Archive for Dan DeFrancesco

Insider finance: Investment banks with the worst hours

trading floor

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


From 100-hour weeks to deteriorating mental health, nearly 500 employees at top investment banks reveal the extent of burnout among junior talent in a new survey

woman stressed laptop
A woman on her laptop appears to be stressed during the coronavirus pandemic on May 30, 2020 in Rotterdam, the Netherlands. The woman is not associated with the story.

A survey of nearly 500 people shows burnt-out junior bankers might be ready to head for the exits. Wall Street Oasis released a side-by-side comparison of conditions at 10 top investment banks.

Find out the big banks stack up against each other.


Merrill Lynch's advisor force is shrinking and junior hiring has slowed. Now the firm is looking to make changes to its key training program.

Bank of America

A senior executive for the Bank of America-owned wealth manager said advisor headcount has dipped in the first quarter largely due to slower hiring into its development program. Read more here.


The CFO of Citi, the top SPAC bank this year, is predicting 'normalization' in the blank-check frenzy

mark mason citi

Mason said that while the bank remained "well-positioned" in the SPAC space, the pace of IPOs for blank-check companies will soon slow. Here's why.


These 6 fintechs are betting consumers want to earn crypto rewards from their spending in lieu of points and miles

Bitcoin
Bitcoin themed balloons float in the air during the "Inside Bitcoins: The Future of Virtual Currency Conference" in New York.

Consumers are increasingly looking for ways to pay for things with crypto. As a result, fintechs are scrambling to offer cash-back rewards with crypto. Read more here.


Citi CEO Jane Fraser is making her mark, exiting markets across Asia and Europe and shuffling leadership in its new wealth division all with an eye on attracting the ultra-rich

jane fraser

Citi announced it was departing 13 consumer-banking franchises across Asia and Europe, in keeping with the bank's plans to refocus its efforts on wealth management outside the US. These are the markets it's exiting.


How 750 anonymous Coinbase traders have eluded the IRS even after making $100 million

Charles Rettig
Charles Rettig.

The IRS is still tracking down hundreds of Coinbase traders, some of whom used fake names. See more here.


Odd lots:

Guggenheim's Minerd Moves to Miami as Firm Eyes Flexible Work (Bloomberg)

Ex-Navy SEAL and ultramarathoner David Goggins is the toughest man on the planet. His latest challenge: persuading the world to suffer on purpose. (Insider)

JPMorgan is offering rich clients a way to ride the market waves created by massive investors (Insider)

Brevan Howard's Main Hedge Fund to Start Buying Cryptocurrencies (Bloomberg)

Coinbase's Retail Buyers Stung After Plowing in at Debut (Bloomberg)

Read the original article on Business Insider

Wall Street pays for banker R&R – Symphony’s CEO exits – Coinbase’s big debut

trading floor
Paris on October 4th, 2011 . Aurel BGC. trading floor The CAC40 index and the Paris stock exchange curve over the past 5 days appear on the computer screens Traders at work. (Photo by: Andia/Universal Images Group via Getty Images)

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


Symphony's CEO is stepping down as the $1.4 billion Wall Street messaging startup gears up for an acquisition push

Symphony CEO David Gurle

David Gurle is stepping down at the end of May, at which point Brad Levy, Symphony's current president and chief commercial officer will take over. We spoke with Gurle and Levy about the $1.4 billion startup's future plans, including its desire to make acquisitions.

Here's what they told us.


Houlihan Lokey is sending its bankers on all-expenses paid vacations and bumping base comp and bonuses for junior employees, as perks keep flowing on Wall Street

Greece travel influencer tourist

For workers on Wall Street, the perks keep coming. Houlihan Lokey is the latest financial services firm to offer incentives to junior talent, including increased base pay and all-expenses paid vacations. Get the full rundown.


CEO Roger Ferguson explains the leadership qualities that helped him rise to the top of TIAA to become one of the few Black leaders to head a Fortune 500 company

Roger Ferguson

Ferguson, who will retire at the end of April, shared with us his top leadership advice, as well as his feelings about the state of American society, and his own future plans. Read our interview with the TIAA CEO.


JPMorgan just announced a $2.5 trillion climate and sustainable development push. The bank's global head of sustainability walked us through how it will work.

Marisa Buchanan Headshot 2018
Marisa Buchanan, global head of sustainability at JPMorgan

JPMorgan just launched a 10-year, $2.5 trillion climate and sustainable development initiative. Marisa Buchanan, the bank's global head of sustainability, shared the details. Learn more here.


Carlson Capital is losing its chief risk officer and top lawyer as exits mount at the $4.8 billion hedge fund

clint carlson

Carlson Capital has lost several key staffers in recent weeks, including the firm's top lawyer, its chief risk officer, and others. More on the manager's staffing exodus here.


Coinbase tumbles 19% in trading debut as valuation hovers around $100 billion

Brian Armstrong, founder and CEO of Coinbase
Brian Armstrong, founder and CEO of Coinbase

The cryptocurrency exchange made its much-awaited debut on the public markets on Wednesday. Read more here.


Citi has shuffled leadership across its newly formed wealth division as it makes a push to attract the ultra-wealthy across the globe

jane fraser citi
Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019.

Citi mapped out the leaders in charge of its newly created wealth division. Find out who the key players are.


Goldman Sachs' CFO just explained why the bank is pushing to shut down old tech and making big plans to migrate to the cloud

Stephen Scherr
Stephen Scherr is the chief financial officer at Goldman Sachs.

Stephen Scherr, Goldman Sachs' CFO, details why the bank is so keen on its adoption of cloud tech on Goldman's earnings call. See more here.


Odd lots:

Students in China are paying talent agents thousands of dollars to get hired at big Wall Street names as the country opens up its financial market, report says (Insider)

Bernie Madoff, Wall Street financier and Ponzi scheme organizer, has died at age 82 (Insider)

Uber's global investments finally pay off, with stakes that could be worth more than $18 billion as many prepare to go public (Insider)

Goldman's libor transition chief exits ahead of benchmark's retirement (Bloomberg)

Litigation funders are seeing opportunities for big returns in bankruptcies. Here's how 4 firms are playing it. (Insider)

Read the original article on Business Insider

Coinbase’s big day – JPMorgan poaches Marcus exec – Merrill trainees are still on pause

wall street coronavirus

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


JPMorgan Chase poached a top Marcus exec along with key hires from Wells Fargo and Google to support a 'huge agenda' for digital banking

Sonali   Headshot SDivilek

JPMorgan Chase nabbed three new executives who will bolster its digital-banking efforts. One of the hires is Sonali Divilek, a key executive at Goldman Sachs' Marcus.

Meet the other hires here.


Merrill Lynch's advisor training program is on month 9 of a ban on reaching out to prospective clients. Insiders say morale is taking a big hit.

Bank of America
A man walks near a Bank of America branch in New York's Times Square Decemeber 11, 2008.

Merrill Lynch's massive pipeline for financial advisors has faced issues, and it's weighing on trainees' morale. Get the full scoop here.


Brevan Howard hires ex-Point72 CTO Singh as it ramps up its 'Alpha Strategies' systematic trading fund

Alan Howard
Brevan Howard co-founder and billionaire Alan Howard has changed roles to focus more on trades.

Brevan Howard hired Gurpreet Singh as CTO of its Alpha Strategies fund. Read more about the hire.


A phone call from Coinbase CEO Brian Armstrong the night before a $100 million deal left one VC feeling 'nauseous.'

IVP Team_Square_Tom_Loverro

The night before submitting a $100 million term sheet, IVP's Tom Loverro received a call from Coinbase CEO Brian Armstrong, who told him Ethereum had crashed. Now, as Coinbase prepares to go public, IVP's stake could be worth as much as $3.33 billion. Get the full rundown here.


America's best work-from-home expert is bracing for turmoil

Stanford economist Nicholas Bloom

Nicholas Bloom, an economics professor at Stanford University, is warning that the future of WFH could be filled with uncertainty. In our exclusive report, he offers advice for corporate America to navigate the turbulence.


Goldman Sachs' Marcus is dealing with an exodus of talent. These are the 14 execs left guiding the digital bank.

pjimage
Harit Telwar, Andrea Finan

After a rash of departures, these are the executives left running the show at Goldman Sachs' Marcus. Get the full rundown here.


Odd lots:

A $1.2 Million Bank Error Buys a House, and an Arrest, Officials Say (The New York Times)

Billionaire Mike Novogratz's Galaxy Digital is the 9th firm to apply for a bitcoin ETF (Markets Insider)

'Fortnite' maker Epic Games is worth just shy of $30 billion after raising another $1 billion in its latest funding round (Insider)

The New York Stock Exchange is minting crypto art commemorating the first trades of 6 companies that recently went public (Insider)

Read the original article on Business Insider

JPMorgan’s big 2021 plans – 5 crypto-linked stocks to watch – Goldman Sachs’ transformation

Times Square
Times Square earlier this month.

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


From fintech competition to M&A plans, here are 4 things JPMorgan analysts are keeping an eye on

Jamie Dimon 2019
JPMorgan will report its first-quarter earnings on April 14. In notes to clients and interviews, analysts say they're optimistic about how things are shaping up for the top US bank by assets.

Here's what analysts are watching.


Goldman Sachs has been going through a huge transformation under CEO David Solomon

David Solomon

From junior banker burnout to shake ups across its wealth and consumer businesses, here's everything you need to know about what's happening at Goldman Sachs. See more here.


Wedbush highlights 5 crypto-linked stocks to buy and an altcoin that could double its valuation in the next 12 to 18 months as a broader crypto ecosystem develops behind the scenes

2021 03 23T153223Z_1_LYNXMPEH2M171_RTROPTP_4_FIDELITY CRYPTOCURRENCY.JPG
Bitcoin's meteoric rise has boosted crypto hedge funds

Check out these five stocks that could serve as a good bet on the future of the crypto space. Read more here.


JOIN US APRIL 14: What's next for proptech in 2021?

insider events what's next for proptech 4x3
From left, Osei Van Horne, founding member and Managing Director of the technology practice of Wells Fargo Strategic Capital, Merritt Hummer, partner at Bain Capital Ventures, and Max Simkoff, CEO of Doma.

Find out about what to expect for the future of proptech from three industry experts. Wells Fargo Strategic Capital's Osei Van Horne, Bain Capital Ventures' Merritt Hummer, and Doma's Max Simkoff share thoughts on what's next for the space. Find out more here.


Odd lots:

CEO Pay Surged in a Year of Upheaval and Leadership Challenges (WSJ)

Slavoj Žižek on GameStop, WallStreetBets, and the Future of Capitalism (Bloomberg)

Some Lululemon retail employees say there is an environment of 'toxic positivity,' where workers feel pressure to share personal information with managers and constant feedback can feel like bullying (Insider)

Exclusive: Goldman risk group examines 2021 market events for lessons - sources (Reuters)

Barclays' juniors grumble at scrapped bonuses as rivals ramp up perks for younger staff (Financial News)

Read the original article on Business Insider

Melvin Capital takes a hit – Big hiring plans at Marcus – Goldman’s busy 3 months

NYC skyline

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


Gabe Plotkin's Melvin Capital, which came under siege from Wall Street Bets, took another hit in March

Gabe Plotkin
Melvin Capital founder Gabe Plotkin

Gabe Plotkin's Melvin Capital lost 7% in March to close out a dire first quarter. Get the full rundown here.


Goldman Sachs is hiring up to 300 engineers in its consumer business after product sprints triggered burnout and a tech exodus

marcus goldman sachs burnout 4x3

Goldman Sachs plans to hire up to 300 engineers in its consumer business this year. The strategy comes after a surge of staff exits and senior manager turnover hit the group over the past 12 months. Read more about the hiring plans here.


Goldman Sachs bankers had a busy start to the year. But analysts are already wondering how long rapid-fire dealmaking can last.

David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills
David Solomon is the CEO of Goldman Sachs.

As Goldman prepares to report first quarter earnings on Wednesday, we asked analysts what they are looking at. From wealth management to trading, these topics are top-of-mind. Click here to read the entire story.


The cofounder of Greenwood, a digital bank geared toward Black and Latinx users, details the fintech's $40 million Series A and how it's grown a waitlist 550,000 strong

Ryan Glover

We spoke with Greenwood cofounder Ryan Glover and Truist Ventures head Vanessa Vreeland, who detailed how the $40 million Series A came together. Here's what they told us.


William Blair told investment-banking analysts, associates, and VPs they'll receive special bonuses up to $20,000 as Wall Street's arms race to hang onto junior talent continues

money sheet

Chicago-based boutique bank William Blair is the latest firm to extend offers to its junior bankers. In an internal memo, executives told employees they'd receive "a special, one-time spot bonus." Read more from the memo.


Balyasny poaches a top derivatives trader from Goldman Sachs as demand for volatility traders heats up

Travis Potter Balyasny

Goldman Sachs derivatives trader Travis Potter is headed to hedge fund Balyasny. More on his move here.


Must-know promotions, exits, and hires at firms like BlackRock, Citadel, Balyasny, and Goldman Sachs

CaitlinMcLaughlin Lafayette Square
Asset manager Lafayette Square announced that Caitlin McLaughlin will be the company's next chief people officer.

BlackRock hires Stephanie Smith as COO of its alts business. Goldman Sachs appoints Jason Hill as its new chief operating officer for global marketing. An executive exodus at Credit Suisse. We've got all the people moves across Wall Street.


Billionaire Lee Ainslie's Maverick Capital soared in March despite the struggles of his Tiger Cub peers

Lee Ainslie Maverick Capital
SUN VALLEY, ID - JULY 08: Lee S. Ainslie, head of hedge fund Maverick Capital, attends the Allen & Company Sun Valley Conference on July 8, 2015 in Sun Valley, Idaho. Many of the world's wealthiest and most powerful business people from media, finance, and technology attend the annual week-long conference which is in its 33rd year. (Photo by Scott Olson/Getty Images)

Maverick Capital is outpacing fellow Tiger Cubs like Lone Pine, Coatue, and Tiger Global this year. Read more here.


Klarna is one of the biggest names in buy now, pay later. But cofounder Niklas Adalberth questions the consumerism at the heart of the $31 billion fintech.

Niklas Adalberth
Klarna cofounder and philanthropist Niklas Adalberth.

Niklas Adalberth, Klarna cofounder and former executive, thinks buy now, pay later isn't "what the world needs." Hear more about what he has to say.


A crypto exec's resume listed Goldman, Lending Club and RBC. He didn't mention a prison break. Now a bankruptcy examiner claims he's an escapee.

james alexander cred inc fraud 4x3

A former crypto exec escaped from prison and took on a new name, according to an investigation by a bankruptcy examiner. We've got all the details here.


Odd lots:

Confessions of Big Law's burned-out associates: 5 current and former lawyers from firms like Cleary, Davis Polk, and Goodwin detail their nonstop daily work schedules (Insider)

Walmart Files for Trademark for Fintech Unit: 'Hazel by Walmart' (Bloomberg)

Credit Suisse Tightens Hedge Fund Limits After Archegos Hit (Bloomberg)

Leon Black's surprise Apollo Global exit came amid sexual harassment allegation (New York Post)

BlackRock Raises $4.8 Billion to Invest in Renewable Power (Bloomberg)

Wall Street Finds New Way To Finance Unprofitable Tech Firms (WSJ)

How JPMorgan increased the number of Black interns in its Wall Street program by nearly two-thirds (CNBC)

Read the original article on Business Insider

BofA bankers get a raise – Big LBOs are back – SoFi wants to underwrite IPOs

wall street bull statue selfie

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


Fintech darlings Robinhood and SoFi want to democratize IPOs next. Here's how they're trying to beat Wall Street at its own game.

Anthony Noto SoFi
SoFi CEO Anthony Noto

Retail brokerages like Schwab, TD Ameritrade, and E-Trade offering their customers shares from IPOs is nothing new. But now, two of the largest startup brokerages are looking to open up the IPO market to much smaller investors.

Here's how they're planning to do it.


Bank of America is bumping US investment banker salaries by $25,000 for associates and VPs and $10,000 for analysts, as Wall Street fights to retain junior talent amid massive deal flow

Brian Moynihan, the chief executive of Bank of America.

BofA is the latest Wall Street firm to bump pay for young workers, as Wall Street fights to hold onto its junior talent. Here's what you need to know about the raises.


Warburg Pincus is bumping pay by up to 30% for junior workers as private-equity firms and banks spend big to hang onto talent

piggy bank

The private-equity firm is bumping pay for its analysts and associates, who can already bring home north of $330,000 in base salary and bonus. Get the full rundown.

And we've got a full recap of what 8 banks and PE shops are doing to entice young talent to stay.


Lone Pine, Candlestick, and Holocene among the big-name hedge funds hit hard in March

Hedge Fund losses

March was not pleasant for many hedge funds, thanks in part to the implosion of Bill Hwang's family office Archegos. See which managers were hit hardest.


Ramp just raised $115 million at a $1.6 billion valuation in a Series B co-led by Stripe as investors pour money into the red-hot market for corporate cards

Ramp

Competition is heating up in the corporate card space, and Ramp is leading the charge with a fresh round of funding led by Stripe. We spoke with the startup's cofounder and CEO, who shared details about the company's latest raise. Here's what he told us.


Mega LBOs are back with Apollo, Stone Point raising billions this week. Here's why buyout shops are loading up on fresh debt as valuations soar.

Michaels Companies

CoreLogic and Michaels are raising almost $9 billion to fund private-equity buyouts this week. Leveraged buyouts are expected to pick up this year after companies stayed on the sidelines in 2020. Read more here.


BlackRock hires longtime Goldman executive in a top strategy role to help drive growth in its $276 billion alternatives business

GettyImages 480950078
BlackRock boss Larry Fink

BlackRock named Stephanie Smith chief operating officer of its alternatives business. Read more about the hire here.


Odd lots:

Credit Suisse CEO Faces Anger in the Ranks on Archegos Mess (Bloomberg)

Citi, other banks set to ink 'Octopus' deal for new multi-bank CLO platform (WatersTechnology)

Exclusive: Robinhood failed to disclose certain trade executions to public feed (Reuters)

Experts say the CEO of BlackRock's shareholder letter was a masterclass in corporate communication. Here's what it did well, and how it could have been even better. (Insider)

Inside Klarna's influencer council, which the $31 billion fintech giant hopes will create a blueprint for responsible influencer marketing (Insider)

Read the original article on Business Insider

Cash App’s hiring spree – Goldman’s push into auto tech – Consulting confessions

2021 01 21T141126Z_2_LYNXMPEH0K0S1_RTROPTP_4_GOLDMANSACHS RESULTS M A.JPG
US stock markets hit new all-time highs this week, but were set to fall on Wall Street on Friday

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


Square's Cash App is hiring for a slew of positions hinting at plans to attract more merchants and compete directly with payment networks like Mastercard and Visa

Jack Dorsey

Square's Cash App had a massive 2020. Now the payment giant is looking to build on that momentum by hiring for a slew of positions for the personal finance app. Here's a look at what the new roles mean for the company, and the competitors it could be looking to take on.

Read more here.


The world's biggest investors have realized fixed income won't generate the returns they need, and they're turning to hedge funds to fill the gap

GettyImages 1229890667

Hedge fund assets started the year at an all-time high, thanks in part to low interest rates. Now, desperate institutions are replacing low-yielding bonds with hedge funds in their portfolios. Here's what else you need to know.


Deutsche Bank teamed up with 6 firms led by women, people of color, and veterans on a $750 million bond sale as Wall Street looks to elevate minority shops

Annie Seelaus, CEO of R. Seelaus & Co, Sidney Dillard, a partner and head of corporate investment banking at Loop Capital, David Jones, co-founder, president and CEO of CastleOak Securities

For the first time ever, Deutsche Bank appointed six firms led by women, people of color, and veterans to lead its $750 million bond. Read more on how appointing minority-led firms promotes equity on Wall Street.


A new Goldman Sachs team is on a $7 trillion mission: conquer mobility by making deals with Tesla and Waymo rivals

Goldman Sachs

Goldman Sachs sees the auto industry's tech revolution as a big opportunity to win new business. The bank is now bringing together its industrial and tech teams to focus on auto tech deals. Get the full rundown here.


Must-know promotions, exits, and hires at firms like BlackRock, JPMorgan, Citadel, and Goldman Sachs

digital wall street virtual remote work 3 4x3

The top people moves across the street, from Carey Halio taking over as Goldman's new head of investor relations to Paul Bodnar being named global head of BlackRock Sustainable Investing. Read them all here.


Here's why it's time to shorten the settlement cycle for US stocks

Michael Bodson, DTCC
Michael Bodson, DTCC

Michael Bodson, the president and CEO of the DTCC, makes the case for moving the settlement cycle for US securities from two days to one. Here's why.


Odd lots:

Consulting confessions: 6 current and former staffers at Deloitte, PwC, and other top firms detail pandemic burnout (Insider)

Inside Archegos's Epic Meltdown (WSJ)

BlackRock Increased Fink's Pay 18% to $29.9 Million for 2020 (Bloomberg)

The SPAC boom is coming for fast-growing fitness and wellness companies. Experts reveal the 6 blank-check firms on the hunt. (Insider)

Meet 13 women who left Big Law to launch their own legal tech startups (Insider)

'They can do what they want': Archegos and the $6tn world of the family office (FT)

Read the original article on Business Insider

SPAC roadblock – JPMorgan interns headed to the office – LatAm’s booming bond market

Trading Floor - Salle des Marches - German bank, Hessen, Franckfort.
Trading Floor - Salle des Marches - German bank, Hessen, Franckfort.

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


The SPAC M&A frenzy has finally reached its limits and a huge funding logjam is starting to form

SPAC popularity in real esate tech world 4x3

PIPE, private investments in public equity, is a key piece of funding that SPAC sponsors sometimes rely on to raise extra capital in order to get transactions done. However, bankers and sponsors warn that PIPE funding has started to dry up in recent weeks.

Click here to read the entire story.


JPMorgan just told New York- and London-based investment-banking and sales and trading interns to get ready to head to the office for their summer programs

JPMorgan CEO Jamie Dimon
JPMorgan CEO Jamie Dimon

JPMorgan's incoming interns in two key business lines should prepare to head into the office. We've got the scoop on the bank's plans for New York- and London-based interns in its investment-banking and markets divisions. Read more here.


How bankers at Goldman, Deutsche Bank and more are gearing up for a busy April of emerging-market bond deals

Empty check in line for LATAM Airlines

Latin American bond issuers are expected to flood the market this month. Here's what else you need to know.


Odd lots:

Bankers Want Power Lunches and Less Machismo in New Office Era (Bloomberg)

After a Year of Remote Work, Institutional Investors Are Worried About Employee Burnout (Institutional Investor)

Share of black employees in senior US finance roles falls despite diversity efforts (FT)

We read all 323 pages of 23andMe's SPAC filing. Here are the 5 biggest obstacles it faces ahead of its public debut. (Insider)

SPACs are taking over the stock market. Here's an easy guide to the journey they take from start to finish. (Insider)

Family Offices Turn to Private Equity Firms in the Hunt for Talent (WSJ)

Compass just went public, putting CEO Robert Reffkin on a path to become America's youngest Black billionaire (Insider)

Read the original article on Business Insider

JPMorgan adds VC bankers – Compass shrinks IPO – Goldman backs cloud data startup

Trading floor
Inside a trading floor on the New York Stock Exchange

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

  • SoftBank-backed Compass slashes the scale of its ambitious IPO
  • JPMorgan wants to deepen its ties to Silicon Valley, and it just hired five people to help
  • Wall Street's rapid-fire deals are contributing to Big Law burnout - and special retention bonuses
  • Goldman Sachs is making plans to bring some full-time campus hires into the office later this year
  • Cloud data startup Striim nabs $50 million led by Goldman Sachs

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.


Compass just slashed the scale of its ambitious IPO

robert reffkin compass founder ceo 2
Robert Reffkin is the cofounder and CEO of Compass.

Analysts had cast doubt on firm's tech-startup image and path to profitability. Find out more here.


JPMorgan just poached 5 people from Silicon Valley Bank and Bank of America to bulk up teams focused on VCs and 'disruptive' commerce

jamie dimon jpmorgan

In a move targeted at strengthening its ties to Silicon Valley, JPMorgan just hired five people who will build relationships with tech companies and VCs.

Meet the new hires here.


Cloud data startup Striim nabs $50 million led by Goldman Sachs in a new tech partnership for the Wall Street powerhouse

AliKutay_Headshot

Striim, a data startup that offers the pipes to send data from one cloud to another, secured a $50 million Series C round led by Goldman Sachs Growth Equity. Here's what you need to know.


Big Law associates are burned out after a year of rapid-fire deals and intense hours. Special $60,000-plus bonuses may not be enough to keep them.

burnout

After a busy year, at least 25 Big Law firms are awarding special bonuses to high-performing associates - but many aren't sure it'll be enough to manage burnout. We took a look at what firms are doing to help their workers, and compiled a list of who's announced special bonuses.


Goldman Sachs is telling new full-time campus recruits to expect some in-person orientations this summer and recommending they move close to the firm's offices

goldman sachs headquarters

Goldman Sachs is planning to bring some full-time campus hires into the office later this year for their onboarding and orientation, according to an internal memo. More insights from that memo.


Odd lots:

Famed lawyer Tom Girardi and 'Housewives' star Erika Jayne flaunted their life of excess. Now, with accusations of a Ponzi scheme, they may lose it all.

An analyst for the top-performing infrastructure ETF in the US this year shares 5 stocks set to benefit for years from Biden and Congress' expected multi-trillion-dollar package

VC Keith Rabois has a new side hustle in Miami as a Barry's Bootcamp instructor

LinkedIn is testing a Clubhouse competitor as the audio space heats up. Here's a mock-up of the feature.

Sports-card marketplace Dibbs is blending traditional card trading with NFT technology to capitalize on the billion-dollar market, after raising $2.8 million in funding

Read the original article on Business Insider

Archegos implosion – SPAC banker hiring spree – Goldman interns will work in office

wall street

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

  • How Archegos pushed the limit on risky trades and sent shockwaves through Wall Street
  • Goldman interns will be working in the office this summer, according to an email the bank sent yesterday
  • Firms including UBS are looking to hire more SPAC-focused junior bankers
  • David Lang, a Goldman partner and head of the firm's Salt Lake City office, is retiring
  • A second investment consultant has put PIMCO on watch

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The dramatic implosion of Bill Hwang's Archegos reveals big risks still lurk in swaps markets and could trigger a fresh round of regulatory crackdowns

Bill Hwang

The most striking thing about the implosion of Archegos Capital Management, the family office of Tiger Cub Bill Hwang, was not the suddenness of the crash but how innocuous its origins were. Read more here.


UBS is looking to hire more SPAC-focused junior bankers as rapid-fire deals pile pressure on young Wall Street

working from home

As SPAC mania continues to overtake Wall Street, UBS is looking to keep up by hiring bankers. Learn more about how the blank-check boom is transforming hiring.


Liquidnet founder Seth Merrin has a new company. Meet Neuravest, an AI platform that hopes to help asset managers use mountains of data faster.

Seth Merrin

Seth Merrin is onto a new venture: an AI system that analyzes data rapidly to find its usefulness to investors. Here's everything we know about the startup.


Citigroup is reshuffling investment banking coverage groups to help its clients through the clean-energy transition

Tyler Dickson Citi

An internal memo announced the Natural Resources and Clean Energy Transition Group, which will unite bankers within the chemicals, energy, and power franchises. Here's what else the memo said.


Goldman Sachs just told incoming interns they'll officially be working in the office following a one-week virtual training program

200 West Street the Goldman Sachs building in New York
People enter and exit 200 West Street the Goldman Sachs building in New York

Goldman CEO David Solomon has been vocal about bringing employees back to the office as soon as possible. Now the bank is telling interns it plans to hold its summer program in person for everyone who can safely travel to its offices. Find out more here.


A second investment consultant has put PIMCO on watch, as the $2.2 trillion money manager faces growing scrutiny following allegations of sexism and harassment

Emmanuel Roman
PIMCO CEO Emmanuel Roman

Consultant Meketa has placed Pimco on watch over discrimination allegations, following a similar move by pension adviser NEPC. Read more here.


The head of Goldman Sachs' Salt Lake City office, which is a key part of the bank's push into lower-cost cities, is leaving the firm in May

salt lake city skyline utah

Another partner is exiting Goldman Sachs, per an internal memo viewed by Insider.

David Lang, who runs the firm's Salt Lake City office, will retire in May. Read more here.


Odd lots:

Billionaire investor Ray Dalio sounds the alarm on a stock bubble that he says is quickly approaching dot-com proportions (Insider)

14 top private-equity firms that are pouring billions into the advertising industry (Insider)

The key details every cannabis investor needs to know about New York's marijuana-legalization bill (Insider)

Read the original article on Business Insider