1-0.01(E-1)) . Solving for E gives us E=86.85 (or E=115 which we can rule out as E needs to be between 0 and 100).

So this would give a strategy where you’d roll again any time you throw 86 or less. Given the rounding errors above, it’s probably best to check if a strategy where you roll again if you throw less than 87 would be better, or a strategy where you roll again if you throw less than 85.

 

DavidH

• 2/15/13

• #5

HarishKumar said:

Hello guys, I just had a brutal second round interview for a trader summer internship at Jane Street Capital. I didn’t do well but I’m curious in finding out the answer to one of their questions. Basically, this is how it goes.

You are given a 100 sided die. After you roll once, you can choose to either get paid the dollar amount of that roll OR pay one dollar for one more roll. What is the expected value of the game?(There is no limit on the number of rolls.)

Click to expand…

There is a very similar question in this book…the strategy is to go roll by roll and only continue if you roll a number lower than the expected winnings on each roll and find the expectation based on each roll.

 

Advait

• 2/15/13

• #6

Let the expected value of the game be E[X].
If you end up with a number <=50, you would roll again.
Pr(you would roll again) = 0.5
E[X] = 0.5(sum(51-100)/50) + 0.5(0.5(sum(51-100)/50) – 1 + 0.5(0.5(sum(51-100)/50) – 1 +….

looks like geometric series with r <1. sum = a/1-r where a is the first term.

 

Advait

• 2/15/13

• #7

Correction:
E[X] = 0.51(sum(50-100)/51) + 0.49(0.51(sum(50-100)/51) – 1 + 0.49(0.51(sum(50-100)/51) – 1 +….

It wouldn’t make sense to roll again at 50 since your only 0.5 below expectation and the charge to roll again is 1.

 

DieterD

• 2/15/13

• #8

Advait, you need to roll again when you end up with a number less than E[X]-1, which is your expectation when you roll again (after paying $1).

 

Advait

• 2/15/13

• #9

Yes, agreed. That’s what I am doing in the equation. Roll. scored 50 or above -> OK. Otherwise pay 1 and roll again. Since E[x]-1 = 49.5. So what’s wrong ? It comes out = 75 – (49/51)= 74.04.

 

DieterD

• 2/15/13

• #10

But if the expectation is 74.04, why would you accept a roll of say 51? Wouldn’t it be better to pay $1 and get the expectation of 69.04? Where does your “50” come from? It is the expectation of 1 roll, but there’s no need to limit yourself to one roll.

 

Advait

• 2/15/13

• #11

You would accept 51 (for that matter 50) if you hit since if you rolled again the chance you get 74 and above hasn’t changed and is still 0. 26. Yes, the probability that you get 74 or more over multiple tries increases considerably. But, every time you try it, its the same since each try is independent.This, in essence, is captured by the relationship between conditional and absolute probability over multiple tries.

50 comes from the fact that you wouldn’t pay 1 to play a game with expectation 50.5 since that is 0.5 -EV.

The reason why the expectation is higher than numbers you’d accept is because it captures effects of scenarios where you get a string of low scores below 49.5 and eventually hit a score above 49 thereby converting probabilities associated with low payoffs in a conventional game with “at least” a respectable one in this game.

It, intuitively speaking, essentially is a premium you pay in order to ensure that the minimum amount you win from the game is going to be 50 regardless of the investment in the game (which depends on the number of tries) as opposed to a normal where you are guaranteed to win a minimum of 1 only.

Please correct me if your wrong.

 

Advait

• 2/15/13

• #12

*Please correct me if I’M wrong. Lol.. That typo was embarrassing! Apologies!

 

Advait

• 2/15/13

• #13

On thinking further about this, there might be a few things I haven’t captured in the equation. For instance, if I applied the equation’s logic to a hypothetical where it was free to retry, I do not get 100 as the answer!

 

AndrewChang

Baruch MFE Alum

• 2/15/13

• #14

Advait said:

You would accept 51 (for that matter 50) if you hit since if you rolled again the chance you get 74 and above hasn’t changed and is still 0.26. Yes, the probability that you get 74 or more over multiple tries increases considerably. But, every time you try it, its the same since each try is independent.This, in essence, is captured by the relationship between conditional and absolute probability over multiple tries.

50 comes from the fact that you wouldn’t pay 1 to play a game with expectation 50.5 since that is 0.5 -EV.

The reason why the expectation is higher than numbers you’d accept is because it captures effects of scenarios where you get a string of low scores below 49.5 and eventually hit a score above 49 thereby converting probabilities associated with low payoffs in a conventional game with “at least” a respectable one in this game.

It, intuitively speaking, essentially is a premium you pay in order to ensure that the minimum amount you win from the game is going to be 50 regardless of the investment in the game (which depends on the number of tries) as opposed to a normal where you are guaranteed to win a minimum of 1 only.

Please correct me if your wrong.

Click to expand. ..

Want to play the game? . I will pay 74

 

Advait

• 2/15/13

• #15

*normal game; *hypothetical question. Gosh! I need to go to bed!

 

Advait

• 2/15/13

• #16

Want to play the game? . I will pay 74

Well! If 74.04 were correct, I’d at least charge 75 to make a profit!

 

DieterD

• 2/15/13

• #17

I’d happily pay you 76!

 

Advait

• 2/15/13

• #18

Hey Dieter, I guess something’s wrong. I’ll work it out and let you know of my price! I’m sure your not right either since as per your logic, you should take the money for anything greater than equal to E-1; and not just “greater than”.

 

Advait

• 2/15/13

• #19

Hey Dieter, incorporating your logic of choosing outcomes over E only into my equation, I get this :

E=(100*101-E*(E+1))/200 + (E-1)/100((100*101-E*(E+1))/200 -1 + (E-1)/100((100*101-E*(E+1))/200 -1 +…

 

Advait

• 2/15/13

• #20

Correction (same error!):

E=(100*101-(E-1)*(E-2))/200 + (E-2)/100((100*101-(E-1)*(E-2))/200 -1 + (E-1)/100((100*101-(E-1)*(E-2))/200 -1 +…

 

Study programme for quant researcher interviews

• alovya
• 1/21/22
• Quant Interviews

Replies

1

Views

6K

8/23/22

alovya

An Abundance of Roles for Financial Engineers Besides Finance, Fintech (data science) and More

• Andy Nguyen
• 12/17/21
• Articles

Replies

3

Views

7K

2/9/22

Daniel Duffy

What Do Financial Engineers Do?

• Aaron Brown
• 11/26/20
• Articles

Replies

0

Views

15K

11/26/20

Aaron Brown

From NLP research/Development to HedgeFund

• Mattai
• 7/31/19
• Career Advice

Replies

0

Views

923

7/31/19

Mattai

Big List of Quant Interview Questions with Answers

• quantguyquantgirl
• 9/16/18
• Quant Interviews

Replies

2

Views

94K

2/14/20

Ng Hong Wai

Share:

Reddit

Pinterest

Tumblr

WhatsApp

Email

Share

Link

Top

Compilation of Jane Street interview questions

• C++ Programming for Financial Engineering
  Highly recommended by thousands of MFE students. Covers essential C++ topics with applications to financial engineering. Learn more Join!

  Python for Finance with Intro to Data Science
  Gain practical understanding of Python to read, understand, and write professional Python code for your first day on the job. Learn more Join!

  An Intuition-Based Options Primer for FE
  Ideal for entry level positions interviews and graduate studies, specializing in options trading arbitrage and options valuation models. Learn more Join!

JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.

• 
  Thread starter
  QuantI
• 
  Start date
  8/31/14

QuantI

• 8/31/14

• #1

Hey guys, just wanted to share this with you:

http://canarywharfian. co.uk/threads/jane-street-trader-interview-questions.61/
http://canarywharfian.co.uk/attachments/jane-street-pdf.6/

 

Last edited: 8/31/14

Earl Chua

• 8/31/14

• #2

Question, re: the problem with a 30-sided and 20-sided die.

You have a thirty-sided and I have a twenty-sided die. We roll both of them and whoever gets the higher roll wins. If we roll the same amount I win. The loser pays the dollar amount of the winning roll.

B) What is the expected value of this game for you?

The answer given is 10.2 but I keep getting something else. I tried many different ways, including the one prescribed in the solution, but I get the same value that’s not 10.2.

 

euroazn

• 9/3/14

• #3

Earl Chua said:

Question, re: the problem with a 30-sided and 20-sided die.

You have a thirty-sided and I have a twenty-sided die. We roll both of them and whoever gets the higher roll wins. If we roll the same amount I win. The loser pays the dollar amount of the winning roll.

B) What is the expected value of this game for you?

The answer given is 10.2 but I keep getting something else. I tried many different ways, including the one prescribed in the solution, but I get the same value that’s not 10.2

Click to expand…

Do you get 8.15?

 

Earl Chua

• 9/3/14

• #4

euroazn said:

Do you get 8. 15?

Click to expand…

Yes

 

euroazn

• 9/3/14

• #5

Earl Chua said:

Yes

Click to expand…

I think that’s right, but I didn’t spend much time on the problem.

 

Dave Lee

• 9/3/14

• #6

I got 8. 15 as well.
Just have a question, are we allowed to use pencil and paper to do this calculation during interview?

 

euroazn

• 9/4/14

• #7

Dave Lee said:

I got 8.15 as well.
Just have a question, are we allowed to use pencil and paper to do this calculation during interview?

Click to expand…

Some questions you can, some you can’t.
I would say that for this question you should be able to do it in your head. Just split it into the case where the 30-die rolls >20 and the other case which is equivalent to two 20-dice. Then exploit symmetry.

Their solutions are pretty terrible lol

 

CasanovaJ

• 9/5/14

• #8

If I had to come up with something quickly on this, I’d get 12…… there is 1/3 chance that I roll something from 21-30 which is a guaranteed win, the EV in that case is 25.5, in the 2/3 chance that I get something from 1-20 there is a 50% chance of a win (since in that case we’re both going to get something random from 1-20, expected roll for both is 10. 5, and there is equal chance of each beating the other), so overall EV is 1/3 * 25.5 (rolling 21-30) + 1/3 * 10.5 (rolling 1-20 and winning) + 1/3 * 0 (rolling 1-20 and losing) = 12. Where is my thinking wrong?

Edit– forgot about the negative EV in the case of losing… in that case, though, now I am at 1/3 * 25.5 (rolling 21-30) + 1/3 * 10.5 (rolling 1-20 and winning) + 1/3 * -10.5 (rolling 1-20 and losing) = 8.5, not 8.15

Additional edit– I guess I probably lose a bit from the “tie goes to you” thing, but how my loss from that would equal 0.35 (in a way that one could calculate in their head) is tough… I’d have to draw a grid with all the possible pairs and tally up the results…

Edit #3– OK, yeah, now I’m getting 8.15… It took building a 20×20 grid in Excel, though, (EV of -.525, -0.525 * 2/3 = -0.35) which I don’t think Jane Street lets you do. How could this possibly have been done mentally with no calculator/computer?

euroazn said:

Just split it into the case where the 30-die rolls >20 and the other case which is equivalent to two 20-dice. Then exploit symmetry.

Click to expand…

What symmetry?

 

Last edited: 9/5/14

euroazn

• 9/5/14

• #9

CasanovaJ said:

If I had to come up with something quickly on this, I’d get 12. ….. there is 1/3 chance that I roll something from 21-30 which is a guaranteed win, the EV in that case is 25.5, in the 2/3 chance that I get something from 1-20 there is a 50% chance of a win (since in that case we’re both going to get something random from 1-20, expected roll for both is 10.5, and there is equal chance of each beating the other), so overall EV is 1/3 * 25.5 (rolling 21-30) + 1/3 * 10.5 (rolling 1-20 and winning) + 1/3 * 0 (rolling 1-20 and losing) = 12. Where is my thinking wrong?

Edit– forgot about the negative EV in the case of losing… in that case, though, now I am at 1/3 * 25.5 (rolling 21-30) + 1/3 * 10.5 (rolling 1-20 and winning) + 1/3 * -10.5 (rolling 1-20 and losing) = 8.5, not 8.15

Additional edit– I guess I probably lose a bit from the “tie goes to you” thing, but how my loss from that would equal 0.35 (in a way that one could calculate in their head) is tough… I’d have to draw a grid with all the possible pairs and tally up the results. ..

Edit #3– OK, yeah, now I’m getting 8.15… It took building a 20×20 grid in Excel, though, (EV of -.525, -0.525 * 2/3 = -0.35) which I don’t think Jane Street lets you do. How could this possibly have been done mentally with no calculator/computer?

What symmetry?

Click to expand…

First of all, not quite:

in the 2/3 chance that I get something from 1-20 there is a 50% chance of a win

Click to expand…

Because remember, if you tie, you lose.

As for the symmetry, I mean in the 20 die vs 20 die game, the ev you get if you’re higher is equal to negative of the ev you get if you’re lower. The only net contribution of the 20 die vs 20 die game is negative EV you get from a tie, e.g 1/20(10.5)

Consequently EV from the entire game is 25.5*1/3-2/3*1/20*10.5 which is easily computable in your head to be 8.15

Makes sense?

 

CasanovaJ

• 9/5/14

• #10

euroazn said:

First of all, not quite:

Because remember, if you tie, you lose.

As for the symmetry, I mean in the 20 die vs 20 die game, the ev you get if you’re higher is equal to negative of the ev you get if you’re lower. The only net contribution of the 20 die vs 20 die game is negative EV you get from a tie, e.g 1/20(10.5)

Consequently EV from the entire game is 25.5*1/3-2/3*1/20*10.5 which is easily computable in your head to be 8.15

Makes sense?

Click to expand…

Yeah, I’d already caught on with the tie thing (see my various “edits” above ) but I’m understanding the symmetry thing now… Good call!

 

Sixth Symphony

• 8/26/21

• #11

Necromancing over half a decade later: Did anyone manage to save a copy of the PDF linked? Unfortunately the Wayback Machine did not save it. ..

 

stochastic_descent

• 9/1/21

• #12

Same for me, could please someone post PDF of those interview questions? Thanks!

 

(js, cit, HRT, Jump..)QR interview problem Guessing order of draws from iid U(0,1)

• wakuwaku
• 7/24/22
• Quant Interviews

Replies

3

Views

1K

8/4/22

TheCheshireCat

Study programme for quant researcher interviews

• alovya
• 1/21/22
• Quant Interviews

Replies

1

Views

6K

8/23/22

alovya

An interview question on Monte Carlo method

• cycbill
• 6/6/22
• Quant Interviews

Replies

3

Views

983

6/22/22

Quasar Chunawala

Thought I Bombed The Onsite Interviews, But Was Invited To Dinner Afterwards

• fortechinlife
• 6/20/22
• Off topic

Replies

6

Views

905

6/20/22

fortechinlife

A good book for Quant Interview with modern questions.

• StochasticMan
• 3/2/22
• Books

Replies

0

Views

2K

3/2/22

StochasticMan

Share:

Reddit

Pinterest

Tumblr

WhatsApp

Email

Share

Link

Top

Best Resources for Jane Street Interview

• C++ Programming for Financial Engineering
  Highly recommended by thousands of MFE students. Covers essential C++ topics with applications to financial engineering. Learn more Join!

  Python for Finance with Intro to Data Science
  Gain practical understanding of Python to read, understand, and write professional Python code for your first day on the job. Learn more Join!

  An Intuition-Based Options Primer for FE
  Ideal for entry level positions interviews and graduate studies, specializing in options trading arbitrage and options valuation models. Learn more Join!

JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.

• 
  Thread starter
  overlycontrarian
• 
  Start date
  10/19/18

overlycontrarian

• 10/19/18

• #1

I made it to the penultimate round of Jane Street and completely embarrassed myself. Shockingly, I was contacted via email saying they would like me to interview again.

What are the optimal book(s), website(s) and resource(s) that I should be focusing on for Jane Street? I really want this and am willing to put in 200+ hours of studying.

 

overlycontrarian

• 10/26/18

• #2

Buehler, Buehler….

 

Michsund

• 10/26/18

• #3

Jane Street Capital Interview | Expected Value | Dice

Just make a free trial, this is the best I could find hope it helps and good luck with your interview.
Jane Street Interview | Dice | Gaming

 

overlycontrarian

• 10/26/18

• #4

thanks!

 

Michsund

• 10/26/18

• #5

No problem and all the best

 

Michsund

• 1/22/19

• #6

overlycontrarian said:

thanks!

Click to expand. ..

How was your interview did you get the job?

 

Study programme for quant researcher interviews

• alovya
• 1/21/22
• Quant Interviews

Replies

1

Views

6K

8/23/22

alovya

Oxford MSc in Mathematical and Computational Finance Chances

• CalcCrunch
• 7/31/20
• Education Advice

Replies

1

Views

5K

9/30/20

brightcake

Big List of Quant Interview Questions with Answers

• quantguyquantgirl
• 9/16/18
• Quant Interviews

Replies

2

Views

94K

2/14/20

Ng Hong Wai

Got completely screwed by Jane Street intern round 1. How do I prepare better?

• roge
• 10/29/15
• Quant Interviews

Replies

1

Views

2K

10/29/15

pingu

7.7

Jane Street coming to campus!

• Gavin L
• 3/4/15
• Career Advice

Replies

1

Views

2K

3/4/15

Yike Lu

Share:

Reddit

Pinterest

Tumblr

WhatsApp

Email

Share

Link

Top

7.

7 – Jane Street Phone Interview

• C++ Programming for Financial Engineering
  Highly recommended by thousands of MFE students. Covers essential C++ topics with applications to financial engineering. Learn more Join!

  Python for Finance with Intro to Data Science
  Gain practical understanding of Python to read, understand, and write professional Python code for your first day on the job. Learn more Join!

  An Intuition-Based Options Primer for FE
  Ideal for entry level positions interviews and graduate studies, specializing in options trading arbitrage and options valuation models. Learn more Join!

JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.

• 
  Thread starter
  postelrich
• 
  Start date
  4/6/11

postelrich

• 4/6/11

• #1

I have a phone interview with Jane Street in a few days for a trader assistant position. Not sure how much it would differ for a more quantatitve role, as the questions posted here, http://www.quantnet.com/forum/threads/jane-street-interview-questions. 3039/, are mainly riddles. If someone has something to add on top of those, that would be great since the last other thread is a little old.

 

SYau

Ting Ting

• 4/6/11

• #2

Good luck Rich!

 

goldski

• 4/7/11

• #3

postelrich said:

I have a phone interview with Jane Street in a few days for a trader assistant position. Not sure how much it would differ for a more quantatitve role, as the questions posted here, http://www.quantnet.com/forum/threads/jane-street-interview-questions.3039/, are mainly riddles. If someone has something to add on top of those, that would be great since the last other thread is a little old.

Click to expand…

Jane street asks a lot of brainteasers. Tons of it. So go through one of the interview books and learn all the brainteasers. They ask you to do mental math too. It’s a really great place.

 

Paul Mithouard

NYU MSMF

• 4/7/11

• #4

postelrich said:

I have a phone interview with Jane Street in a few days for a trader assistant position. Not sure how much it would differ for a more quantatitve role, as the questions posted here, http://www.quantnet.com/forum/threads/jane-street-interview-questions.3039/, are mainly riddles. If someone has something to add on top of those, that would be great since the last other thread is a little old.

Click to expand…

Without being indiscrete, could you pleaase share your profile with us ?
Thanks a lot in advance Postelrich
Paul

 

postelrich

• 4/7/11

• #5

MA Econ with no solid finance experience yet.

discrete enough!?

 

postelrich

• 4/9/11

• #6

Got asked two math questions, can’t remember the first one for the life of me but I know I answered it right. The second one was a probability ques. If you flip four quarters and get $1 for each head, what is the expected value? I said $2 because the flips are independent, easy enough. Then he asked, now assume after you flip the four quarters you can flip one of them again(if it was tails), now what is the expected value? I said, $2.50 figuring in another 50cents for the extra flip. He says no, gives the hint that would you flip again in every outcome…oooh I got his hint but got flustered and couldn’t figure it out. Looking back in retrospect now, its quite easy though I’m not sure it’s right because he said it would have to be less than $2.50. Now, you take the four states, 4H, 3H, 2H, 1H. 4H gives you $4 x 1/4 . 3H gives you $3 x 1/4 + 50cents for the extra flip. And so on till you get 11.50/4 or $2.75

Any thoughts on what I did wrong here?

 

Tom Maloney

• 4/9/11

• #7

It’s kind of like flipping 5 coins, except you can’t get 5 heads. 4=15/16 i.e. a little less than 1.
Irrespective of which coin you chose for second time, the payoff would be (15/16) * 0.5 making a total of

2 + [ (15/16)*0.5] = $2.46874

 

Tom Maloney

• 4/9/11

• #10

ashwani said:

As I see, there are four coins, and the expected payoff in first round is $2 as all said. You get to flip a second time only one coin only if all four didn’t show up H in the first. And the probability of getting a chance for a second flip is 1-(1/2)^4=15/16 i. e. a little less than 1.
Irrespective of which coin you chose for second time, the payoff would be (15/16) * 0.5 making a total of

2 + [ (15/16)*0.5] = $2.46874

Click to expand…

I like it. Note this result agrees with my answer above.

 

postelrich

• 4/9/11

• #11

Hmmm both solutions sounds good but since its order doesn’t matter aren’t you over counting.

AI_DD said:

It’s like flipping 5 coins, but different. 4=15/16 i.e. a little less than 1.
Irrespective of which coin you chose for second time, the payoff would be (15/16) * 0.5 making a total of
2 + [ (15/16)*0.5] = $2.46874

Click to expand…

This makes pretty good sense and I’m inclined to trust Tom’s approval since he just took the probability refresher.

 

Tom Maloney

• 4/9/11

• #12

The order matters in terms of calculating the probability. So for instance, let’s say the problem was this: flip two fair coins, what’s the probability that you get 1 head? Well you can get HT (first coin is head, second is tail) or TH. There are four equally probable events TT, TH, HT, HH. So the probability is 2/4 = 1/2. I’d check out some of the links listed at http://www.google.com/search?q=probability+order+doesn’t+matter.

 

postelrich

• 4/9/11

• #13

Ok thanks! My brain is still hardwired for linear algebra.

 

• 4/9/11

• #14

postelrich said:

Hmmm both solutions sounds good but since its order doesn’t matter aren’t you over counting.

So for this don’t you have to also subtract THHHH, HTHHH, HHTHH, HHHTH as well?

Click to expand…

No, you don’t. THHHH is like you have 1 tail and 3 heads in the first round, then you pick the tail and reflip it and get a head. HTHHH, HHTHH, HHHTH are similar.

 

postelrich

• 4/9/11

• #15

I wish we had someone to give a definitive answer, I couldn’t find anything searching online. Both solutions sound like logical answers but they differ.

 

Tom Maloney

• 4/9/11

• #16

postelrich said:

I wish we had someone to give a definitive answer, I couldn’t find anything searching online. 4)*(1*$.5 + 4*$1.5 + 6*$2.5 + 4*$3.25 + 1*$4) = $2.46875

 

postelrich

• 4/10/11

• #19

ah a new way to think about that arrives to the same solution, thank Tuan.

 

PrancingPeach

• 10/3/12

• #20

I don’t think anybody so far has taken into account all the variables in the problem. The best way to do this without drowning in complexity is to work backwards. There are three questions you must ask: (1) if you do re-flip, what is your expected gain from doing so? (2) under what circumstances should you re-flip, and how much profit do you expect to make in such a situation before re-flipping? (3) what is your expected profit in all situations where you do not decide to re-flip?

In this case, the analysis breaks down easily:

You would only re-flip a coin if you didn’t get four heads. If you do get four heads, which happens with frequency 1/16, your payoff is $4. In the case that you don’t get four heads, which happens with frequency 15/16, you expect to gain $.50 from the re-flip plus $1.50 from the other three coins. Hence your expected payoff overall using this strategy is (1/16) * $4 + (15/16) * ($1.50 + %.50) = $2.125. The hardest part of this, for me anyway, is actually doing that arithmetic in my head.

 

Study programme for quant researcher interviews

• alovya
• 1/21/22
• Quant Interviews

Replies

1

Views

6K

8/23/22

alovya

Inquiry for Aspiring Quant

• LukeAtlas
• 2/11/22
• Education Advice

Replies

2

Views

2K

2/23/22

Adiyayy

JP Morgan Quantitative Research Interview

• nkapai
• 3/11/21
• Quant Interviews

2

Replies

34

Views

11K

11/15/21

nkapai

Should I start an MFE at the age of 35?

• quantwannabex
• 9/3/22
• Career Advice

Replies

2

Views

403

9/11/22

AppliedMath

How good is Stony Brook QF program?

• angelos
• 12/6/21
• Quant Programs

Replies

4

Views

3K

9/11/22

Three_LIttle_Pigs

Share:

Reddit

Pinterest

Tumblr

WhatsApp

Email

Share

Link

Top

Jane Street crypto strategy.

Learn to Win Now

One of our goals is to provide institutional information for retail investors. Jane Street is such an institutional investor. For the first time, they reveal their crypto investment strategy. Time to watch, analyze and learn!

Let’s start at the beginning and see what kind of Jane Street company it is.

Contents

And Jane Street?

Jane Street Capital is a trading company and investment firm. They have about 1,700 employees and trade over $17 trillion in complex securities every day. Therefore, they are also considered as market makers.

What does Jane Street do?

As already mentioned, Jane Street invests in complex securities. You can think of ETFs as Bitcoin Future ETFs, stocks, bonds, options, commodities, digital assets, futures, and currencies. From their offices on Jane Street in London, Amsterdam, Hong Kong and New York, they trade on over 200 electronic exchanges in over 40 countries.

With this coverage, a company can trade 24/7 in every time zone. This ability and huge trading volume allows the company to act as a market maker.

Is Jane Street a hedge fund?

Technically, Jane Street is not a hedge fund as they only invest their own money, while hedge funds invest funds provided by various third parties.

Does Jane Street invest in cryptocurrencies?

Yes, we know that Jane Street is investing in cryptocurrencies and technologies based on it. Their label JCX Jane Street offers a single digital asset dealer platform to provide net settlement for the most actively traded crypto tokens as listed on their website. However, since they use proprietary models, not much is known about their investment strategy. However, Jane Street trader Thomas Um agreed to an interview with Blockworks, a podcast dedicated to cryptocurrencies, for the first time.

In the Blockworks Empire podcast hosted by Jason Janowitz, Um talks about Jane Street’s cryptocurrency investing strategy, compares crypto trading to traditional trading, and shares his take on DeFi. When it comes to providing institutional information to retail investors, it’s time to learn.

How to view Jane Street’s interview on crypto and DeFi?

Of course we will share the entire interview with Thomas Um from Jane Street. You can view it right below.

However, the entire interview is 1 hour and 17 minutes long. Therefore, the discussion is divided into chapters as follows:

• 00:00 Introduction
• 01:22 What is Jane Street
• 05:54 A day in the life of a market maker
• 12:45 Why we need efficient markets
• 18:19 Crypto market infrastructure and innovation
• 37:40 Sam Bankman-Freed days at
• 39:12 Jane Street’s role in crypto markets
• 43:38 Paraswap announcement
• 45:08 Jane Street’s role in DeFi
• 1:02:36 Creation of new financial markets

To provide additional access, we have selected some highlights.

What is market creation, according to Mr. Mind?

Discussing market creation, Um discusses how they see the role of the market maker in closing the gap between buyers and sellers, benefiting from different investment time horizons on both sides.

Comparing crypto trading to traditional investing

The mind recognizes the vast differences between traditional investing and investing in cryptocurrencies. According to him, there are three main differences:

• Crypto markets are open 24/7;
• Settlements are made immediately;
• crypto innovations affecting traditional trading systems.

Of course, he also sees some disadvantages in this new market. For example, one of the main concerns for institutional investors is that because trading is ongoing, trading cost analysis (TCA) is difficult to do. More details about this part can be found as of 18.19.

What is Jane Street’s role in the cryptocurrency markets?

According to Mr. Um as of 12/39, he says the company has been trading since 2017. They use mostly OTC trading partners. They see themselves as a liquidity provider for OTC market makers. With JCX Jane, they offer price quotes to OTC traders. So they can access liquidity by doing business with Jane Street.

In addition, they use spot markets to trade ETFs and complex crypto finance products.

What does Jane Street think about DeFi?

As of Aug 45.08, Mr Um reports that the company is active in DeFi, but not to the extent they want it to be. So he foresees that Jane Street will be more involved in the future.

The main obstacles are:

• relatively small size of this market niche;
• regulatory requirements such as Know Your Customer;
• Lack of due diligence in credit pools.

He sees the experimental phase of DeFi markets as a danger. Practices such as burning coins and splitting investments into different investment opportunities remind him of practices in traditional trading markets before the financial crisis. The mind fears that people will overreact to risks, resulting in losses by following the wrong market makers.

What does the company think about the new financial cryptocurrency markets?

Thinking about the future of financial markets, Mr. Mind sees that there will be a financial market based on human data and human attention. Another possibility is the monetization of fan communities around sports, athletes and artists.

Trading these new tokens may not be very attractive in and of itself to institutional investors. However, there is a market to provide liquidity to these token holders. The downside is that people monetize their reputation and/or popularity. The implications are that damage to reputation or popularity can lead to more financial damage and therefore more risk to investors.

Let’s say this article inspired you to deepen your interest in alternative cryptocurrency investment opportunities. In this case, you can get to know our bitcoin and crypto derivatives trading partner, the Huobi exchange.

Tags: BitcoincryptographyInstitute InvestorsJane StreetTrading Strategies

Arbitrage and Graph Theory

Arbitrage and Graph Theory

Graph theory is very popular among interviewers in various industries. Here is a graph theory interview task given by Jane Street, a fintech firm.

Feel free to take a look at some of our previous Graph Theory problems and their solutions.

Problem

Suppose you are given a table of exchange rates represented as a two-dimensional array. Determine if there is an arbitrage opportunity: that is, is there some sequence of trades that you can make, starting with some amount A in any currency, so that you can end up with some amount greater than A in that currency.

There are no transaction costs and you can trade in fractional amounts.

Solution

The first question you should always ask is: “Do I see that this problem is enough to solve it?”. In almost all cases, working through the example clarifies the problem like nothing else.

Does the original problem contain examples? Do you understand them well? Not in this case! This means that you will have to come up with an example and work through it. Here is a simple example containing three currencies: A, B, and C .

It is also important to be able to interpret and read an example; and also be able to work through it. This is how we read the table above: one unit of currency A can be exchanged for 2 units of currency B. One unit of currency C can be exchanged for 0.2 units of currency A. Based on this table, it is easy to establish arbitration:

• One unit A –› 2 units B
• 2 units B –› 2 * 3 = 6 units C
• 6 units C –› 6 * 0. 2 = 1.2 units A
• So we can start with one unit of A, and after 2 transactions (exchanges A-B and B-C) ​​we can get 1.2 units – an increase of 0.2 units!

  As a note, remember that real currencies never show such arbitrage opportunities on standard currency exchanges. Here are the currency exchange tables between the US dollar (USD), the euro (EUR) and the Japanese yen (JPY).

  Consider the first example carefully. Why does it have arbitrage and how to find it? The key observation is the representation of currency pairs as the edges of the graph with the exchange rate as the weight of the edge. So our graph will contain edge A --> B with weight 2.0 . Consider the loop A --> B --> C --> A . The weights on the edges of this cycle are (2.0, 3.0, 0.2) respectively. Thus, the product of the weights is 1.2 – greater than one. Thus,

  The currency exchange table contains the possibility of arbitrage if the corresponding graph has a cycle with the “high weight property” – the product of cycle edges is greater than 1. 0.

  A cycle with a large weight can be found using a simple recursive depth-first search (DFS) algorithm as follows:

  • Keep track of the current product of the weights of the examined edges.
  • Also save two different hash tables:
  • visited to indicate that no cycle containing this currency has the high weight property.
  • in_process to indicate that cycles containing this currency are under study. One of them may also have the desired high weight property!
  • Whenever we visit the currency in table in_process and weight is greater than 1, we find the desired cycle and therefore an arbitrage opportunity!

  Here is a C++ implementation of the above DFS algorithm:

  Complexity

  The complexity of the standard DFS algorithm is O(E + V), where E is the number of edges and V is the number of vertices in the graph. For N currencies, V = N and E = N². Therefore, the complexity of the algorithm is O(N²).

  We can also calculate the complexity by directly parsing the above code. In this code

  • We are inserting currency_id into array visited exactly once. (All other references to this currency_id are looked up in the array visited and returned in constant time).
  • Each insertion into visited does an O(N) job iterating over all other currencies.

  So the total time complexity is O(N) * O(N) = O(N²).

  Testing

  Let’s write some tests that test zero, one, and two currencies. Let’s also check the two examples above.

  Originally posted on https://cppcodingzen.com January 28, 2021

  Programming Software Development Software Engineering Interview Questions Arbitrage

  schedule
  08/25/2022

  Jane Fraser destroyed the men’s club of Wall Street 9 bankers0001

  Citigroup CEO Jane Fraser / Julian-R. -Photography / AFP

  In April 2019, seven white male executives from the seven largest US banks testified before the House Financial Services Committee. One of the parliamentarians asked: “Will we see a woman or a person with a different skin color in the successors of one of you?” Silence was the answer. The #MeToo movement was gaining momentum, so this scene was widely covered in the media. Citigroup made its first move. Its CEO, Michael Corbat, announced last September that he would be stepping down and taking over from March 2021 by bank veteran Jane Fraser, 53, the first time a woman will lead a bank from Wall Street.

  Boring girl

  “One of my biggest problems was that I had doubts all the time,” Fraser admitted at a meeting with Harvard Business School alumni. In particular, she was always confident that “if you are not ready for a new challenge by 120%, you should not accept it.”

  Jane Fraser was born in the birthplace of golf, in Scotland, in the old town of St. Andrews with a population of less than 20,000 people. But she plays golf very badly. When in 2013 she was invited to play a game with Tiger Woods, she experienced genuine horror. I was afraid to look stupid.

  Her youngest son, who was then 11 years old, helped. “Mom, no one will look at you. Everyone will look at Woods, – quotes his words the online edition of The Financial Brand. “But you can tell for the rest of your life that you played with Tiger Woods himself.” Due to a busy work schedule, she never made it to the match. But that incident helped her reconsider some of her beliefs. Now she believes that you can take on a new job and be 80% ready for it. The main thing is to hire a great team, more qualified than yourself, Fraser explained to The New York Times (NYT).

  Personnel change

  Fraser could have been lured to another bank. According to Bloomberg sources, she was considered last year as a potential candidate for the post of CEO of Wells Fargo and several other financial institutions. At Citigroup itself, she outperformed several contenders, including institutional account manager Paco Ibarra and chief financial officer Mark Mason. Her appointment completes a leadership change at the bank. Last year, Citigroup president Jamie Forez, who had been with the group for three decades, resigned, and earlier several regional executives left their posts.

  Golf isn’t the only thing Fraser doesn’t like. In the last grades of school, she dreamed of becoming a doctor. But she soon realized that she was poorly versed in biology, but she loved mathematics and economics. This predetermined her future fate – she made a career in the financial sector. Fraser graduated from Cambridge and at the age of 20 found herself in the M&A department of the London branch of Goldman Sachs. Many years later, she complained that she “felt like a boring British girl in the office”. “There were people older than me from all over Europe who spoke several languages, and I was sure that they were much more interesting than me,” Fraser recalled in a 2016 speech for the nonprofit Americas Society.

  This proved to be enough motivation for her to move from London to Madrid a couple of years later in 1990, where she worked for the consulting company Asesores Bursatiles for two more years and honed her Spanish, which she later used very well at Citigroup while working in Latin America. America.

  Then there was her studies at Harvard Business School, and in 1994 the freshly minted graduate thought: does she want to return to Goldman Sachs? She liked working there, but looking at the long-serving female managers, she experienced yet another doubt, Fraser told a conference in Miami: “They dressed like men, wore terrible business suits. They were very successful. But it was hard for them, and neither was happy.”

  Fraser began looking for a job that gave her more freedom and enough personal time to start a family. That company was McKinsey. According to the Financial Times, Fraser said at the interview that she was ready to work only directly with the head of the banking division. Her ambition made an impression and a job offer followed immediately.

  Roller coaster

  Fraser married four years after starting at McKinsey and became pregnant two years later. Not even a couple of weeks after the birth of her first child, her boss called her and congratulated her: she was made a partner in the firm. “He kept talking, and I tried to quickly end the conversation, because it was time to feed the baby,” she told the NYT. Frazier decided to take a part-time job to spend time with her baby, and two years later gave birth to her second son.

  “It wasn’t easy – my ego suffered a bit when I saw people younger than me move up the corporate ladder faster than me,” she told Fortune. Sometimes it was about employees who had recently joined the company and yesterday learned from her the intricacies of the trade. Fortunately, in her environment there was a wise and authoritative person for Fraser who convinced her that in life you can achieve success in various areas. Do not worry if you cannot move quickly forward in all directions at once. In her case, at the same time build a career and raise children.

  Part-time employment allowed her to find a balance between professional and personal life and feel happy, Fraser assured Fortune. There was another unexpected effect: “My clients told me that I used to be just a machine in the form of a person, but now I have become more empathetic.”

  When the sons grew a little, Fraser returned to full-time work. In 2004, she moved to Citigroup, where she was Head of Account Strategy in the Investment and Corporate division. Fortune notices that she has worked in key business units of the bank and left each in better condition than she accepted. In 2007, she became Global Director of Strategy and M&A. During the financial crisis, when the bank nearly collapsed under the weight of toxic securities, she helped sell assets that provided the bank with much-needed capital gains. In 18 months, Frazier was involved in close to $1 trillion in 25 deals, from the sale of Citi’s Japanese securities arm to the disposal of Smith Barney brokerage.

  In 2009, she was sent to London to lead private banking. It brought a loss of about $ 250 million a year, and after four years of operation, Fraser handed it over to a profitable successor.

  In 2013, when Fraser had just returned from a business trip to Kuwait and Qatar where she was meeting with very wealthy clients, she received a call with a surprise offer from management: she was urged to return to the US and head the mortgage division of the bank. The clients were supposed to be impoverished homeowners who could lose their housing mortgaged in the bank. It was a sharp change in role, but Frazier agreed. “I took off my Chanel suit and pulled on jeans and a shirt,” she told The Financial Brand. A year later, she had to put on a suit again – Fraser led the consumer and commercial banking division in the United States and at the same time the group’s global mortgage business. In particular, she participated in negotiations to settle accusations from the US Department of Justice in issuing bad mortgage loans, as a result of which the bank agreed to pay $ 7 billion.

  Spanish came in handy

  Fraser’s next appointment was more like an exile. Her husband and children stayed in the US, while she traveled to Mexico in 2015 to lead Citigroup’s business in 23 countries in Latin America. “There were some pretty negative headlines in the Mexican media that a foreign woman [for the first time in history] was put in charge of this region. In Mexico, it was taken as an insult,” she explained to CNN. Her husband, a former top executive at Goldman Sachs, Bank of America and Dresdner Kleinwort, suggested a way out. Instead of competing with the macho, Frazier took advantage of the power of femininity. “My husband took me shopping, saying that we would now buy an elegant red dress, high heels higher than I usually wear, go in for a new haircut – and in this form I will go out to people.”

  Citigroup Inc.

  International financial group

  Shareholders (data from Refinitiv): almost all shares in free float (99. 78%), the largest investors are Vanguard Group (8.08%), BlackRock (4.43%), State Street (4.26%).
  Capitalization – 146.9 billion
  Financial indicators (2020):
  assets – $2.3 trillion,
  capital – $199.4 billion,
  revenue – $74.3 billion,
  net profit – $11 bn 90,003 90,002 Latin America is the smallest of Citigroup’s regional divisions by net revenue, but it has the highest rate of return, making it somewhat of a crown jewel, Fortune notes. The hardest thing for Citigroup was in Mexico. Citi El Banco Nacional de Mexico, now known as Citibanamex, had more than 1,400 offices when Fraser joined, more than half of those open worldwide. This country accounted for 10% of the company’s revenue. And there the investigation of a major fraud was in full swing: the oilfield service company Oceanografia, having distorted its reporting, received a loan of $585 million and was unable to return $400 million of them. It was also found that the employees of the security unit carried out orders from third parties, using service capabilities for this.

  In an interview with American Banker, Fraser recalled that she changed the corporate culture in Latin America to make it easier for employees to confront their bosses or report misconduct: “A lot of it was about trust. People need to trust that if they bring up an uncomfortable issue, they will be all right.”

  In 2016, Citigroup announced a $1 billion investment in Mexico over four years to improve the customer experience, open new ATMs, introduce digital services, and modernize branches. By that time, Mexico remained the only country in the region in which the bank retained a retail business. The retail and credit card business in Brazil, Argentina and Colombia was sold under Fraser.

  2017 brought new problems. Hurricane Maria nearly destroyed Puerto Rico. The Citigroup branch had to close: power lines were cut and the streets were flooded. Fraser personally oversaw the operation to provide the branch with generators, solar chargers for phones, septic tanks, water, and everything else. A week later, the branch was opened. “We were the only bank that worked,” she told the NYT. This has allowed clients like Shell and Walmart to resume operations in the country. In memory of those events, there is a souvenir on Fraser’s desk – a map of Puerto Rico, made from the wood of trees felled by a hurricane.

  Despite all these problems and economic crises in Venezuela and Argentina, Citigroup’s revenue and net income in Latin America grew by 8% and 38%, respectively, during Fraser’s tenure.

  New challenges

  In October 2019, Fraser returned to the US and became president of Citigroup and CEO of the global consumer business. Colleagues and analysts had no doubts that this was the last step before becoming the CEO of the entire group. True, the then general director Korbat stated that he intended to work for another year. But after 11 months, he announced that he would leave at the end of February 2021, and Fraser would take his place.

  In January of this year, she spoke to analysts for the first time at an online conference as a future CEO. Almost all of them in different ways asked her the same question: how will she reduce the gap from her competitors, Bloomberg stated.

  Citigroup in its current form appeared in 1998 as a result of the merger of Citicorp, which is focused on working with individuals, and Travelers Group, a financial conglomerate, recalls The Wall Street Journal (WSJ). A universal megabank was planned to help companies manage their finances around the world, and travelers could find Citi offices in any country. But the benefits of the merger did not materialize, various businesses, not achieving synergy, continued to operate independently.

  Financial crisis 2007–2008 dealt such a blow that the group is still trying to recover from it. Once its profits and revenues were almost double those of other major banks, and now, according to the NYT, the group “limps in third place” behind JPMorgan Chase and Bank of America. The current Citigroup is half of what it was in 2006.

  Fraser faces two main challenges, according to the WSJ. The first is to simplify the bank’s business. Actually, Korbat has been doing this for the last 18 years, reducing the structure of the group to two main divisions – working with corporate clients and global retail banking. But Frazier still has work to do. One of the first steps was to combine the ultra-rich (over $25 million in account) and the wealthy (minimum balance of $50,000) businesses to attract customers with money earlier and retain them longer.

  The second task is to calm the regulators. In October, the Fed and the Office of the Comptroller of the Currency (OCC) fined the group $400 million. Officials are concerned not only about the complexity of the group’s business, but also about various violations. Last year, Citigroup mistakenly transferred $893 million to Revlon creditors, even though it was ordered to transfer only $7.8 million. About half a billion of them the creditors refused to return, and the courts sided with them.

  Among the group’s other sins is withholding information from customers: mortgage takers were not told that they were entitled to a lower interest rate if they had already dealt with the bank (in 2019the group paid $24 million in compensation to such customers). Or failure to comply with a rule requiring mortgaged building owners to insure property if it is in a flood prone area.

  Regulators also blame the fact that Citigroup has not created a single customer base for all its businesses. Meanwhile, this is clearly in the interests of the group itself – the database will help to work more efficiently with clients, writes Bloomberg.

  Fraser is now a due diligence officer for the group and has formed a new global operations team from the bank’s top management to improve manageability. Fraser does not exclude that Citigroup may sell some of the businesses that do not correspond to the new strategic vision. Sources for the WSJ say that the group may abandon retail business in some Asian countries, such as South Korea and Vietnam.

  At the same time, Fraser intends to grow her retail business in the US, including by copying Citigroup’s successful programs in Mexico, India and China. For example, a system for transferring funds using QR codes, adds NYT. “I will do everything in my power to make everyone proud of our company as we continue to build a better bank,” she said in a group press release. How she does it, Frazier explained in an interview with the WSJ: “I’m not looking for what’s wrong with Citi, I’m looking for what works well.”

  Tough question: how to pass a stressful interview

  What to do if during an interview a recruiter or future boss is aggressive, unfriendly or arrogant

  . Forms of expression can be different: arrogance, coldness, suspicion, icy indifference. Unfortunately, many recruiters and employers sincerely believe that their position in the dialogue is “strong” and the candidate is “weak” and dependent. Applicants are often treated as infringed applicants: they are forced to wait a long time for a meeting with superiors or fill out paper questionnaires that duplicate information in a resume. Often this is done in order to “show a person his place”, to check the reaction, to assess the readiness for submission.

  But an interview is a conversation between adults who respect each other, not an interrogation. There is an ethic for conducting interviews: a friendly atmosphere, polite and correct communication, questions within professional topics, timing. Stress interviews can be considered a rare exception, but their percentage in the general flow of interviews is extremely small. Much more often, behind the wording “we will conduct a stress interview”, the motive “we got a legal reason to mock the weak” is hidden.

  The reasons for the unfriendly behavior of your interlocutor, recruiter or future leader may be different. If you feel aggression, hostility or prejudice on the part of the interlocutor, firstly, do not take it personally and, secondly, try to classify the motive. Let’s take a look at three of the most common.

  Pragmatic

  Your counterpart is afraid of competition or independent expertise. This type is more common among hiring middle managers. The boss’s motive is simple: he values ​​his work, cherishes the place and tries to keep it as long as possible, therefore he hires only mediocre, weak people who do not pose a threat to his career. Firstly, against the background of dullness, it is easier to shine yourself, and secondly, he seeks to minimize the risks posed by strong candidates. One meticulous financial analyst can create serious problems for the entire economic planning department, and an experienced IT specialist can question the effectiveness of the security service. Too many executives quite deliberately reject strong candidates in an attempt to secure their careers in this way.

  Recommendation: If you find yourself under artillery fire from a fiercely defensive careerist pragmatist at an interview, your only chance of getting a job under such a leader is to pretend. You can choose any role at your discretion: “harmless and accommodating employee”, “intelligent fellow, but without ambition”, “devoted, but obtuse vassal of the master.” In this case, a lot depends on your value system and current life situation. If you are ready to play this role for the sake of far-reaching goals or survival, then you can try your luck. But if you understand that you will break loose in the first week, do not torture yourself or others.

  Psychological

  A person is unconsciously in the grip of childhood and adolescent grievances and traumas: teased at school, beaten in the yard, bullied and not recognized as an equal at the institute. Under the influence of these factors, he grew embittered, with hidden inner pain. Now, having received power, even a small one, a person is trying to compensate for the deaf resentment that lives in him. During the interview, he feels like the arbiter of human destinies and he likes to ask tough and even cruel questions, behave from a position of strength, dictate terms, “punish and pardon”. This moment of power fills him with energy and elevates him in his own eyes. This phenomenon, unfortunately, is common among recruiters and aspiring executives. They schedule a lot of interviews, conduct lengthy selections and tests, and sometimes open vacancies, not at all wanting to hire an employee, they just love the process.

  Recommendation: Much depends on where this person occupies in the recruiting funnel. If this is a recruiter, HR specialist or personnel consultant, then such a “psychological vampire” can be tolerated, given the opportunity to satisfy his ego, perhaps even play along for the sake of a positive assessment. This can be considered a fee for passing to the next level of selection. It may well turn out that the immediate supervisor will be of a completely different format and it will be interesting and comfortable to work with him. But if the arrogant and picky interviewer is your future boss, and you do not plan to become his personal psychotherapist, then do not waste time on lengthy negotiations and test trials, look for other career opportunities.

  Situational

  The reason for the unfriendly behavior of one of the interview participants, recruiter or manager may be related to specific events: conflict with colleagues, difficulties in the family, headache. Everyone has bad days when they want to find a victim to let off steam. Unfortunately, sometimes an unsuccessfully appointed applicant who is simply unlucky falls under the arm. When the tension subsides and the internal balance is restored, the broken recruiter or manager usually feels guilty and tries to somehow compensate for the not-so-positive interview: calls the candidate back and smoothes the corners in a personal conversation, or gives a more balanced, calm assessment of the candidate in writing, or schedules a second interview .

  Recommendation: If your interlocutor during the interview is impulsive, jumps from topic to topic, his speech is intermittent, he whispers, then shouts, and his facial expressions, gestures, postures and plasticity speak of psychological discomfort, this person may be susceptible to emotional swings. Maybe at the next meeting he will turn out to be quite peaceful and sociable, and then it turns out that he is a pro and he has a lot to learn. But his emotionality, of course, will always be reflected in his work. You will have to constantly listen to his mood and take this into account in solving daily issues. If this is not an insurmountable obstacle for you, try to “tune in to his wave”, soften sharp corners, defuse a tense situation with a joke, and captivate your interlocutor with an interesting story. Try to “reprogram the situation” and give him a second chance.

  Whatever the reasons, hostility and aggression during the interview is a difficult test for the applicant. Such behavior is not normal and cannot be justified in any way. You do not have to tolerate bad manners, tactlessness and rudeness and can act as you see fit. Your choice can be anything: finish the interview 10 minutes after it began on your own initiative; accept everything that happens humbly and surrender to the will of the judges; take it as a game, turn on and fight for the win, blocking the negative with your calmness, energy and charm. Your choice can be anything, but let it be conscious.

  Interview with the gorgeous Jane Tyrrell

  The hauntingly inexpressible, multifaceted artist Jane Tyrrell has just released her powerful solo debut album,

  Echoes in an Aviary . She explores multiple genres in these lavish 11 tracks, showcasing her varied and dynamic sophistication in every song, portraying mini nostalgic movies. Happy had the pleasure of chatting with Jane about how the album was made and what you can expect from it.

  This soothing portrait of Jane Tyrrell is by Melbourne illustrator Lucy Roleff, who says, “Jane seems to have an elusive combination of soft femininity and businesslike confidence. I tried to depict this through illustration in pastel and monochrome colors.” Learn more about Lucy’s wonderful work or visit her website. here or on her Facebook page here!

  An album of individual tracks, each of which is valuable in itself, which are then combined into this explosion of euphoric harmony. Jane Tyrrell will transfer you to alternative worlds from fast rivers wild waters , pristine tropics Echo in the aviary, Rocky Sound Landscape Courts , passionate underground jazz with bells with bells with bells with , and electronic cosmic Odyssia sinister realms of film noir from transcendent , to the ambient purity of a symphony orchestra in Stolen Apples. Jane’s soulful warmth never fails to take center stage amid intricate indie and electronic fusions.

  Jane Tyrrell rises above her venerable caliber but remains grounded in her true self. This is Jane Tyrrell’s moment to shine and be herself, and she does it with grace and humility – simply sublime. You are greeted on every track with Jane’s untouchable, smoky, powerful vocals that pierce your heart with their charming fortitude. Witness Jane’s flawless transformation on this cinematic rollercoaster of emotions – please hang on, enjoy the ride and don’t try to get out until the very end. .. it’s for your own good.

  Lucky: Everyone was excited about your long awaited solo career and album. After 9 years with The Herd and collaborations with other artists, why now? What was the moment of spark for you?

  Jane: Yes, I joined in 2005… to be honest, I thought that was the right time. I’m juggling two careers, so I’ve been incredibly busy on a purely practical level. I studied for 6 years while touring and writing albums with The Herd, Urtboy, Kites and a guest on a million records. So there wasn’t really a moment before 2012 where I had this ray of sunshine and this piece of space and I just thought I’d just do it.

  I started singing professionally when I was about 18 and didn’t go “Okay, my goal is to release an album next year.” I have never approached music in this way. I guess I was just waiting for this right feeling and it’s good to do it now because I’ve met all these crazy musicians and collaborated and worked with all these great people and now I have this amazing team of people out there willing to help and get involved. 18-year-old Jane would be chasing the corner, stomping around and begging for someone to help record her material.

  Happy: How do you find the lonely life?

  Jane: I guess it’s the early days. It’s a kind of empowerment. It’s nice to stand up for what you’ve fought for and invested all your money and time in. I’m really proud of it. Yes, it’s really inspiring, it’s great!

  Happy: So, tell me about the process of making the album.

  Jane: So I decided I would co-produce it because I had that sound and that look. I just had a complete vision, but I wasn’t sure exactly how it would sound. I thought I would just bring in a whole bunch of collaborators that I enjoyed writing with or I loved their music and had never written with them before. So I just started reaching out to them. I’ll start with my favorite Australian band. PVT (pronounced Pivot), they are amazing, they just drive me crazy. I have worked with them in various forms over the years.

  The drummer (Lawrence) from this band is kind of my muse. I watch him play and listen to him play and it just inspires me haha ​​to be honest. So I reached out to him and said, Hey, I don’t know if you’ve produced an album before, if you want to co-write or how you want to succeed, but I’d really like to write some songs with you.” and he was really interested and we just started. It was so organic and natural.

  Then his brother, Richard, joined us and he’s really great. He’s a multi-instrumentalist, so the three of us came up with some ideas and sketches. We sketched songs together while they were writing their album, and then they were very busy. So I thought the next step would be to find an engineer to develop these sketches and maybe someone with whom I could write some more songs. I moved to Melbourne and got in touch with someone who was recommended to me, Dustin McLean – he did things with the Diafrix axolotl. So we basically structured the demos that I did with the Pikes (PVT brothers) and perfected them, and I wrote a couple of tracks with Dustin. Basically my goal was to keep writing demos until I had 25 or so that worked well together.

  I was touring with Paul Kelly and J. Walker during that period and I chatted with them about doing something for the album. I came across one of Paul’s songs, The Stolen Apple , it’s a really beautiful song that he wrote in 2007 and I suggested to cover it instead of starting from scratch… so the album did the cover. J. Walker (Eng. Machine translation) wrote the song Among the Bells on the album. So then there was only one left and that was Pip Norman (aka Countdown) and he did a lot with Urthboy over the years and he also has a project called 5k..

  We got together and I thought he would be the last guy I would write with because we had so many demos and he was so cool that he ended up being the third co-producer. So Dustin and I and Peep and I put together what we had, chose the best, and Peep and I wrote some tracks together, and here it is, the totality of the collaboration, and we are like: “Okay, I think we got it, let’s meet the deadline”, then we just hit it after 6 months.

  Lucky: What was the vision you had at the very beginning?

  Jane: I could see it, which doesn’t seem so strange to me because of my different career in design and fine art. I could imagine what it would look like and to me it was a 20-50s black and white film noir that basically turned into vignettes, so like little mini movie soundtracks for those little mini movies , that was my idea.

  Lucky: Yes, I understand what you were trying to do, because each track is a different little gem and a different story… you have executed your vision very well!

  Jane: Oh thank you! I also like to sing in different ways. It really annoys me when people are like this: — So what kind of singer are you? As an artist it seems so limiting to you – I love to sing opera, jazz, soul, blues, I’m ready for anything. I wanted to try to show it on the album, be a different character for every song and play different instruments. I hope they all work together – I just wanted to show this dynamic approach.

  Lucky: What are the inspirations for the album?

  Jane: I guess thematically my inspiration was my life, that is, what happened to me, poems or sketches of works that I created over the years. Also the Agatha Christie TV series Poirot is kind of a nerdy show for old people but amazing at the same time haha. I was also into Game of Thrones and just watched the movies and imagined how I could create a song that didn’t break the visuals and also enhance the visuals – I think the goal is for them to be evocative. I listened to a lot of my favorites like Goldfrapp, Ray Leaver, Licky Lee, Paul Kelly and a bunch of stuff that got me into music like Massed Punch, Gorillaz, Radiohead and Sly – a bunch of those Bristol tunes. These are things from which juices flow.

  Lucky: What is the history of the opening of track Wild Waters ?

  Jane: I think Wild Waters is probably my favorite vocal performance because I kind of stumbled upon something I’ve never mastered before and it was a really honest and sincere song. It’s a beautiful story, it’s a love song. It was a special recording and a special writing session and it was the last song written for the album so I’m really proud of it.

  It’s about how sometimes you feel like you’re just being thrown into a rough sea scenario, and sometimes it’s a person, object, or experience that suddenly makes the water calm, almost instantly.

  [soundcloud url=”https://api.soundcloud.com/tracks/158837902 ″ params=” color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false”width= ”100% ”height=”166″ iframe=”true” /]

  Happy: What do you want people to take away from the album?

  Jane: I think I’d like them to listen to it a couple of times and try to absorb and enjoy the multifaceted beast that it is. I never set goals for myself… I guess as a solo artist you hope to sing and somehow summarize something that someone feels and get some relief or pleasure from it.

  Happy: So what are you listening to these days?

  Jane: I listened a lot to Alex Cameron who is this amazing artist from Sydney and he has this artistic flair when he gets into character to perform. I was totally obsessed with Big Scary and #1 Dad for a while, like I literally know every note, every lyric and every moment on their album.

  Lucky: What is your mantra?

  Jane: I live by the fact that if you are constantly curious, you will always challenge yourself and hit targets. If you’re not curious or challenged, then shake things up and do something completely different. This worked for me anyway.

  Happy: One last question: what makes you happy, Jane?

  Jane: I love food. Happiness and health, wellness and health, delicious food, cycling, family and friends.

  Jane Tyrrell has announced her official launch dates with the promise of “something really special” .

  Friday 5th December – Newtown Social Club

  Saturday 6th December – Northcote 9 Social Club0003

  FIND OUT MORE AT

  ▲ FACEBOOK ▲ Development ▲ Itunes ▲ ELEPHANT TRAX

  [soundcloud url = ”https://autopi.soundcloud.com/tracks/165851615 ″ hide0 & related_ff5 =” color = hide0 & related_ff5 =” color = hide0 & related_ff5 =” false & show_comments = true & show_user = true & show_reposts = false ”width=” 100% ”height=” 166 ″ iframe = ” true” /]

  Times Square as seen by Jane Dickson – Photar.ru

  photographer: Jane Dickson

  Renowned American street photographer Jane Dickson has been exhibiting her paintings, drawings and prints in museums and galleries at home and abroad for two decades. She often works with unusual surfaces such as Astroturf, sandpaper, vinyl or carpet to exploit the implicit references and textural possibilities that these materials offer.

  photographer: Jane Dickson

  Solo exhibitions of her work have been shown at the Whitney Museum of American Art at Philip Morris, Creative Time and the Metropolitan Museum of Art. Jane has worked with major museums including the Museum of Modern Art, the Metropolitan Museum of Art, the Whitney Museum, the Brooklyn Museum, the Art Institute of Chicago, the Karamay Museum in Xinjiang, China, and most recently partnered with the National Portrait Gallery at the Smithsonian Institution. In 2008, she completed a mosaic for the MTA on the 42nd street of the station. Her work is also featured in corporate collections such as Microsoft Corporation, The 3M Corporate Collection, and The Paine Weber Collection. Her images are widely circulated in many books and periodicals.

  Photographer: Jane Dickson

  Awards of the famous woman:

  • Bau Foundation Residence in Cassis in 2017
    • Acader Acader
  • 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 Street 2015 Coney Art Walls, Thor Equities and Geoffrey Deitch Commission
    • Johns Hopkins, MD, Guest Artist Artist
    • National Academy Award for Excellence in Painting Cash
  • 2014 Elected to the National Academy of Arts.
    • 2013 Joan Mitchell $25,000 Career Recognition Award
  • 2011 Residency Summer Yaddo Corporation, Saratoga Springs, NY
  • 2008 Residency MacDowell Colony for the Arts, Peterborough, 9037 2007 Khytopoulos Foundation, College of Charleston, South Carolina
  • 2007 Art of Our City, New York Calendar
    • 2006 MTA Mosaic Commission of the Year for Times Square Station
  • 2006 Art of Our City, New York, New York Calendar
  • 2005 Art of Our City, New York, New York Calendar
    • Radio Room Painting Commission 2004
    • JPMorgan Chase Private Client Group Calendar
  • 2000 Art / Omi Summer Residence, Omi, NY
    • Elizabeth Foundation Studio Residence, NY
  • 1998 Project Change Inc. Sales Design Commission
  • 1997 F.R.A.C. de Haute-Normandie, France, permanent installation of the design committee, University of Rouen
  • 1994 Lannon Foundation Grant for Publication of the Peepland Catalog
    • Illinois State Council Grant for Peepland Exhibition
  • 1992 MTA, New York Poster Design Commission
    

    Dewar’s Young Artist Award 1990

• 1990 42nd Annual Purchase Awards, American Academy of Arts and Letters
• 1989 41st Annual Purchase Awards, American Academy of Arts and Letters
• 1987 Library of Congress Women Artists from Collection Calendar
• 1985 National Endowment for the Arts, Drawing
  • Ariana Foundation Grant 1985

Photographer: Jane Dickson

Times Square in the 70s and 80s was not the spotlessly clean version we know today, and we can thank people like photographer Jane Dickson, for documenting what we knew about that era. At that time, Times Square was known as a troubled place in the center of New York – a backwater where drugs are distributed and a lot of crime is developed. The cinemas showed pornography, and the streets were dominated by pimps and prostitutes – it was a Mecca for indulgence and perversion.

Advertisement

photographer: Jane Dickson

In the midst of crazy nights and sad mornings, ordinary people just lived their lives. At that time, Jane went out late at night with her camera and recorded the stories and dramas that unfolded in front of her. The work she produced eventually became Jane Dixon in Times Square, and we thought it was the perfect time to talk to her about her life in New York’s darker times.

Photographer: Jane Dickson

Most people stay at home at night if they live in an area with difficult problems, what prompted you to go with a camera and take photos?

Jane Dixon: I came to New York to be in the spotlight, to be out and about and see people and events. I worked alone on the weekend night shift at the Digital Lightboard at 1 Times Square, so I still had to be in the area. Acquaintance made me brave enough, but not stupid. If I was going to sit at home, I would stay in the country.

At least three times I was caught in the crossfire, once in the street, twice through my windows.

photographer: Jane Dickson

Street/documentary photographers usually become well-known figures in their communities. Did you build any kind of close relationship with your subjects?

Jane Dixon: Times Square is one of the most volatile areas in the world. I knew people in my house and some on the street. So was Benjamin, the shoe shine at 42 and 8, who I’m pretty sure was an undercover cop. But mostly it was a huge sea of ​​new faces every day.

“Safety is a concern for young women everywhere every day, but Times Square multiplied the dangers.”

Photographer: Jane Dickson

Did you have a security problem during the shoot?

Jane Dixon: Safety is the biggest concern for young women everywhere every day, but Times Square has multiplied the dangers. One day a drunken man ordered me to drop my pants in the street. A madman threatened me with a knife on the subway. In my lobby, I was attacked by a gang that turned out to be undercover cops. At least three times I got caught in the crossfire; once on the street, two bullets pierced my windows. Our attic was robbed several times … I lived in constant anxiety.

“My work is written from the point of view of a woman, I shift my gaze to the macho universe, which is rare and looks fresh.”

Photographer: Jane Dickson

Although Times Square has been “cleansed” so to speak, don’t you feel like a part of you has lost some of its character when compared to when you photographed it?

Jane Dixon: This street-neighborhood has gone from a decaying organic wild west where everything is free for everyone to a corporately planned, subsidized, cleaned up and homogenized tourist zone. Times Square has always been a hustle and bustle, but now it’s the hustle and bustle of the same metropolitan areas you see in any big city around the world. Tui are safer now, but all the lights don’t make up for the prepackaged versatility of everything out there.

My work is written from a woman’s point of view, I take a look at the macho universe, and it’s rare and fresh.

Photographer: Jane Dickson

You are an artist, painter, photographer – while raising two children – how did you manage to find the creative balance to be productive?

Jane Dixon: that’s a big question. I have always been into art. It is a compulsive activity that gives me a reason to live. When I had children, I had to use my time more efficiently, although I taught and did many volunteer projects.

Encouraging you to blow your own trumpet, why do you think this series of works is so attractive to the public?

Jane Dixon: The 1970s and early 80s New York period was a dirty blank slate. The government, federal, state and city governments have abandoned the city. Anyone who thought otherwise moved out. The city was bankrupt, there were few cops, the old rules gave way to the protests of the 1960s, and no one knew what was coming next, so we could do anything and we did it.

Photographer: Jane Dickson

“Today, Times Square has gone from a decaying organic wild west, free for everyone, to a corporately planned, subsidized, cleaned up and homogenized tourist area.”

Nothing has been so corporatized and monetized as it is today. My friends opened art galleries, clubs, magazines, book publishers, movie theaters, fashion lines without a business plan. Most of them failed, but everything was so cheap it didn’t matter, and some still exist. Real estate was affordable, education, health insurance were also cheap. People didn’t squeeze every last cent out of you, so we had time to think, to play, to protest, to work on things besides covering the rent.

photographer: Jane Dickson

My work is written from a woman’s point of view, I take a look at the macho universe, and it was very refreshing. Besides, I never planned to show these photos. I took pictures for myself to paint, so a lot of the pictures are very unconscious. I’m not trying to impress you so as not to disturb you. I am a transparent window to this world.

photographer: Jane Dickson

As for candid photography, what is your motivation today? Do you still shoot that much?

Jane Dixon: I still take pictures with my phone all the time. The problem is that it’s so easy that I’m drowning in photos that need to be sorted and saved.

Of all your varied work, what was it about the Times Square series that made you feel like writing a book was the right thing to do?

Jane Dixon: I document my present from my point of view as I experience it. I focus on the intersection of commerce, desire, and demonstrating an understanding of the American psyche in Times Square, Vegas, Demolition Derbies, and malls. I was in Times Square at a historically defining moment.