Insider Finance: All-expenses-paid vacations for bankers; JPMorgan Chase poaches Marcus exec

Hello readers,

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

  • Houlihan Lokey is sending workers on all-expenses-paid vacations.
  • JPMorgan Chase poached a top Marcus exec.
  • Symphony’s CEO is stepping down as the Wall Street messaging startup eyes an acquisition push.
  • Carlyle is integrating its buyout and growth teams to turbocharge its investment strategy.
  • Merrill Lynch’s advisor-training program is on month nine of a ban on reaching out to prospective clients.
  • “What was so complex about this one?”: Morgan Stanley execs got grilled over a $911 million Archegos hit.

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Houlihan Lokey is sending bankers on all-expenses-paid vacations and bumping base comp and bonuses for some junior employees

seychelles travel tourism

Houlihan Lokey is sending its corporate-finance bankers on all-expenses-paid vacations. It’s the latest Wall Street firm to hike pay as workers battle burnout after a grueling year of working from home. Here’s more on the internal announcement.

JPMorgan Chase poaches a top Marcus exec

Sonali   Headshot SDivilek
Sonali Divilek

JPMorgan announced three new hires to support its consumer- and community-banking team. One of the hires is Sonali Divilek, a key executive at Goldman Sachs’ Marcus in charge of products. Executives from Wells Fargo and Google are also joining. Keep reading 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.

woman texting on smart phone using cell

Issues in Merrill Lynch’s massive pipeline for financial advisors are weighing on trainees’ morale. Advisors in training have faced months of mixed messaging about prospecting, people said. The firm has also hired Ernst & Young to examine trainees’ phone-call records. Find out what insiders are saying here.

More on Merrill:

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

Symphony’s David Gurle is stepping down from his role as CEO of the startup at the end of May. Brad Levy, Symphony’s current president and chief commercial officer, will take the helm.

Gurle and Levy spoke with Insider about the $1.4 billion Wall Street messaging startup’s future plans. Find out all the details here.

Morgan Stanley execs defend how the bank navigated the Archegos disaster as analysts grill them on a surprise $911 million hit

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Morgan Stanley took a nearly $1 billion hit from its exposure to the Archegos collapse, which caught Wall Street analysts who expected a smaller loss off guard and led to tough questions. Get the full rundown here.

Carlyle is integrating its buyout and growth teams to turbocharge its investment strategy

carlyle group top dealmakers 2x1

The Carlyle Group is integrating its buyout and growth-investing strategies in the US. Brian Bernasek is also set to become a cohead of US buyout and growth. The integrated approach goes into effect the same day Bernasek takes on his new role: June 1.

Read more:

Wall Street people moves roundup

Other stories readers loved this week

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Robinhood reported a surge in interest in bitcoin from women

  • Fintechs are betting consumers want to earn crypto rewards in lieu of points and miles.
  • Roger Ferguson explains the leadership qualities that helped him rise to the top of TIAA.
  • Klarna cofounder Niklas Adalberth questions the consumerism at the heart of the $31 billion fintech.
  • How 750 anonymous Coinbase traders have eluded the IRS even after making $100 million.
  • HSBC is letting US interns pick between in-person and virtual work schedules for the summer.
  • Nearly 500 employees at top investment banks reveal the extent of burnout among junior talent in a new survey.
  • Goldman Sachs’ chief financial officer explains why the bank is pushing to shut down old tech and migrate to the cloud.
  • Litigation funders are seeing opportunities for big returns in bankruptcies. Here’s how four firms are playing it.
Read the original article on Business Insider

David Solomon wants more face time – Cuts are back at BoA -BlackRock teams up with Snowflake

Hello, readers!

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

If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals.

David Solomon goldman sachs
Goldman Sachs CEO David Solomon speaks at the 2019 Milken Institute Global Conference

Goldman CEO wants this summer’s interns in the office and says remote work has had an ‘enormous impact’ on how the bank operates

One of Wall Street’s most influential CEOs has dumped a bucket of cold water on the idea of long-term remote work and a second year of virtual summer internships, as uncertainty looms about the threat created by the coronavirus pandemic.

“This is not a new normal,” Goldman Sachs CEO David Solomon said this week, adding that the nature of remote work was in conflict with his firm’s “innovative, collaborative, apprenticeship culture.”

“I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said.  

Read more about Goldman’s remote work outlook, and what it means for young Wall Street.

Bank of America is firing people in its investment bank again

Amid the uncertainty and chaos in the early days of the pandemic, Bank of America committed to avoiding layoffs for the year. For staff in trading and investment banking, that provided a reprieve from the annual culling of underperformers that’s common across Wall Street. 

But now the reprieve is over. While some employees are already being handed pink slips, other senior staffers have voluntarily raised their hands to take an exit package, sources told Insider.

Get the full rundown here. 

A new stock-trading venue backed by a who’s who of Wall Street is pitching a perfect solution

A new trading venue that aims to make it easier for large investors like mutual funds and hedge funds to trade blocks of stock is preparing to go live following a fundraise from some of Wall Street’s biggest names.

PureStream Trading Technologies, started in 2018, is preparing for a launch sometime in the second quarter of this year. It’s raised $14 million from a who’s who of Wall Street investment banks and buy-side firms including Goldman Sachs, Bank of America, AllianceBernstein, and BMO Capital Markets, which bought algo platform Clearpool last year. 

Now they just need to get everyone on board.

BlackRock is teaming up with Snowflake

BlackRock is partnering with a red-hot tech company as a way of adapting one of its crown jewels to meet a customer base increasingly focused on data and coding. 

The world’s largest asset manager is launching a feature called Aladdin Data Cloud with the help of Snowflake, the cloud-data storage firm that went public last fall.  

The new feature allows customers to access and combine Aladdin’s data with their own internal or third-party data sets. It’ll also serve as a big boost for Aladdin Studio, a set of tools for developers to open up and customize Aladdin for their needs. The decision to open up Aladdin for more customization was a long time coming, Sudhir Nair, global head of the Aladdin business at BlackRock, told Insider. 

Read more about the new partnership here

Wall Street people moves of the week

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    • TIAA named Thasunda Brown Duckett as its next president and CEO. She will join the firm on May 1 from her current employer, JPMorgan Chase, where she has served as CEO of Chase Consumer Banking. At TIAA, Duckett will succeed Roger Ferguson, who is departing the firm after 13 years as chief executive. JPMorgan co-president and COO Gordon Smith said in an internal memo that, in the meantime, leadership of the consumer bank will report in to him and that the firm will announce plans around succession shortly. 
    • Maverick Capital executive Andrew Warford is leaving the $9 billion hedge fund. Warford, chairman of the firm’s stock committee and de facto head of the fund, is departing after 18 years. He was tapped to head up the stock committee in 2012 and became a managing partner in 2013 as Lee Ainslie, Maverick’s billionaire founder, gradually stepped back and delegated more power. Sources tell Insider that Warford will run his family office from Minnesota.

Here’s our full rundown of moves at firms like Goldman Sachs, Credit Suisse, and HSBC

Other stories our readers loved this week:

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