Wall Street banks are snapping up healthcare dealmakers

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.


Wall Street banks are snapping up healthcare dealmakers in what one headhunter calls an ‘extremely, extremely active’ hiring market

healthcare costs

Charles Anderson, who leads Heidrick & Struggles’ corporate- and investment-banking recruiting business, described the demand from clients for healthcare searches as being “extremely, extremely active” in recent months. Here’s a rundown of recent senior banker moves.


Fintechs reimagining the future of community banking

Asya Bradley of First Boulevard, Donald Hawkins of First Boulevard, Toni Harrison of Fair, and Dennis Cail of Zirtue on a green background with symbols of banks and money.
Asya Bradley of First Boulevard, Donald Hawkins of First Boulevard, Toni Harrison of Fair, and Dennis Cail of Zirtue.

Insider spoke with 10 execs who are transforming how Black, Latinx, immigrant, and LGBT+ communities bank, invest, and borrow. See the full story here.


A rising star in the hedge fund world left it all behind to start his own healthy snacks company. Here’s what was behind Jason Karp’s ‘Jerry Maguire’ moment.

Jason Karp, Scarlett Johansson, and Steve Cohen
Jason Karp, Scarlett Johansson, and Steve Cohen

Jason Karp managed billions as the founder of the hedge fund Tourbillon. But he left it all behind to get into a totally different business: building healthy-food brands. Keep reading here.


Billionaire and former hedge fund manager Mike Novogratz explains why institutional adoption of crypto is set to ‘explode’

GettyImages 1181728477
Mike Novogratz.

Novogratz says he recently spoke with one of the three biggest pension funds in America and that they are getting close to investing in crypto. See the full story here.


Wall Street people moves


Other top headlines from this week

Rob Rooney, Morgan Stanley
Rob Rooney, Morgan Stanley

Read the original article on Business Insider

Wells Fargo’s mortgage banker exodus – Wall Street’s return to office – Crypto talent war

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.


Micromanagement, surprise employee investigations, and email surveillance: Why top mortgage bankers are quitting Wells Fargo in the middle of a red-hot housing market

Top mortgage lenders are leaving Wells Fargo

More than 20 top mortgage lenders at Wells Fargo have left in the past year. Insider has the details on the heavy oversight culture and clunky technology that led to the exits.


Blackstone just told US investment professionals to report to the office, and the private-equity giant has spent $20 million on safety precautions such as paying for cabs to work

Jonathan Gray
Jonathan Gray, Blackstone’s president and chief operating officer.

Blackstone is planning a full return to the office on June 7, President Jon Gray said on an internal Monday-morning call. See all the details here.


The crypto talent war is heating up as big money managers warm to digital assets

GettyImages 942027334

Recruiters are seeing an uptick in searches for crypto roles as legacy firms such as Morgan Stanley and UBS wade into the space. Here’s how the battle for talent in the emerging industry is shaping up.

For more on digital assets:


This summer, Wall Street is getting comfortable and colorful – and everyone wants something stretchy to wear when they go back to the office

mens suits sags thumb

Wall Streeters are set to redefine office attire, whether they’re seeking out color and patterns to show off their personality at work or opting for something a bit more comfortable. Here’s what bankers are stocking up on.


Carlyle is tying employee bonuses and CEO comp to successfully meeting goals around diversity, equity, and inclusion at the PE giant

Kara Helander, the Carlyle Group
Kara Helander, the chief inclusion and diversity officer at the Carlyle Group.

The Carlyle Group plans to recognize employees who are advancing the firm’s goals advocating for diversity, equity, and inclusion with monetary incentives. Kara Helander, Carlyle’s chief inclusion and diversity officer, told Insider why.


Blue Owl is taking on big banks in funding tech buyouts. The president of the business created by the Dyal-Owl Rock SPAC deal shares how he plans to become ‘a lender of first choice.’

Blue Owl leadership
From left: Michael Rees, Marc Lipschultz, and Doug Ostrover.

Owl Rock and Dyal Capital’s Blue Owl SPAC merger is nearing completion. Here’s how the new company is targeting further growth in private lending.


RBC Capital Markets and Guggenheim Securities just announced the latest junior-banker raises on Wall Street amid a battle to hang on to young talent

headhunters and recruiters sourcing talent for wall street 2x1

Two investment banks are joining the bevy of financial-services firms rolling out special perks and raises to hang on to junior talent. Here are all the details.


Wall Street people moves


Other stories readers loved this week

  • Public.com is offering up SPAC-specific data to users. The $1.2 billion fintech’s COO explains why it’s trying to simplify complex blank-check deals for investors.
  • Rising-star equity analysts give their 18 favorite stock picks of the moment, and explain why they recommend buying each one.
  • Citigroup is zeroing in on clients moving toward clean energy in what a senior banker described as a “super-mega trend.”
  • A rising star at the $8.8 billion Perceptive Advisors breaks down why the biotech hedge fund is so bullish on BridgeBio.
  • NBA star C.J. McCollum is shooting for billionaire status. He told us how he invests and whom he calls for advice.
Read the original article on Business Insider

IB offer letters – Goldman return to office – Volatility-trader talent war

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.


We saw offer letters for investment-banking interns for summer 2022. Here are the details on 5 banks’ pay, start dates, and signing bonuses.

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

Investment-banking summer-internship offer letters have already begun to go out for 2022 programs. Insider reviewed the details for five banks. You can get the full rundown here.


RBC Capital Markets and Guggenheim Securities announced the latest junior banker raises on Wall Street

money

RBC is also mandating vacation time for vice presidents, associates, and analysts, with two five-day weeks per year in which they do not have VPN access. See all the details here.


Bank of America’s top tech exec details why 5G and 3D printing can be transformative for the bank

Bessant Photo
Bank of America’s Chief Operations and Technology Officer, Cathy Bessant

Bank of America’s Cathy Bessant highlighted the importance of 5G mobile broadband and 3D printing. Her fellow Bank of America tech exec David Reilly also spoke to the importance of 5G for edge cloud computing. See the full story here.


Automation is transforming how new bonds get sold, and syndicate bankers worry they’ll lose their jobs if they don’t branch out

A trader on the phone
Syndicate bankers can spend hours on the phone when a bond deal is in the market.

“Allocation via the computer is coming,” said one syndicate banker who works at a bulge-bracket investment bank. “Automation makes allocations for a bond sale more uniform, but it’s scary for bankers that focus solely on execution.” Keep reading here.


A talent war has broken out for equity derivatives traders at Wall Street’s top investment banks – here are the latest moves

headhunters and recruiters sourcing talent for wall street 2x1

Wall Street equity derivatives traders have become a hot commodity, and hedge funds and investment banks have been fighting to hire or retain star volatility traders. Insider is tracking the hires and departures.


Inside the network of dozens of spin-off hedge funds from billionaire New York Mets owner Steve Cohen

steve cohen hedge funds 2x1
Steve Cohen

Steve Cohen’s decades-long career in finance has made him billions of dollars across two hedge funds and led to the creation of more than 80 other firms. Check out our interactive graphic here.


RBC dealmakers explain how investment banking is transforming as ESG becomes a hot topic with clients

Lindsay Patrick and Vito Sperduto, RBC Capital Markets
Lindsay Patrick, left, and Vito Sperduto, right.

Bankers have no choice but to consider ESG when advising on deals, as it’s increasingly becoming a significant part of the market. Here’s what that means for investment banks, according to two top RBC dealmakers.


Wall Street people moves roundup


Other stories readers loved this week

Read the original article on Business Insider

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.

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


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

morgan stanlety big year james gorman 2x1

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

GettyImages 942027334
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

Thasunda Duckett preferred headshot_2019
    • 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:

cathie wood ceo ark invest profile 2x1
Read the original article on Business Insider