WALL STREET RISING STARS: Meet 25 up-and-comers in investing, trading, and dealmaking at firms like Blackstone, Tiger Global, and Goldman Sachs

From left: Julia Jaskolska of CalPERS, Christopher Oglesby of Bank of America, Connie Lee of Tiger Global Management, and Lalit Gurnani of Goldman Sachs with yellow up arrows patterned out behind them on a green to yellow gradient background
From left: Julia Jaskolska of CalPERS, Christopher Oglesby of Bank of America, Connie Lee of Tiger Global, and Lalit Gurnani of Goldman Sachs.

From shaking up investing at the largest US pension system to deploying make-or-break capital to struggling airlines and municipal governments, these 25 people stood out as the future of finance.

Selecting the final list wasn’t easy. We received hundreds of nominations from bosses, colleagues, recruiters, and others working in the finance industry. We asked that nominees be 35 or under, based in the US, and stand out from their peers. Editors made the final decisions.

Insider talked to these rising stars, from leading firms like Goldman Sachs, BlackRock, and Tiger Global, to reflect on their successes, challenges, and best career advice.

Subscribers can see our full list of 25 up-and-coming Wall Street leaders.

Read the original article on Business Insider

Meet 2021’s rising stars of Wall Street

From left: Julia Jaskolska of CalPERS, Christopher Oglesby of Bank of America, Connie Lee of Tiger Global Management, and Lalit Gurnani of Goldman Sachs with yellow up arrows patterned out behind them on a green to yellow gradient background
From left: Julia Jaskolska of CalPERS, Christopher Oglesby of Bank of America, Connie Lee of Tiger Global, and Lalit Gurnani of Goldman Sachs.

From shaking up investing at the largest US pension system to deploying make-or-break capital to struggling airlines and municipal governments, these 25 people stood out as the future of finance.

Selecting the final list wasn’t easy. We received hundreds of nominations from bosses, colleagues, recruiters, and others working in the finance industry. We asked that nominees be 35 or under, based in the US, and stand out from their peers. Editors made the final decisions.

Insider talked to these rising stars, from leading firms like Goldman Sachs, BlackRock, and Tiger Global, to reflect on their successes, challenges, and best career advice.

Subscribers can see our full list of 25 up-and-coming Wall Street leaders.

Read the original article on Business Insider

A 20-year-old first-gen college student with dwarfism shares how he landed an investment-banking job at Credit Suisse – and didn’t let a disability stand in his way

Kevin Truong, set to be Credit Suisse investment-banking analyst
Kevin Truong, 20, is set to join Credit Suisse as an investment-banking analyst next year.

  • Kevin Truong, 20, has lived with dwarfism since age of 5. His mother and sister share the condition.
  • Truong is now a first-generation college student attending the University of California, Berkeley.
  • He revealed that he’s going to work for investment bank Credit Suisse in a now-viral LinkedIn post.
  • See more stories on Insider’s business page.

Kevin Truong was diagnosed with dwarfism at age 5.

The native of Stockton, California, shares the condition with his mother and sister, who is currently a junior in high school.

“I got my fair share of people teasing me, asking why am I shorter than them,” Truong said in a recent interview with Insider. “In my early years, it was quite tough,” both physically and socially with other kids at school.

Truong, 20, comes from humble means. His parents are Vietnamese immigrants. His mother has largely stayed out of the workforce, he said, and his father is a professional landscaper and gardener. Vacations, generally, were an unfamiliar concept, and some of his earliest memories of being on an airplane came when he participated in diversity-recruiting initiatives in college.

He’s attending the University of California, Berkeley, where is now a senior studying business, thanks to roughly $30,000 in scholarships and tuition grants that he estimated he receives each year.

At Berkeley, Truong got his first taste of Wall Street through membership in Capital Investments, the school’s student-run investment fund. By the end of his first semester as a freshman, he’d begun the process of applying to a number of Wall Street banks’ internship programs, aiming to line one up for the summer after his sophomore year.

Just one firm reached back out to set up an interview: Credit Suisse. Truong was determined not to let the opportunity slip away.

The journey to Wall Street

Through a diversity-recruiting program at Credit Suisse, Truong ultimately partook in two internships at the firm. At the conclusion of his most recent internship, this past summer, he received a return offer to join its technology investment-banking coverage group after he graduates Berkeley next year.

He revealed the news in a now-viral post on LinkedIn earlier this month. It had garnered more than 66,000 reactions – mostly a mix of thumbs-up, hearts, and applause – as of mid-September.

“Three years ago when I came to Cal, I was fearful about how someone like me, a first generation college student from a low income background with no connections and no experience in the business world, could make it in a world seemingly dominated by students with vast networks and stellar resumes,” he wrote.

“Today, I am happy to say I proved myself wrong.”

For people with disabilities, finding employment can be a challenge

People living with disabilities continue to be marginalized in a variety of industries.

Just under 18% of people in the US who live with disabilities were employed in 2020, down slightly from the year before, according to a Bureau of Labor Statistics report published in February. Individuals living with a disability are likelier to work in service-oriented fields, the BLS said, and as many as a third work part-time.

It’s no different on Wall Street, which has long struggled to diversify its ranks. Indeed, just one disabled- and woman-owned floor broker operates on the New York Stock Exchange, CNBC reported earlier this month.

“Unfortunately I haven’t met anyone in the finance community that has dwarfism,” Truong said. “We’re definitely still very much a minority.”

Eventually, Truong hopes to pursue a role as an impact investor. Investing in social causes would enable him to expand on the work he’s done as an advising fellow with the Berkeley chapter of Matriculate, a nonprofit organization that supports students from low-income backgrounds in applying to university.

When Truong joins Credit Suisse after graduation, he’ll be on track to earn a starting salary of $100,000 before bonus. He’d like to experience travel, and a visit to his parents’ homeland of Vietnam is high on his list.

“I know my sister personally has always wanted to go to Hawaii,” he added. “I hope to take her there sometime in the next few years.”

Visits to Vietnam or Hawaii notwithstanding, though, Truong is traversing a different road now: the journey to Wall Street. He is adamant that no obstacle will prevent him from getting there.

Read the original article on Business Insider

Warren Buffett had at least 3 chances to bail out Lehman Brothers before it collapsed. Here’s why he didn’t take them.

warren Buffett
Warren Buffett.

  • Warren Buffett had at least three opportunities to save Lehman Brothers from bankruptcy.
  • The investor analyzed the embattled bank and decided it was too risky to help.
  • Lehman Brothers’ collapse was a key catalyst for the global financial crisis.
  • See more stories on Insider’s business page.

Warren Buffett had at least three chances to bail out Lehman Brothers before the investment bank collapsed in September 2008, fueling the global financial crisis. The billionaire investor and Berkshire Hathaway CEO rejected the first two invitations, and a technology mix-up meant he didn’t get the third one.

Buffett has repeatedly underscored the severity of the situation in the fall of 2008, when investors were pulling billions of dollars out of money-market funds, and credit markets were frozen.

It was “as close to a total meltdown throughout the financial system as you can imagine,” Buffett said at Berkshire’s 2008 shareholder meeting. “We really were looking into the abyss at that time.”

“I describe it as an economic Pearl Harbor,” he told Vice News in 2018, a decade after the financial crisis began.

Lehman CEO Richard Fuld first called Buffett in March 2008 to suggest Berkshire inject several billion dollars into the ailing bank, the investor told CNBC in 2018.

Buffett was open to the idea, and spent a night in his office scouring hundreds of pages of Lehman’s latest financial reports. He jotted down every red flag he spotted, and soon had a lengthy list.

“There was clearly a lot of trouble there,” Buffett told The Wall Street Journal in 2018.

“I just saw a lot of things that made me very worried about their financial condition, and what would be happening to them under the circumstances that were happening on Wall Street,” the investor told CNBC.

Lehman executives tried their luck again in the weeks before the bank’s collapse, Reuters reported. However, Buffett rejected the overture and dismissed the idea of an investment as “unrealistic.”

Barclays’ president at the time, Bob Diamond, called Buffett in September 2008. The British bank was looking to buy Lehman, and he asked Buffett if Berkshire would insure Lehman’s trades until Barclays shareholders could vote on the prospective deal.

Buffett was staying at a hotel at the time, and asked Diamond to fax him the details, he told CNBC. However, the Barclays boss was operating out of the Federal Reserve and couldn’t find a fax machine, so he left Buffett a voicemail instead. The investor didn’t notice, and only heard it the following summer when his daughter spotted it and played it for him.

Regardless, Buffett told CNBC that he couldn’t have offered the sweeping guarantee that Diamond wanted.

“It would have been an unlimited exposure that wouldn’t have made sense,” he said, especially “with the whole world falling apart.”

While Berkshire had the cash to swoop in and save Lehman, Buffett dismissed the idea that doing so would have prevented the financial crisis. “I really don’t think the world would have changed,” he said.

While Buffett said no to Lehman, he noted in his 2010 shareholder letter that Berkshire deployed about $16 billion in the 25 days after the bank filed for bankruptcy on September 15, 2008. For example, it made vital investments in Goldman Sachs, General Electric, and other struggling businesses.

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Crypto dossiers – Goldman to buy GreenSky – Robinhood’s CMO exits

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The digital-asset dossiers

From left: David Solomon, CEO of Goldman Sachs, James Gorman, CEO of Morgan Stanley, Jane Fraser, CEO of Citigroup, and Jamie Dimon, CEO of JPMorgan Chase with Bitcoins scattered behind them on a faint translucent grid on a purple to blue gradient background

Amid surging customer interest in cryptocurrency, some of Wall Street’s biggest banks have unveiled plans to implement crypto, while others have held off. To help you navigate the twists and turns of the crypto boom, we’ve compiled a list of 10 of the biggest banks’ crypto offerings (or lack thereof), executives, and public statements. Read the digital-asset dossiers.


Goldman Sachs to buy home-improvement lender GreenSky

Stephanie Cohen

Goldman Sachs has agreed to buy GreenSky, which provides installment loans and lines of credit for home-improvement projects, in an all-stock deal valued at $2.24 billion. We spoke with Stephanie Cohen, co-head of Goldman’s consumer-banking division, who explained why they inked the deal.


Robinhood’s CMO is leaving the company

Christina Smedley Robinhood

Christina Smedley, Robinhood’s chief marketing and communications officer, is leaving the company after just a year, and declined to say where she’s heading next. Here’s a look at her tenure at Robinhood.


Massive wealth managers are creating new roles to reach diverse clients

Hispanic couple with baby talking to financial advisor.

UBS, Wells Fargo, and Bank of America have all created new executive roles and teams aimed at reaching diverse clients in an overwhelmingly white, male industry. Get the latest on the wealth managers’ newest hires – and how they’re working to better serve diverse consumers.


This $500 million hedge fund is ramping up its SPAC bets

Kori Estrada

Even though the SPAC market is cooling off, hedge fund manager Axon Capital is just getting started in the space. The hedge fund just launched its first SPAC last month, and is planning on rolling out two more focused on health care and energy. Axon’s co-CIO shares why the fund is all-in on SPACs.


TomoCredit used this 17-page pitch deck to raise $10 million

A photo of the TomoCredit team

TomoCredit, a fintech lender that offers credit to people with thin- and no-credit histories, just raised $10 million for its Series A. Check out the pitch deck the fintech used to secure funding.

And take a look at our entire library of pitch decks used by fintechs to raise millions.


Mike Novogratz wasn’t quick enough to short litecoin

GettyImages 1036973538

Novogratz, Galaxy Digital CEO, said he wasn’t quick enough to short litecoin during its brief surge this week. The coin spiked after a quickly debunked press release claimed Walmart would accept litecoin for payments – but the crypto billionaire was too slow to short the coin. Here’s what else he said about the debacle.


On our radar:

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NYC Democratic mayoral nominee Eric Adams says the city has been ‘dysfunctional’ for ‘so many years,’ and pledges pro-business climate

Eric Adams
Eric Adams.

  • NYC Democratic mayoral nominee Eric Adams pledged a reset with the business community.
  • In a Monday speech, he expressed his commitment to reversing the city’s economic fortunes.
  • The city’s unemployment rate currently sits at 10.5%, higher than the national average of 5.4%.
  • See more stories on Insider’s business page.

Eric Adams, the Democratic nominee for mayor of New York, said on Monday that he would have a pro-business administration if elected to office, emphasizing the need to focus on quality-of-life issues such as gun violence and housing affordability that have driven many residents out of the city.

While speaking at a conference for SALT, the global leadership and networking forum focused on finance and technology, Adams told attendees that he sought a fresh approach in seeking to drive the city’s economy.

“New York will no longer be anti-business,” he said during the Manhattan event. “This is going to be a place where we welcome business and not turn into the dysfunctional city that we have been for so many years.”

In making his comments, Adams, who won the June Democratic primary by defeating former New York City Sanitation Commissioner Kathryn Garcia in the final round of the ranked-choice voting system, is promising a reset with the business community.

Adams, a former captain in the New York Police Department and the current Brooklyn Borough President, has emphasized the need to combat violent crime, especially as the city continues to navigate the pandemic and the economic devastation left behind during last year’s massive decline in tourism and monthslong business closures.

“All across our country, gangs and guns are destroying the foundations of not only public safety, but business,” he said. “No one is coming to New York if a three-year-old is shot in Times Square.”

In the speech, Adams said that he hoped to improve public safety and build innovation in the city, while forging a relationship with business leaders as the city continues to face many challenging economic issues.

In July 2021, New York City’s seasonally adjusted unemployment rate stood at 10.5%, a 0.1% decline from the previous month and an 8% decline from July 2020, according to the New York State Department of Labor. However, the city’s joblessness rate is still nearly double the national unemployment rate of 5.4%.

Mayor Bill de Blasio, who has led the city since 2011, responded to Adams’ remarks, emphasizing his business bona fides and commitment to the city’s economic recovery.

“I’m very confident that what we’ve done in New York City is supported businesses while also supporting working people – and striking that balance, in particularly during the Covid era, bending over backwards to help the business community come back strong,” he said.

Anthony Scaramucci, the founder of SkyBridge Capital and former White House communications director for the Trump administration, lauded Adams as a “warrior for the city” and the “right person at the right time at the right place for New York City.”

Adams said that US cities often employ a “whac-a-mole” system in addressing longstanding problems, something he lamented during his address.

“We are dysfunctional as a city in New York and dysfunctional as a country,” he said.

The Democratic nominee expressed his desire to make the city the “the center of cybersecurity” and build on investments in green jobs.

In the November general election, Adams will face Republican Curtis Sliwa.

Read the original article on Business Insider

Billionaire dealmaker Ken Moelis says Wall Street pay raises for junior bankers could just be getting started

Ken Moelis
“We need great talent,” Moelis said.

  • Banks have been boosting pay to hold onto junior Wall Street talent.
  • The going rate for first-year base pay is now at least $100,000.
  • Another wave of raises could be coming, Billionaire dealmaker Ken Moelis says.
  • See more stories on Insider’s business page.

Pay raises for young Wall Street bankers has been one of the stories of 2021. It could be for 2022, also.

Amid a surge in deal flow through 2021, financial firms have been force to compete to keep talent by raising pay and the going base pay for people fresh out of college is now at least $100,000. Some banks are also going on big recruiting pushes– though recruiters say the hiring pool is nearly tapped out for junior talent.

There’s already been a second wave of pay raise announcements in recent weeks, with banks including Bank of America and Morgan Stanley telling staff to expect another bump next year.

Ken Moelis, the billionaire founder of advisory firm Moelis & Co, told Bloomberg TV on Thursday that he’s also ready to bump up pay even more next year.

“It’s possible,” Moelis told when asked if the firm might raise pay again next year. “We need great talent.”

“Business is booming,” he added. “Our firm, last quarter, I think our business was up 100% year-over-year, and our people were up 10%. You can just do the math. Somebody is working very hard. And I think they deserve to be paid.”

There’s a big pipeline of IPOs coming this fall. And top dealmakers have told Insider a recent M&A boom is just in its early innings. Still,

You can get a bank-by-bank rundown of new investment banker salaries right here.

Read the original article on Business Insider

‘Big 4’ salaries – New UBS family office head – Bloomberg terminal updates

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“Big Four” salaries, revealed

Deloitte office

The “Big Four” accounting firms – Deloitte, KPMG, EY, and PwC – are known for paying their staff high salaries, and entry-level hires can often earn six figures from the get-go. We analyzed data to figure out how much accountants and consultants are paid at each of the firms.


SEC chief: crypto venues must embrace regulation

US Securities and Exchange Commission chairman Gary Gensler speaks into a microphone and gestures with his hand

SEC boss Gary Gensler has said cryptocurrency trading venues have become too big to survive without regulation. He told the Financial Times that sans regulation, crypto exchanges risk losing trust – and eventually becoming irrelevant.


UBS taps new head of family office unit

UBS Chief Executive Ralph Hamers addresses a news conference in Zurich, Switzerland in February 2020.

UBS’s family office solutions group, which caters to clients with at least $100 million, has a new leader. Longtime exec Judy Spalthoff was promoted to take over the group from her successor, Ann Rybak, who’s run the group since its inception in 2019. Get the details on Spalthoff’s promotion.


Bloomberg terminal is updating its chat services

Head shot of Mark Flatman, Bloomberg's global head of core terminal

The terminal, an ubiquitous piece of Wall Street tech, is about to see some changes. As the Street adjusts to hybrid work, Bloomberg is rolling out forums, which will let users create chat rooms based on specific ideas or sectors. Here’s what else we know about the changes coming for Bloomberg terminal.


Climate protesters target JPMorgan’s London offices

Extinction Rebellion activists break windows of the JPMorgan offices in central London, on September 1.

Using hammers and chisels, protestors from Extinction Rebellion smashed glass doors and windows at JPMorgan’s London offices. The protest was part of the group’s ongoing campaign against organizations that support the use of fossil fuels.


A Chinese hedge fund is beating Wall Street’s salaries – by a lot

hand with money

Wall Street firms keep raising salaries to stay competitive, but Chinese hedge fund Ubiquant is beating them out by offering $300,000 to entry-level employees. More on the hedge fund wooing junior talent with major paychecks.


Payments startup Qolo used this pitch deck to raise $15 million

Head shot of Patricia Montesi, CEO and co-founder of Qolo

Founded in 2018, Qolo provides back-end payments infrastructure for other fintechs and neobanks. Here’s the 11-slide pitch deck it used to raise a $15 million Series A.

Plus, check out our database of pitch decks that hot new fintechs have used to raise millions.


On our radar:

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How much junior bankers are getting paid at 14 Wall Street firms after a frenzy of salary hikes

The Wall Street bull tempting suited hands with a one hundred dollar bill on a red background
Here’s the latest investment banker pay by level at different Wall Street banks.

  • Many Wall Street firms are raising base pay for junior investment bankers.
  • The going rate for first-year analyst base pay is now at least $100,000 at many banks.
  • Here’s a rundown of salaries at different levels across investment banking.

Across Wall Street, financial firms are competing to keep talent by raising pay. Some banks are also going on big recruiting pushes– though recruiters say the hiring pool is nearly tapped out for junior talent.

The going rate for base pay for first-year investment banking analysts is now at least $100,000 across many firms. And Evercore has bumped base comp to $120,000 for first-year analysts.

Some firms are also raising pay outside of just IB. Goldman Sachs has raised salaries for first-year analysts and some second-year analysts in markets, wealth, and research. And Bank of America’s latest pay raises applied to analysts in global corporate and investment banking, global markets, and global research.

And a second wave of pay hikes is emerging, with firms including Morgan Stanley telling staff about further bumps to pay that will go into effect in January 2022.

Trying to keep up with the latest on pay for junior bankers on Wall Street? Here’s a bank-by-bank breakdown of changes in salaries for analysts, associates, and other levels at firms like Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and more.

You can also see our full running list here.


Bank of America

Bank of America announced a second round of pay increases for junior investment bankers that will go into effect in the coming months.

The firm is bumping salaries for analysts in global corporate and investment banking, global markets, and global research divisions, according to an internal memo sent by the bank’s global banking and markets leadership team and reviewed by Insider.

See all the pay details here.


Citigroup

Analysts, associates, and vice presidents in Citigroup’s banking, capital markets, and advisory division will receive base salary increases.

The raises will be reflected in payments starting in August, according to an internal announcement first reported by Insider on July 2. Tyler Dickson and Manuel Falcó, co-heads of Citi’s BCMA group, sent the memo, which was reviewed by Insider.

Keep reading here.


Credit Suisse

The firm raised salaries for people in the global capital-markets and advisory group at the director level and below, which includes vice presidents, associates, and analysts. Salary raises took effect for directors, vice presidents, and associates as early as April.

See the full story here.


Evercore

Evercore bumped its base compensation for junior bankers to make it the top-paying investment bank for first- and second-year analysts. The firm is also bumping base comp for 2022 first-year associates, Insider has learned.

More on the latest pay here.


Goldman Sachs

Goldman Sachs is bumping pay for investment banking analysts and associates, Insider first reported on August 1. The move came months after the firm’s culture regarding junior bankers first came under scrutiny this spring.

The firm later moved to raise salaries for first-years in markets, wealth, and research.

Read the latest here.


Guggenheim Securities

Guggenheim Securities, a division of the financial-services firm Guggenheim Partners, has raised base compensation for investment-bank analysts for a second time in a matter of months.

Read the full story here.


JPMorgan

Wall Street’s biggest bank is rolling out pay bumps for junior workers in its investment bank, sources familiar with the situation told Insider on June 28.

More on JPMorgan raises here.


Lazard

Lazard is raising base comp for junior investment bankers in the US, a person familiar with the matter told Insider on August 3. New salaries went into effect as of the August 13 payroll and be retroactive as of July 1.

Keep reading here.


Morgan Stanley

Morgan Stanley is set to raise salaries for its junior traders and research analysts, as well as raising base compensation for junior investment bankers for a second time, Insider has learned.

More on Morgan Stanley pay here.


RBC Capital Markets

RBC raised analyst and associate base pay. The raises impacted US employees and went into effect in June.

See the full story here.


Raymond James

The firm is increasing base compensation for first-, second-, and third-year investment-bank analysts, according to an email sent by James Bunn, Raymond James’ president of global equities and investment banking. The raises will take effect on October 1.

While Bunn said in his email that the pay bumps should put Raymond James at the “high end of analyst salaries on the Street,” junior bankers may not end up taking home more total pay than before.

“Importantly, our primary focus is on total compensation (salary + bonus) and these salary increases are not intended to represent an increase in total comp,” said the email.

See all the details here.


UBS

The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter told Insider on July 21.

The raises were effective August 1. And analysts, associates, and directors across all regions are eligible for the raise.

Read the full story here.


Wells Fargo

Wells Fargo raised base comp for analysts and associates in its corporate and investment bank, a Wells Fargo spokesperson confirmed to Insider. These raises are retroactive to July 1.

“We can confirm the adjustment of base pay in certain client-facing positions across the Corporate and Investment Bank, which ensures we remain competitive and aligned with market practices,” the spokesperson said. “We are committed to offering compensation that attracts, motivates, and retains talent.”

See more here.


William Blair

William Blair is raising base salaries for bankers from first-year analysts to managing directors. The raises went into effect in the Aug. 15 payroll cycle. A person familiar with the matter told Insider that the raises apply to the firm’s investment bankers globally.

William Blair executives earlier this year told its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. 31 they would receive “a special, one-time spot bonus” in the amount of $20,000. More recent hires got smaller bonuses. The special bonuses hit accounts in the April 15 payroll cycle.

Keep reading here.

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