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