Insider spoke with 8 of the most powerful Black women in money management about microaggressions, mentors, and career triumphs

From left: Kim Lew, president and CEO of the Columbia Investment Management Company, Dekia Scott, CIO of Southern Company, Tina Byles Williams, CEO CIO and Founder of Xponance, and Michaela Edwards, partner and portfolio manager at Capricorn Investment Group with magenta circles and a faded white grid behind them on a purple background
From left: Kim Lew, president and CEO of the Columbia Investment Management Company; Dekia Scott, CIO of Southern Company; Tina Byles Williams, CEO CIO and founder of Xponance; and Michaela Edwards, partner and portfolio manager at Capricorn Investment Group.

Institutional investors control a combined $70 trillion in assets – and the majority of people managing that massive money pile are white, male, or both.

Insider spoke with eight Black women in high-powered asset-management roles who collectively control billions of dollars in assets. They shed light on whether the industry’s diversity problems are fully understood. They also discussed victories and pivotal moments in their careers:

  • “I’m fully aware that when you ask the random person, ‘What comes to mind when you think of an investment manager?’ I’m pretty sure that the image that comes to mind doesn’t look like me,” said Tina Byles Williams, the founder, CEO and CIO of Philadelphia-based asset manager Xponance. “It probably doesn’t look like a woman, and it surely doesn’t look like a Black woman. That is the opportunity and the burden.”
  • “I unapologetically take up space,” said Dominique Cherry, head of capital markets at the Philadelphia Board of Pensions and Retirement. “You just make a decision that you’re going to take up as much space as needed until that point that your presence is recognized, your voice is heard, and hopefully you can bring a couple of young people along the way with you.”

SUBSCRIBE TO READ THE FULL STORY: 8 of the most powerful Black women in money management on microaggressions, mentors, and finding their voice on Wall Street

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Goldman Sachs is transforming under CEO David Solomon

Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon.

Goldman Sachs is transforming under CEO David Solomon.

The Wall Street bank has taken steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is executing on targets including multi-year cost-cutting plans. And it’s making big pushes into wealth management and consumer banking.

On Tuesday, the firm’s second-quarter 2021 earnings results topped expectations, with the bank reporting its second-highest net revenues on record. Its investment bank raked in more than $3.6 billion in revenue.

But the bank’s top ranks have also seen turnover this year, shedding execs within its management committee and partnership.

At the junior level, some young bankers are frustrated about not yet receiving base salary raises even as some bank competitors have raised pay.

Here’s a rundown of the must-know news at Goldman, including the latest hires and exits, as well as deep dives on its Marcus consumer bank and wealth-management push.

Who are the top leaders at Goldman?

Goldman Sachs org chart 2x1

Goldman in September shuffled its setup, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.

Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, were tapped to colead the new consumer and wealth management division and the changes went into effect on Jan. 1.

The new setup matches the way Goldman reports financial results, a change the firm made in 2019 to better align with how Solomon wanted investors to think about the firm. Goldman now has four divisions: consumer and wealth management, asset management, investment banking, and global markets.

Read more:

Junior bankers in focus

wall street trader sad
Junior bankers have vented their frustrations to Goldman Sachs executives in recent months.

Goldman Sachs juniors vented this spring about 100-hour work-weeks.

So far, they’ve yet to benefit from it in the way of raises or bonuses, though Solomon hinted on the firm’s second-quarter earnings call that an update to their compensation policy might come in August.

The bank has been looking to hire reinforcements and fast-track tech initiatives to streamline work.

Read more:

The lastest news on Goldman’s Marcus

Marcus Goldman Sachs
Marcus offers savings and credit products online and through its app.

Goldman Sachs has built its consumer-banking arm into a $1 billion business over the past five years.

But it’s seen a wave of departures including the exits of top Marcus bosses Omer Ismail and David Stark. And JPMorgan has poached the head of product at Marcus to join the bank’s digital and product leadership team for consumer and community banking. Goldman has also brought in new hires, including Peeyush Nahar, an executive at Uber, to head the bank’s consumer business.

Insiders explained how Goldman Sachs’ hard-charging culture had contributed to exhaustion and high turnover within Marcus, and a Goldman spokesperson told us that the firm is eyeing beefing up the ranks by hiring some 200 to 300 new engineers.

Read more:

Goldman’s wealth-management push

Meena Flynn and John Mallory of Goldman Sachs
Meena Flynn and John Mallory co-head the private wealth business at Goldman Sachs.

Goldman, a firm synonymous with enormous wealth, has in recent years tried to reshape itself as a bank that can count someone with just $1,000 to invest as a client just as it has long done business with large companies and the very wealthy.

It launched Marcus Invest, a robo-advisor with a $1,000 minimum, earlier this year. And it has reorganized how its wealth businesses are situated entirely, creating a new internal consumer and wealth management division that went into effect at the start of this year. Goldman has some 800 advisors within private wealth globally.

Goldman’s dealmakers

When Goldman announced its latest class of partners, one group was particularly well-represented on the list. Seven of the 19 investment bankers elevated to partner status came from the bank’s powerhouse technology, media, and telecommunications group.

The group has also seen some shakeups in recent months. Goldman Sachs veteran Gregg Lemkau, co-head of the firm’s investment banking division since 2017 and a member of Goldman’s management committee, left at the end of 2020. Instacart has tapped Nick Giovanni, Goldman Sachs’ head of the global technology, media and telecom group, to be its CFO. And in September, Goldman Sachs named new leadership in its M&A group.

Goldman has also been riding the SPAC boom, which went into overdrive in the first quarter. It ranked No. 2 among banks in terms of SPAC IPOs year-to-date by mid-March.

Read more:

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Fintechs poach bankers upset with return-to-office policies

nyc skyline
New York City, USA – August 1, 2018: Elevated view of the skyline of modern skyscrapers of Manhattan at sunset in New York City, USA

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 or on Twitter @DanDeFrancesco.

A hot-headed VIX trader is out at JPMorgan, sources say. A series of late-night tweets may have been the breaking point.

jamie dimon

Ishan Malik, a JPMorgan trader on one of the hottest desks on Wall Street, is out. In addition to a series of tweets that may have prompted his exit, insiders said Malik had a track record of abrasive and hot-headed behavior that alienated people he worked with.

Here’s what we know about his departure.

NY fintechs are using remote work to poach people from Wall Street banks pushing a return to the office

wall street burnout young talent junior analyst 4x3

Fintechs are capitalizing on Wall Street’s strict return-to-work policies by offering flexible work options. Here’s how fintechs are snatching talent from New York’s big banks.

Former Cantor Fitzgerald CEO Shawn Matthews’s hedge fund is outperforming the average manager with commodity and rates bets

Shawn Matthews
Former Cantor Fitzgerald boss Shawn Matthews started his own hedge fund this year

Matthews’s Hondius Capital is up more than 17% in the first half of 2021, sources told Insider. More on that here.

NBA team valuations are soaring thanks to lucrative media deals, and big investing firms are stepping in as even billionaires get priced out

phoenix suns

Dyal HomeCourt just bought a stake in the Phoenix Suns. We spoke with Dyal execs, who shared details about the NBA owners and teams they’re looking at next. Here’s what they told us.

Must-know promotions, exits, and hires at firms like Credit Suisse, Goldman Sachs, and Wells Fargo

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

We’ve compiled some of Wall Street’s biggest people moves this week. Check out our list of hires, exits, and promotions.

Odd lots:

Buyer of Jeffrey Epstein’s NYC Home Gets $30.6 Million Citi Loan (Bloomberg)

Credit Suisse Adds Risk Role to Prevent Another Archegos (WSJ)

There’s a bidding war for jobseekers, and it’s getting crazier by the day (Insider)

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Incoming Amazon CEO Andy Jassy’s newest stock award tops $200 million. This is how his Amazon holdings compare to Jeff Bezos’.

Andy Jassy Jeff Bezos
Andrew Jassy and Jeff Bezos.

  • Amazon has granted incoming Amazon CEO Andy Jassy 61,000 shares.
  • The grant, worth about $214 million at Friday’s close, will vest over 10 years.
  • Jassy on July 5 will take the helm of the company as CEO Jeff Bezos steps down.
  • See more stories on Insider’s business page.

Incoming Amazon CEO Andy Jassy’s newest stock award totaled more than $214 million, a high-dollar payout that would vest over 10 years, but still paled in comparison with founder Jeff Bezos’ company holdings.

Amazon on Friday filed paperwork with the Securities and Exchange Commission (SEC) detailing Jassy’s newest award of 61,000 shares. Amazon stock ended the week at $3,510.98 per share, placing Jassy’s new grant just above $214 million.

Jassy’s total Amazon holdings before the award were worth about $270 million, according to an Insider analysis of his SEC filings.

He owned about 0.02% of Amazon stock, according to FactSet data reported by CNBC on Friday.

Bezos, who plans to step down as chief executive on July 5, holds about 10.3% of the company and more than 50 million shares, according to Markets Insider.

Bezos’ Amazon stake totaled about $170 billion in May. He sold about $10 billion in stock in 2020.

Wall Street analysts’ average price target for Amazon’s stock was $4,241.33, about 21% above Friday’s close, according to Yahoo Finance.

The stock ticked up 2% in after-hours trading on Friday.

Jassy sold about 460,000 Amazon shares over the last 15 years, according to Insider’s analysis. If he hadn’t sold those shares, his holdings would have been worth about $1.8 billion in February, it said.

Read the original article on Business Insider

Nominations are now open for Insider’s next class of Wall Street rising stars

We're looking for the next crop of rising stars on Wall Street.
We’re looking for the next crop of rising stars on Wall Street.

  • Insider is putting together a power list of the young talent on Wall Street.
  • We want to spotlight the standouts in investment banking, investing as well as sales and trading.
  • Please submit your ideas through this form by August 6th.

We’re seeking nominations for Insider’s list of rising stars on Wall Street, and we want to hear from you.

Submit your suggestions below or via this form.

We’re looking for the leaders of tomorrow, those making notable contributions or accomplishments and setting themselves apart from their class in investment banking, investing, and sales and trading.

In the past, we’ve had people with a variety of roles and experiences from companies including Apollo Global Management, Blackstone, Goldman Sachs, BlackRock, and the New York Stock Exchange.

Take a look at our 2020 list here.

Criteria and methodology

Our selection criteria: We ask that nominees be 35 or under, based in the US, work front-office roles, and stand out from their peers. Editors make the final decisions.

Please make your submission below or through this form by August 6th to have your selection considered for the list. Please be as specific as possible in your submission.

Please email Michelle Abrego at mabrego@insider. com with any questions or issues submitting your nominations.

Read the original article on Business Insider

The latest on JPMorgan’s big wealth-management plans

Jamie Dimon
JPMorgan CEO Jamie Dimon

  • JPMorgan, headed up by CEO Jamie Dimon, is the biggest US bank by assets.
  • The firm wants to hire 1,500 private bank advisors. It’s also making branches a part of its wealth push.
  • JPMorgan is buying UK roboadvisor Nutmeg.
  • Visit Business Insider’s homepage for more stories.

JPMorgan is the biggest bank in the US and a bellwether for the global financial system. So when the firm’s senior-most leaders talk, Wall Street pays attention.

Private banking and wealth management are a key part of JPMorgan’s future.

In the past year, the bank has hired about 100 advisors for its private-bank division, which oversees more than $836 billion in client assets and caters to individuals worth at least $10 million. JPMorgan plans to hire as many as 1,500 new advisors over the next five years, doubling its current private-bank advisor head count, Private Bank CEO David Frame told Insider.

The bank this month also said it’s buying UK robo-advisor Nutmeg, which oversees some $4.9 billion for around 140,000 investors. The 9-year-old startup already used portfolios with active and passively managed exchange-traded funds provided by JPMorgan Asset Management.

JPMorgan has big plans for employees at the bank’s roughly 4,900 US branches. The bank is aiming to have all US branches staffed with licensed relationship bankers who can offer investment advice to clients by the end of the year, Insider has learned.

Wealth management plans

MASPETH, NY - NOVEMBER 17: Shivani Siroya, Kristin Lemkau and Stephanie Cohen speak onstage at Girlboss Rally NYC 2018 at Knockdown Center on November 17, 2018 in Maspeth, New York. (Photo by JP Yim/Getty Images for Girlboss Rally NYC 2018)
Kristin Lemkau, center, the chief executive of JPMorgan’s US wealth management business.

JPMorgan is planning to significantly expand its financial advisor force, bringing the firm closer in size and scope to its rival firms in wealth management. Over the next five to six years, the bank is considering hiring as many as 4,000 advisors to roughly double its current base, US Wealth Management Chief Executive Officer Kristin Lemkau told Business Insider this fall.

Lemkau, who has been with the bank for over two decades and was previously its chief marketing officer, was named head of JPMorgan’s new wealth division in December 2019. Its various wealth businesses, including its self-directed wealth product, were reorganized under one umbrella.

Read more on JPMorgan’s wealth management plans:

Recent leadership shakeups and new hires

The bank on May 18 promoted two women to co-lead the firm’s massive consumer and community banking business: consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak. The pair will take over running the division from Gordon Smith, who’s retiring this year from his roles as co-president and co-chief operating officer of the firm and CEO of CCB.

The moves shine a light on succession planning at the firm, as Lake and Piepszak are two of the top contenders to take over for CEO Jamie Dimon when he eventually retires. Smith had also been rumored to be in the running for the top job before announcing his retirement.

Read more:

collage (1)
Melissa Goldman and James Reid

JPMorgan in May named James Reid and Melissa Goldman to be CIOs of two newly-formed groups to help modernize tech for employees.

Reid is CIO of the firm’s employee experience and corporate technology organization, which is modernizing the tech employees use internally. And Goldman, also the firm’s chief data officer, is CIO of the finance, risk, data, and controls (FRDC) technology group.

JPMorgan also hired another ex-Marcus executive, Sherry Ann Mohan, chief financial officer for business banking, CNBC first reported. Mohan, who will start August, was previously at Goldman Sachs for 15 years and most recently the CFO of the consumer business, including the Marcus brand and Apple Card..

More on people moves here:

Read the original article on Business Insider

Wall Street’s gatekeepers: 350 headhunters hiring for jobs in trading, dealmaking, and investing

headhunters and recruiters sourcing talent for wall street 4x3
Business Insider compiled top headhunting firms and Wall Street recruiters by specialty.

  • Wall Street hiring has been red-hot in recent months.
  • Insider has compiled a searchable list of more than 350 Wall Street recruiters.
  • The database includes headhunters who focus on traders, dealmakers, portfolio managers, and bankers.

Wall Street headhunters have been plenty busy this year.

Buy-side trading firms have been snapping up a slew of star derivatives traders from investment banks. Top healthcare bankers are in high demand, with one recruiter describing search requests from clients as being “extremely, extremely active.” And the market for quant and data-science specialists has perhaps never been hotter.

Business Insider spoke with its network of sources and mined online data from over 80 recruiting firms to compile a list of more than 350 headhunters that source talent for Wall Street firms.

Our database includes recruiters who focus on front-office investment professionals: traders, dealmakers, portfolio managers, and investment bankers.

SUBSCRIBE NOW TO ACCESS OUR DATABASE: 350 headhunters to know if you want to land a job in trading, dealmaking, and investment management

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How to land a job at Blackstone, according to the private-equity giant’s president and its HR head

blackstone young professionals 4x3
Blackstone president and COO Jon Gray was hired as an analyst at the firm in 1992

Jon Gray still remembers what it was like when he was hired as an entry-level analyst at a seven-year-old private-equity shop in New York City in 1992.

“It was a tiny place … I think there were 80 or 90 people,” Gray said of Blackstone, a firm that would go on to become the world’s largest alternative investment manager and, during Gray’s time as head of global real estate, its largest property owner.

Fresh out of the University of Pennsylvania, Gray was interviewed by the Blackstone cofounders Stephen Schwarzman and Pete Peterson themselves. He couldn’t have predicted that he would eventually be named Blackstone’s president and chief operating officer in 2018, becoming one of the most powerful executives on Wall Street.

“For me, a kid from suburban Chicago, I was like, ‘Oh my gosh, this seems really exciting.’ And it was obviously terrifying being interviewed,” he recalled. “And by the way, starting was terrifying. I remember being so nervous having my first job here.”

Granted, private-equity firms’ associate hiring is looking a little different than in recent years. Recruiters first delayed the kickoff of the ultra-competitive process in the fall of 2020 in light of the coronavirus pandemic. Now the traditional on-cycle associate recruiting process likely won’t start until late summer or early fall 2021, Insider previously reported.

In October of 2020, we spoke with Gray, headhunters who recruit for the firm, and Blackstone’s global head of human resources to learn what it takes to stand out. From how to ace interviews to deals you need to be familiar with, here’s what they told us.

SUBSCRIBE NOW TO READ THE FULL STORY: Blackstone president Jon Gray reveals how to stand out to land a job at the ultra-competitive firm

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Meet NYC Mayoral candidate Ray McGuire, a former Wall Street exec who wants to accelerate small businesses to the top

Ray McGuire
New York City mayoral candidate Ray McGuire.

  • Ray McGuire is a former Wall Street executive who is running for New York City mayor.
  • McGuire wants to enact a job accelerator program that would bring back 50,000 positions at small businesses.
  • As a political outsider, he says that he would bring a fresh perspective to City Hall.
  • Sign up for the 10 Things in Politics daily newsletter.

New York City may be a preeminent global financial capital, but the city runs on its small businesses.

Last August, a report by the Partnership for New York City indicated that about a third of the city’s 240,000 small businesses might remain closed when the COVID-19 pandemic subsides.

With a citywide 28-day COVID-19 positivity rate average hovering at 1.1 percent, much of the city has reopened, but there is still work to be done.

For Ray McGuire, a longtime Wall Street executive and one of the eight major Democratic candidates running in the city’s mayoral primary that will be held on June 22, steering the city’s economic recovery after the pandemic would be one of his paramount objectives as mayor.

“I want to have the greatest, most inclusive comeback in the history of New York City,” he said.

McGuire, 64, knows a thing or two about financial advancement, having grown up as the son of a single mother in Dayton, Ohio, and going on to become a top investment business leader.

After graduating from Harvard University, where he earned three degrees – a B.A. in English, as well as business and law degrees – McGuire carved out a career in investment banking, notably at Merrill Lynch. He’d go on to serve as the global co-head of mergers and acquisitions at Morgan Stanley.

McGuire became one of the highest-ranking Black executives on Wall Street when he entered a role as the head of global corporate and investment banking at Citigroup, originating and executing deals valued at over $650 billion.

Now he wants to apply his managerial experience to a city that he says has been hampered by the administration of Mayor Bill de Blasio.

McGuire recently spoke with Insider about his campaign, which has focused on economic issues, affordable housing, and improving access to education throughout the city. Below are edited excerpts from that interview.

Q. You’ve touted your Comeback job accelerator program as a way to bring back economic life to the city in a big way. How would the plan work?

A. My plan is to put 50,000 jobs in small businesses to take care of half of their wages for one year, to help them retain their New York city sales tax receipts for one year, to waive all fees due for one year, to appoint a deputy mayor for small businesses, and to have that deputy mayor have “red tape” commission to cut through all the bureaucracy. There’d be a shot clock, which would put some discipline into when the city responds to applications from small businesses. I want to make this city the best place for small businesses to come.

Ray McGuire
New York City Mayoral candidate Ray McGuire speaks during a press conference at the National Action Network’s House of Justice to denounce the rise of attacks against Asian Americans on March 18, 2021.

New York City has so many pressing infrastructural needs that have developed over generations, largely due to a lack of funding. What investments would you make?

In what I call the ‘Go big, Go small, Go forward’ plan … ‘Go big’ is focused on infrastructure, including affordable housing and broadband for the 1.5 million New Yorkers who don’t have it. We’ll also invest in climate resilience for the hundred-year floods that come every five years, in places like the Rockaways [Queens] and Hunts Point [Bronx] and and Red Hook and Coney Island [Brooklyn], along with Lower Manhattan.

Several of your competitors have deep experience in government and they’re now asking voters for a huge promotion. Your business background carves out a different lane in the race. How does your experience differentiate what you would do as mayor from the other candidates?

Most of them have never run organizations that are large and complex. This is not the first time that someone could be in a leadership role, but has never led before. This is serious business. I have had a track record of leading large, complex businesses. That track record extends globally. I’ve had to be a doer, not a talker. The vast majority of them have been talkers and have never managed budgets larger than $10 million or $50 million or $100 million. [In April, Mayor de Blasio released a proposed 2022 budget of $98.6 billion.] We are at a very dangerous intersection in this city. For somebody who’s simply looking for a promotion, was termed out, or served in this failed administration, this is not the time for their first job, nor is it the time for a consolation prize.

You’re running on a change platform. What do you feel is the biggest shortcoming of Mayor de Blasio’s administration?

The biggest shortcoming is a lack of management experience, lack of judgment, and an inability to attract and retain the best talent. It’s almost like a revolving door. Look at how long people have been in their positions.

You’ve basically been campaigning throughout the pandemic. As someone who’s spoken to voters from all walks of life across the five boroughs, what is something that has really stuck out to you over the past few months?

They’re highly, highly, highly skeptical of career politicians. They show up for the photo ops, but things haven’t changed and have actually gotten worse. People want something different. The status quo hasn’t served them.

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The deal whisperer: Inside the rise of Raine Group’s Jeff Sine

Masayoshi Son, Rupert Murdoch, Jeff Stine, and Ari Emanuel with a WeWork office building on fire and The Raine Group logo patterned on a green background.
From left: Masayoshi Son, Rupert Murdoch, Jeff Sine, and Ari Emanuel.

  • Jeff Sine has built a career as an unorthodox banker.
  • He’s advised business moguls like Masayoshi Son and Rupert Murdoch.
  • The Raine Group, a media- and entertainment-focused merchant bank, is now a billion-dollar business.
  • See more stories on Insider’s business page.

From humble beginnings, Jeff Sine built a career as an unorthodox banker who offered unvarnished advice and tamed unruly transactions for business moguls like Masayoshi Son and Rupert Murdoch. He defied the odds and built merchant bank The Raine Group into an investing empire in its own right.

Insider spoke with 10 people who have worked with Sine throughout his career, including senior bankers and clients. They explained how Sine became one of the world’s most influential dealmakers, the origins of his relationships with Masa and other key clients, and how he built a billion-dollar business.

SUBSCRIBE NOW TO READ THE FULL STORY: How Jeff Sine became SoftBank CEO Masayoshi Son’s deal whisperer and built Raine Group into an investing empire along the way

Read the original article on Business Insider