USWIB March 2014 Newsletter

March 2014 | ISSUE 8

table of contents

Event Recap USWIB Conference Sumi Singh Class of 2017 Operations Committee

On Friday, February 21, 2014, the Undergraduate Stern Women in Business (USWIB) held their third annual conference. It was an amazing experience that showed how hard the USWIB conference team and especially Casandra Rose Pinamont, manager of the conference, worked to make the conference come to life. The conference included students from several different universities and sponsors from Macquarie, BNP Paribas, Guggenheim Partners, Societe Generale, J.P. Morgan, PricewaterhouseCoopers, Accenture, Ernst & Young, KPMG, Deloitte, and Capgemini.

The day opened with a talk by Solita Marcelli, the Global Head of Fixed Income for Global Wealth Management at J.P. Morgan. Growing up in Europe, Mrs. Marcelli had to persuade her parents to let her leave home and study at Brandeis University because she saw more opportunities in America. Her efforts paid off because after graduation, she received an offer from J.P. Morgan, and was promoted when there was a surprising opening in the fixed income department. At the time, this field was very small and Marcelli knew next to nothing. Tackling that challenge by speaking with other employees in the industry, she empowered herself to lead this department - and managed to start a family in the process. With such an inspirational speech. Solita Marcelli provided a great start to the USWIB conference. (Continued on page 7)

Page 1 – Event Recap

Page 2 – Upcoming Events

Page 3 – Internship Spotlight -The Statement Store

Page 4 – The Statement Store Continued

Page 5 – USWIB Tries

Page 6 – Woman Crush Wednesday

Page 7 – Event Recap Continued

Page 8 – Market Updates -Check it Out

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Upcoming Events: March-April +

March

April

27th

Common Hour: QFS Event

Evening: Women in Entertainment Panel

3rd

Marketing Panel

10th

Building Your Personal Brand on Social Media

11th

Resume and Case Competition Workshop

12th

Community Service: NY Cares Day

17th

Study Abroad Panel

24th

The Life of a Culinary Entrepreneur

5th

Gender Equity Workshop

26th

Community Service Event: Ronald McDonald House

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Internship Spotlight Deloitte Alice Jun Class of 2015 Treasurer This past summer I was able to work at Deloitte Consulting as a "sophomore scholar" in their Human Capital Practice. As a sophomore I was staffed on an internal strategy project for the Talent, Performance, and Rewards service line for FY147. Although I did not get to experience the client facing aspect of consulting, the thing I loved the most was that I was able to work under top leadership such as Tom Morrison, national service line leader of TPR, and Lauren Carassco, chief of staff. It was interesting to see how a firm, who exists to service the problems of their clients, focus on themselves and the areas of improvement they have. I also extremely enjoyed the relationships that I built with the practitioners there. If you are familiar with Deloitte you know that its practitioners are always talking about the people or culture of the firm. From an intern´s perspective that means that (1) you have a massive support system of

experienced professionals who are willing to cut time out of their schedules to, (2) help you develop the skills and insight into how to build your career, and (3) for once feel like a firm is investing as much energy into you as you are into them. I was able to learn many valuable lessons and skills during my summer at Deloitte but the most important lesson, and what made me decide to return to them this summer, is the importance of finding a place where your work adds true value. This drives learning, faster career advancement, and overall fulfillment

Fashion and Art J.Crew: The Statement Store Laura Kettell Class of 2017 Social Co-Chair

All right, time to test your fashion skills! If you had to choose one company to buy a statement necklace from, what would it be? I bet most of you chose J.Crew, one of the most preppy, on-trend American apparel stores. Heck, even Michele Obama is a loyal customer! Women, men, and children can find their casual, black-tie, beach, and wedding wear at one of its 285

retail stores in the US (or at one of its 99 factory outlets if you’re on a budget).

Although most of us associate J.Crew with posh 5th Ave. stores and somewhat high prices, it actually began its journey in 1983 as a simple catalog mailed to middle-class customers looking for a “Ralph Lauren look without the Ralph Lauren prices.” Despite their pitiful original name, Popular Plan Club, sale’s growth exploded in the mid-80s from $5 million per year to over a whopping $100 million a year.

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Fashion and Art In 1985, they changed their brand to an even cheaper company called Popular Merchandise, and in 1989 it officially became known as J.Crew.

South Street Seaport was selected as the home for the first store, and soon afterwards they expanded into other cities throughout the country. Annual revenue reached $400 million in 1990, so they decided to scale their brand into Canada via catalogs. Two decades later, Toronto was blessed with the first international J.Crew store. The company also has a big presence in Japan and Europe.

Now let’s get down to business! J.Crew Group Inc. went public in 2006 but they went in the black 4 years later. In 2010 they got out of the market when TPG Capital and Leonard Green & Partners LP bought them for $3 billion. The stock’s closing price was $37.65, but shareholders received $43.50 per share for a 16 percent premium. There was speculation that the CEO and other executives made out like

bandits on this deal, and J.Crew paid over $20 million to settle the suit.

But after a 9 percent increase in revenue last year, J.Crew is back and ready for action! The company has dramatically increased its fine Italian leather bag and shoe department, revamped its collection line for luxury pieces, and launched a wedding line. The company is currently interviewing banks to discuss IPO plans. The Standard & Poor’s Retailing Index increased 35 percent and “reached a record high” this past December, so it seems like J.Crew’s private equity partners are feeling confident about the retail industry.

In addition to a possible IPO, there is also talk that Fast Retailing, owner of Uniqlo and Theory, is interested in acquiring J.Crew… but they are not too interested in the $5 billion price tag. This valuation is “17 times J.Crew’s enterprise value… which is double the typical valuation for M&A deals in the retail industry.” No matter where J.Crew’s future lies, I’m sure President and creative director Jenna Lyons will continue innovating and making the company a force to be reckoned with in the retail world. After graduating from Parsons, she immediately joined J.Crew, and she is credited with transforming the clothing store from a middle-of-the-road brand into a unique place where you, your mom, and your grandma can all shop and find something fabulous (and appropriate) to wear. So just remember… the next time you rock that sparking statement necklace you have Jenna to thank!

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Entertainment and Music USWIB Tries: The Book of Mormon

For more information visit: http://www.bookofmormonbroadway.com

Aurelia Biebuyck Class of 2017 Newsletter Chair After returning to New York City from winter break, I attended a Book of Mormon matinee at the Eugene O’Neill Theatre. The musical, a religious satire on Mormonism, is written by the two South Park creators, Matt Stone and Trey Parker. Filled with South Park-esque jokes, the musical tell the story of two male Mormon missionaries who, much to their dismay, are

sent to Uganda for mission work during a time of extreme political unrest. The boys must find a way to convert a village of Ugandans, deadset against the idea of Mormonism. Despite its offensive nature, the show has received widespread acclaim. It has accumulated numerous awards, including multiple Tonys. I went to the show with my parents, which was probably an awful idea considering the musical’s astonishingly graphic material. My mom said that when thinking about the musical, “two words come to mind: outrageous and irreverant.” However, the musical undoubtedly makes its point and the cast is incredibly talented. With this being said, I would highly recommend The Book of Mormon to anyone looking for a flamboyant comedy on Broadway.

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Jeanne Qiu Class of 2016 Director of Social Media

Woman Crush Wednesday Aung San Suu Kyi

@uswibgirl

Revolutionary Aung San Suu Kyi is an inspiration to us all. She is the world’s only imprisoned Nobel Peace Prize recipient due to her fearlessness in fighting the rule of Burmese dictator U Ne Win. Her peaceful efforts to achieve democracy and human rights for the Burmese population put her in custody for a total of 15 years over a span of 21 years. Suu Kyi’s parents gave her political awareness from an early age. Her father was formerly the de facto prime minister of British Burma, and her mother was the Burmese ambassador to India. Suu Kyi left Burma to attend the University of Oxford in England, after which she married and had two children. When she returned to Burma in 1988 to care for her dying mother, the country was suffering under the dictatorship of U Ne Win, who had overtaken the country in 1962. Immediately, Suu Kyi began protesting his violent rule and she was placed under house arrest a year later. The Union military tried to bribe her into silence by agreeing to free her if she left

the country, but Suu Kyi refused to end her efforts until the junta released the country to civilian government and freed political prisoners. Although she was released from house arrest six years later, she was again arrested in 2000 after founding a representative committee and declaring it as the Burmese ruling body. She was arrested several more times after that for various crimes against the government. In 2009, the United Nations proclaimed Suu Kyi’s detention illegal, but she was nonetheless imprisoned for two and a half years. While imprisoned, the U.S. House of Representatives unanimously voted to award her the Congressional Gold Medal, which was signed into law by

President Bush. The reasons behind her prison sentence were rumored to be to prevent her from participating in the first multi-party parliamentary election since 1990 scheduled for the following year. Sure enough, election laws were soon passed to prevent criminals from participating in elections and citizens married to foreigners from running for office. Both these terms were aimed at keeping Suu Kyi from participating. Her victory finally came when the National League for Democracy, the party with which Suu Kyi is affiliated, refused to re-register as a party under these laws. She was eventually released, and in 2012, after an exhausting campaign, won a seat in parliament! “Fear is a habit. I am not afraid”

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Event Recap USWIB Conference (Continued) The next events for the conference included "exploration and collaboration," which focused on several different parts of business. First, students could choose between going to informational sessions regarding the financial services industry, markets and the modern day consumer, the consulting experience, and enterprise and technology. Speakers were invited to provide an insight onto their particular field so students could truly understand the "financial industry". Afterwards, there were discussion and collaborative sessions regarding case studies, forming an inimitable personal brand, negotiation and cooperation in the workplace, and transitioning from a student to a professional effectively. This helped students gain relevant information about either activities going on in their lives right now such as interviewing and case competitions, or events that will happen in the future, such as dealing with a full-time job.

After an excellent lunch that included steak, cheesecake, and excellent pasta options, students were led to the USWIB career fair, which certainly lived up to its expectations. There were recruiters from several different markets, including those from investment management firms such as Guggenheim Investments to those from the IT software support department of Accenture. It was interesting to see that most of these companies were not only looking for juniors and seniors, but also freshman and sophomores for summer internships and programs. Thus, everyone in USWIB could pick and choose who they wanted to meet with the assurance that there was a possible opportunity in the future. Even if there were no programs available for a particular graduating year, there was no harm in meeting a recruiter and learning more about the company, since all the representatives were eager to talk about who they worked for and

their experiences.

The coffee chats were one of the best components of the USWIB conference. They provided an informal way for students to meet people of different business industries, inquire about their office lifestyles, and casually recruit with possible interviewers. The room was set up so thaqt each table represented a different sector, from investment banking to marketing to management consulting. I personally sat at an investment banking table and talked to a recruiter from Macquarie Holdings. Surprisingly, she not only revealed what work she has doing in the last three years there, but also her life outside her work: dining around Manhattan and traveling all over the world. She mentioned that she always found students who went abroad interesting, especially to unique places like Prague and Sydney. Since the coffee chat involved around five other girls, it allowed for the conversation to truly expand beyond the usual networking chatter, and made the experience all the more interesting.

Ange Burt, Executive Director and Regional COO at Macquarie Holdings, is an accomplishment woman who USWIB had the privilege to hear speak during closing remarks. Growing up in a farm, Burt had valuable advice to give to those students who similarly had to make a large transition from home to working in New York City. Having met her husband at work and raising two kids, Burt was also able to offer valuable advice on balancing her personal life with her workplace ambitions. An experienced women who has seen several corners of the world, Burt left us with one key tip: “be open and willing to accept culture and a way of life that is completely different from what you have been used to.” A woman that “has it all,” Ange Burt is an amazing women that offered the perfect, emotionally powerful closure to such an amazing conference.

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Check It Out Finerman’s Rules

“In her new book, Karen serves up her unvarnished advice about getting ahead in your career, overcoming failure, meeting your ideal mate, and navigating the challenges of work-life balance. Most importantly, Karen offers the reader a crash course in taking control of her financial destiny. Or as she puts it, “You wouldn’t let a man tell you where to live, how to vote, or what to wear. Then tell me why 80 percent of women have a man in charge of their money?” http://karenfinerman.com

Labor Market U.S. employers have posted more jobs in January. Job openings have risen to almost 4 million, a 1.5% increase from December, which was just below the five-year high of 4.1 recorded in November. Leisure and hospitality added over 150,000 jobs, construction opened over 30,000 and education and health opened 65,000. Since 2009, competition for single job positions have fallen from 6.7 to 2.6 which shows that the labor market is headed towards the right direction. Disappearing Aircraft leads to lower stock prices Everyone has heard of the mysterious disappearance of the Malaysia Airlines flight 370 that was carrying over 200 people, two of which had stolen passports. No surprises, but this event has led to a rapid decline in stock prices of Malaysia Airlines which dropped 16% when the markets opened on Monday. Something perhaps a bit more interesting is that Boeing stock prices have also dropped. On Monday they were down 1.5%, and have continued to slide. Although Boeing is on the decline, this is not expected have long term affects and continue to grow, as it is up 58% from last year. Falling Producer Price The PPI (producer price index) which measures changes in price before the consumer gets the product, has fallen by .1% signaling that inflation is still in check. Due to the high unemployment and slow wage growth, businesses have not been able to raise prices. Profit margins have fallen by over 9% in areas like shoes and clothing, but there have also been pretty steep falls in other industries like gas and food.

Jennifer Foran Class of 2017

Social Co-Chair

Market Updates