ida OY 282 Busses ond Bradkhow ‘hey were expected to be in the of fice. The fist two weeks of work ranged belween 70 and 80 hours per week, steadily increasing over the term ond typically pecking at 120 hours per week in midune. Ths poco lasted untl the conclusion of the inlernship ot the end of August At BAB, similor to other invesimen! banks, the expected office hours were unspoken, os was the rule thot summer interns were expected to be both the fist employees in at 9:00 a.m. and the last 1 leave, ot op proximately 3 a.m. BAB had clways invested sub stantial resources into recruiting and intrviewing op candidates 1o ensure the ners they hired ware well suited for both the work and the corporate environment. To remain competitive B&B always strived to communicate Yo undergraduotes the importance of employee satisfaction tothe fim Stolegy. B&B typically hired two fo three summer interns for each me ior regioncl effce throughout Nowth America; however, given the stole of the economy, Audrey Locke was the only inter of more than 300 oppii conts who wes hired forthe Toronto clfice in 2008, Locke was chosen of fer four rounds oF intense interviews vith multiple managing directors from Toronto B&B's Toronto office was smell in relation to its other North American offices. With three managing i fors, four vice presidents, four os sociates and three fulltime cnalyst, B&B was a topheany organization Teams had olvays been staffed by the business department manager BOM), Kelly Richards, on two of eps the most common types of pro Pitches ond lve transactions. Given the small size of the office, analysis such as Locke were offen assigned Yo work with the some people, or cliematively were paired with em ployee members from other regional coffces. Locke, for example, spent a quarter of her summer working fo Don Spenser, @ managing director in New York, whom she had never met. Despite the lack of direct com ‘munication, Locke had quile enjoyed the tosks and feedback she received from Spenser. In addition, Spenser had been thilled with her work and gave her glowing reviews B&B atribuied much of its growih ond success Yo its comporate cul ‘ure, and it prided itsalF on a “work hard, play hard” mental whereby employees were expected to work toward hardst deadlines until the work was finished. Often @ typical day for e junior or intermediote nalyst would average 12 hours, with litle supervision besides. check ins to have their work proofed and to ensure the project was on track. Associates ond vice presidents some- times assumed o fraternity mentality foward analysts, initiating them with the same oggressive treciment they had received. Creating false dead. lines, assigning projeets with no real Purpose and opplying unnecessary pressure to multiple projacts were not Uuncommon. Often these ppronks were not for humor's sake, but to see how well onalys's fared under such con: sfont treatment, Senior employees of cll ranks often turned 0 blind eye if (on analyst was strug, ing as a result, despite the rising tuenover rate of summer inferns and junior ancl The company had come fo v the summer internships a8 @ “woud ing out” process whereby only strong would remain unt the end the summer. At BAB, an analyst let the intornship ecry wos view 2 having been 190 weak to cornit fo the industry and therfore wos ter off n another field or fim, Jun analysts wore petculrly suscep to this troatment Without a formal. human sources representative, analyst h fo one fo speak to about such fr sent; thus, interpersonal conc b tween employees was either deal with by those involved or comple ignored. Associates, VPs ond eging directors also deliberat ignored employee issves ond Plaints cbout the work envir oF interpersonel conic! In the ware Of Blake Cooper, one of the manag ing partners of the Toronto office We cannot afford to get soft 0 ‘our people by listening to analy: whine and complain abou! exc ther. Once you start, where dows it stop? They'l Figure out how # get along on their own i you ls hem. These ore professionals. W are all here to make money ond the only way to mcke money this business is to work fogeth Those thot wan! to get ahead w recognize thot ~ and those the people we want ct BB In addition, requests for any fi ‘egardless of how brief, h be submitted and opproved by © of the managing partners. Despi the expectation of long hours clu ing the workweek, the taking of se!ays ond requests for time off for vedical oppointments were met with fea} resistence and gossip among ne superiors. Although such requests ore never formally held against on ployee, the prestige of on employ 1's future projects ond the timeline ‘or promotion were often altered os unishment without any formal com unication to the targeted employee clly Richards had been the BDM ai 588 for the lost 10 years and was he only employee in the office with 2 finonce background. Her duties sre stricily adminisktive, includ: 4 printing pitch books, scheduling sject teams and submiting qual od resumes to the monoging direc: rs of the Toronto office. hough Richards assumed some of the tasks 1on resources employee, her vosition held ne reel authoriy over ring, firing, promotion or profes: ional discipline for poor reviews ~ misconduct, These functions were randlad ky the monager partners os means 1 hire those whom the par 1 Felt would work best within Inblshed culture o! B&B. Richards did not have her CHRP ertfied Human Resources Profes cnal) certification and wos there- ‘ore not trained in conflict resolution, benefits and compensation, or any the other human resource func ns typically tought during the cer ification process. Even if employees poke to Richards about such issues, 2s often wos the case, Richards had ‘0 authority to enforce behavioral henge oF punisl dinates. Because Richards conducted oll pert nent for poo! reotment of sub reviews ond scheduled the project teams, she often received requests from one employee not 1 be stoffed with another. However, given the expertise and produe/industy func- Yione of the erganization, these re quests could rarely be honored. AS @ result of Richerds's limited authority, she wos given litle respect by any of the company’s astociles, VPs and managing direciors. Richards wos ccompenss ary for her tile and duties, It wes well known ot B&B that Richards had three children and © husband who had recently been fired from his posi ion as @ high school teacher at © compelilive sab Audrey Locke had enjoyed the re cruitment process of finding a sum mer internship position, Becouse of her grode point average (GPA) of 3.9 end a solid resume of related lence [see Exhibit 4), Locke finished the ceervitment pro Financiol exp cess with five competitive summer internehip offers at some of the larg cst investment banks in the county Despite the stellar reputation of each of the banks, Locke had been intent ‘on BAB since attending their infor: mation session. With ils prestigious reputation, compelitive recruitment process and global presence, Locke Viewed B&B os @ strong career move to stort her finance coreer. Despite being warned by some of her friends about the intensity of the position Locke was excited to begin work at B&B's regional office in Toronto on Moy 5, 2008 In midApri, Locke received an ‘hat outlined what she could expect during her information packag summer work term. A letter rom Richards was alko enclosed, detail ing two important points of contect for locke. An estigned mentor, Joke Frescot, @ senior analyst who hed been of B&B for only one year afer transfering fom @ competitor would be ovciloble to Locke once « wook Yo help her with the technical os peels of her poston. In addition, « “uddy would be ossigned to Locke cs someone #0 interact with on a more informal level. Christine Poge 6 Firstyear analyst inthe Toronto of fice, was Locke's essigned buddy. Ri chards had paired locke with Poge because they hod both attended the Richard Ivey School of Business at versity of Western Ontario Page and Locke ware the only ho females in the Toronto office. The lotr concluded by soying that Rich cords was lacking forword to meeting locke and would provide formal in ‘roduetions to both Page and Frescot during Locke's first weok Christine Page hod been employed with B&B since her summer intern chip placement ot the New York City office in 2006. Page hed worked on mony large deals that summer ond had been offered o fulltime position atthe Toronto office, which included fa stoggering signing bonus due to her proven work ethic and quanti tive abilities. Page had been given no notice of her buddy assigamen aind therefore made litle effort to get to know Locke in her first fow ks because they were both in cedibly busy 9) It wae net until Locke's fourth week that Richards provided the formal 282 Brustels and BrodshovwBusels and Bradshaw A ocke’s Resui EDUCATION Richard Ivey Schoo! of Business, London, Ontario Candidate for Bachelor of Ars, Honours Businass Administration, Dean’s Honour List Univesity of Toronto, Toronto, Ontario Honours Applied Math, Dean's Honour List, Faculy of Mathematics, 2005-2007 Recipient of Continuing Scholarship for Academic Excellence EMPLOYMENT The Richard Ivey School of Business, London, Ontario Research Assistant + Aussie finance professor with intensive research project by providing executive compensation data through the use of proxy statements for over 300 companies + Invesigcied and recified 25 onomalies belween the information sored in archives and the information listed on the anna corporate proxy statements * Compiled, anelyzed and draw conclusions from compiled dota, writing a comprehensive reper! of findings and data trends. Ernst & Young, Toronto, Ontario Audit & Assurance Summer Analyst + Vertied corporate accounting systems though the use af cosh receipts, journal vouchers, weighted average cost purchase cutols, currency riangulation and unvecotded lability ts to guarantee they were recorded properly * Performed stock counts and inventory ageing fess, ensuring that Ernst & Young's values wete consistent wih company records + Corrected two major accounting errors amounting to $60,000 during fist cuit engogement Kraft Foods Inc, Toronto, Ontario Summer Financial Planning Analyst, Customer + Led a project te recover invalid chorges from a astibutor by collecting sficient evidence io reverse incortect deductions of $1.2 million, + Evaluated soles promotion and incentive programe, providing cecommendations to improve effectiveness ond eliminate $500,000 of unnecessary costs from the current budget, and ensuring synchronization among the category team, the soles force and the finance deporiment + Developed an inventory projection model to esimete inventory level in the «customers warehouse ond prevent unanticipated fuctuatons in sales from month 9 month TRAINING, TEAMWORK AND LEADERSHIP Wall Street Prep Course—Completed intensive financial valuation end modeling course VP Finance —Finance Club —Managed club budget, bark account, ond club auekis Royal Conservatory of Music—Completed grade 9 certification in violin and piano 2000 2005-2007 2006-2007 Summer 2007 ‘Summer 2005-2007 2008 2007-2008 1995-Presen’introduction batween Locke and Page cond discussed the importance of the leaddy" role in Locke's anticipated development. Following this inroduc lien, Page took the libery of taking locke for lunch to give her some vice about the expectations and projects of the firm. Locke wos taken || back by Page's invested interest to her succeed, but wormed to her ompany, Page made a concentrated fort throughout Locke's remaining ‘work term to check in ond speak with her atleast three times © week As the only two Female analysts in he Toronto office, Locke and Page were coined the “sorotity gil” by wo of the asseciales. Despite Mice nenioning to Richards the promised introduction to her cssigned mentor, ty the end of the summer Locke hod at been introduced fo Frescot, who od possed Locke multiple times in he office without soying hello In Chicago, locke had enjoyed her Wraining, which she found to be loively eosy. During Locke's First Joy in the Toronto office, Richards showed her fo her designated wotk Intion ond promptly lef, saying she vould follow up with her later thot jay. Locke was soon oppreached 2y Sean Petterson, « longtime osso- ciate ot B&B who had experienced ificuly moving above his current postion. Petterson promptly plopped © pile of popers on Locke's desk and mumbled something about compiling the data before noon. After skimming through the pages to get a foel for the wotk, Locke went to find Petter son, only to learn that he had let for @ meeting and would not be bock vale nil 3 pam, Upon Peterson's turn, locke hed completed what she thought he would have expected. He looked over the first two pages ond frowned. “Summer interns ... every year you all seem to become more incompetent." Peterson gave it back to Locke, “Don't worry bout it, I'l do it mysll” locke did not see Richards ‘again until the Following week when, at Locke's request, they met briefly in Richard's office. Locke soid I'm just not feeling like | know what my responsibiliies are here When I've done my work, Im not sure who | should report to for more. Also, when | have questions there doesn’t seem fo be onyone to ask Whet do you suggest | do? Richards smiled ond replied: The work will come when it needs to be done, your jab isto sit and wait for it. You ate here to help make deals hoppen so sit Hight cond work when you're told 1. Also, ve been hecring complains thot you've been listening to mo sic while you've been working — don't let me find out about that ogain. Now if youll excuse me, Hye gota conference coll lo attend in about ive minutes Locke left Richard's office dis couraged and upset. Locke had never listened to music while ot the office. Who would have lied to Rich ‘ards cbout something she hod naver done? As Locke returned to her desk Petterson was waiting for her, angrily tapping his fingers on her chair. ‘Where have you been? This was supposed fo be done two hours ago! ey. 285 Brussels ard 8 STUD Do you have any idea how im tant this deadline is?” This outt was only the beginning of the | of behavior that Locke would «x to expec from Petterson on o d basis. Offen around 10 p.m, w he began to get increasingly fi he would call locke into his off lose the door and raise his we while complaining about her for ting and assumption decisions. Le ‘offen siood by her assumptions + ‘explained her judgments to leorn they needed adjusting; however, terson always cut her off saying don't have time to teach you thi you should olready know.” AAs the weeks progressed, ® cords staffed Locke with Paterson every project despite Locke's reqi to be staffed with another pro manager. Locke's first formal rev from Petterson comprised scath remarks about Locke's persone cond work performence, remark thot she was arrogant, slow to m deadlines and too friendly with Pa Petterson hod never liked Page, w hoc experienced similar eunine w Petterson when she hed been a j ior analyst. Although never proven formally addressed, Pettarson hac tendency to be harder on female dlysts than male cnalysts, Althou Richards was aware ofthis tendan she made no effort to change F terson’s epproach Many ofthe weeks following hi similar experiences. Locke continu to work longer hours than ony else in the office wihhout complai Although she remained unsure abc the expectations and communicat lines of her position, Locke work quietly ond diligently, moking st285 Blussels ond Bradshow she completed oll projects by their deadlines. Locke found it frustating that Petterson would play games with her, offen giving her a deadline of Wednesday ct 2 a.m. without re lly needing the work until Friday t noon, When Locke raised this is sue with Richards, Richards looked at Locka sourly: “Audrey, are you Questioning the competency of your Project manager because of your in texpersonal issues? You need to learn to deol with these things yoursell.” Following that brief discussion, Locke decided not to call Peterson on his false deadlines because she didn't wont to feed him more ammunition for her next performance review Locke remained irritated, however, by the lack of feedback and recog: nition regarding her sound technical obiles Unknown to Locke, her work ‘was being routinely reviewed by Ri chards, Although much of her work was submitted dirvelly to Petterson, locke had one assignment that was submitted directly to Page. When Page submitted it to Richards for re view, Page wos immediately called into Richards's office only to be met with accusations: No summer inlern has ever been capable of building this type of model wih such precision, | know you and Locke are Fronds, Page, but you're not doing hee any favors by increasing the quality of her work before submiting i to me, Despite her expected confidentia: ity obout the ise, Page thought Locke should be oware of the accusation fond told her whot hed been said due ing the meeting. Locke was distraught ‘ond offended. When she asked Page fer advice, Page responded: | know you'te working hard. You just hove to keep your head down, ddo your work and get through the first few yeors. [had similar reat meni. There's just nothing you con do about it locke cleared her throst ancl cused on her objectives for coming meeting. After the ne featment and feedbock she hu:! received, Locke desperately wan, Richards to understand and ape. ciate her concentrated effort to hu | @ voluoble employee. Despite negative experience, Locke was keen on o career in Finance, on the very east, she wanted to enc internship with B&B on a high 0 Locke was two minutes early fo meeting with Richards ond kno! confidently on the door. The nex minutes would decide her future ot B&B. Locke wondered what, ifn thing, she could say so that Richo could see her summer experien-c from her perspective ond whether, the larger scheme of things, i oul even make « diference,