Wall Street pay race continues – Citi nabs JPMorgan exec – BofA reimagines healthcare payments

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Wells Fargo is raising comp for junior investment bankers

Charles Scharf Wells Fargo

Wells Fargo is the latest Wall Street bank to raise base compensation for junior bankers, bringing it in line with Goldman Sachs, Morgan Stanley, and JPMorgan Chase. First-year analysts’ pay will be $100,000, now on par with the industry norm. What we know so far.

Citi just nabbed a JPMorgan exec

Citi trader

In October, Ron Karpovich will join Citi to lead a new e-commerce sales team focused on online payment offerings for its clients. While JPMorgan and Fiserv lead in processing payments for retailers, the space has gotten more crowded as e-commerce has exploded over the past year. Read the full memo Citi sent its employees.

Bank of America is reimagining the $3.8 trillion healthcare payments space

woman at doctor

On the heels of its AxiaMed deal, Bank of America is looking to change the way Americans pay for healthcare. We spoke to Faiz Ahmad, Bank of America’s global head of transaction services, about the deal.

Startups are helping Wall Street navigate the “Wild West” of crypto

wild west imagery with a cowboy entering a saloon

Regulation is often cited as a reason mainstream institutions are watching crypto from the sidelines. Plus, privacy concerns and global regulatory gaps make compliance with current rules difficult – so startups like Chainalysis, Elliptic, and CipherTrace are offering solutions.

Moody’s is on an acquisition spree

Businesses handling climate change and rising waters representing ESG investing and sustainability

Moody’s has been on a data and analytics acquisition spree. Now, it’s eyeing more deals to bulk up in ESG and real estate, and just announced plans to acquire climate risk modeling provider RMS. We spoke with CEO Rob Fauber, who outlined other areas for future growth.

On our radar:

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How fintech headhunters are turning into investors

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Happy Saturday, and welcome to Insider Finance. Here’s a rundown of trending stories from the past week:

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Fintech headhunters are forgoing fees in lieu of equity in the red-hot startups they’re staffing up

Intersection Growth Partners

With talent, not capital, now the real scarce commodity due to labor shortages, founders have been happy to bring on investors with a direct pipeline to the best employees in the industry. One search firm invested more than $100 million in stablecoin issuer Circle.

“At many companies, and at companies like Circle, managerial leverage often matters more than capital leverage,” Dante Disparte, Circle’s chief strategy officer and head of global policy, told Insider.

Read the full story here.

JPMorgan is stepping up marketing for its wealth business and hired Robinhood’s former head of content for a new role

David Moss of JPMorgan stands in front of a brick wall wearing a suit jacket.
David Moss joined JPMorgan in June.

The bank has hired David Moss as head of content for US wealth management as part of an effort to attract new clients who are “curious about investing,” JPMorgan Wealth Management head of content and communications Jennifer Zuccarelli told employees on Tuesday in a memo that was viewed by Insider.

The move underlines how banks have gone all-in on content – newsletters, blogs, and podcasts – as marketing.

Keep reading here.

Goldman Sachs is using algos to help drum up new business for bankers as part of a bigger automation push

Akila Raman, Goldman Sachs
Akila Raman, chief operating officer, Goldman Sachs investment bank division

Akila Raman, chief operating officer of Goldman’s investment bank division, and Miruna Stratan, who leads the IBD engineering team, walked Insider through three use cases the bank is eyeing for additional automation.

Here’s the full rundown.

Centerview rainmaker Blair Effron says return to office is all about the ‘quality of the experience’ and that he doesn’t expect people to be punching a clock

Blair Effron, Centerview Partners
Blair Effron, Centerview Partners

Centerview Partners is back to a “primarily in-office experience,” co-founder and partner Blair Effron told Insider. It’s embracing the benefits of in-person work after reopening on June 14 while still allowing for some flexibility.

Here’s what else he said.

Fintechs are using remote work as a lure to poach people from Wall Street banks that are pushing a return to the office

Remote work

Many Wall Street workers are being called back into the office, with many banks expecting more “normal” in-office work schedules after Labor Day, if not sooner. That may be enough to prompt a job switch, and New York fintechs are waiting with open arms.

“It’s a huge opportunity,” Eric Glyman, cofounder and CEO of NYC-based Ramp, told Insider. Ramp has hired from major banks’ risk, partnerships, and legal divisions, Glyman said.

Keep reading here.

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