On the agenda today:
- Talent wars are transforming the way training happens at private-equity firms.
- Blackstone is beefing up its life-sciences investing.
- SEC chairman Gary Gensler taught a course on cryptocurrency - now, he may be tasked with regulating it.
Let's get started.
The booming demand for junior talent on Wall Street has created a "domino effect," wherein private equity firms are willing to hire less-experienced junior professionals - making Wall Street Prep, a company that helps these firms train their young talent, busier than ever. Here's how talent wars are transforming technical training at PE firms.
Financial firms, along with every other company in the US, are scrambling to get back to the office - but their plans have been riddled with delays and changes to mask mandates and vaccine requirements. We spoke with a psychiatrist, who explained how the constant back-and-forth is affecting mental health.
Blackstone's life-sciences group, Blackstone Life Sciences, raised $4.6 billion for its first fund in 2020, the largest of its kind. We spoke to the group's head and four investors to hear how they think through deals and to learn more about the industry trends they're watching. Meet the people behind the team's most notable investments.
Gary Gensler, the current SEC chairman, comes from MIT where he taught a course on cryptocurrency. Now, his agency might be in charge of regulating the volatile - and often murky - crypto market. Learn more about Gensler and his plans for the crypto industry.
On our radar:
- "Hillbilly Elegy" author JD Vance is running for Senate as a savior of the Rust Belt. Insiders and experts don't see it that way.
- We spoke with 51 people who've participated in Y Combinator, who told us it might be losing its way. Here's what's better, what's worse, and why it's still worth it.
- According to Bloomberg, UBS has hired a team of private bankers for the United Arab Emirates from Credit Suisse. Here's what we know about that hire.
- Two leaders who helped Bank of America out of the financial crisis will soon retire. Read more from the New York Times.
- Robinhood's free shares policy is costing companies hundreds of thousands of dollars, The Daily Upside reports. See how free shares are affecting companies.
- TCW's investment chief and CEO are leaving after employees threatened to quit, per WSJ. What's next for TCW.