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On the agenda today:
- Evercore just became the highest-paying investment bank for first-year analysts.
- Two of BofA’s top tech executives are retiring.
- The red-hot job market is making employers afraid to mandate vaccines.
Let’s get started.
Evercore is now the highest-paying investment bank for juniors
Evercore just bumped base comp to $120,000 for first-year analysts — making it the investment bank with the highest base pay for first-years on the Street. Everything we know about the pay raises so far.
Two of Bank of America’s top tech execs are retiring
Bank of America execs Laurie Readhead and Jim O’Neil are retiring as Cathy Bessant’s team reshuffles. Bessant, BofA’s chief operations and technology officer who oversees a $14 billion annual budget and 95,000 employees, will also be getting a new direct report, Susan Yung. More on the team’s reshuffling.
The red-hot job market has employers afraid to mandate vaccines
It’s easier than ever to find a job, making it hard for employers to mandate vaccines. With labor so scarce, workers have the freedom to leave jobs they don’t like — including those that would require them to get a vaccine they don’t want. Why corporate America is hesitant to mandate the shot.
Wall Street’s grip on derivatives trading is being upended
Derivative Path, a little-known fintech out of San Francisco, has opened up derivatives from interest rate hedges to FX trading for small lenders — leveling the playing field for regional banks. Get the full rundown here.
Gladstone hired a Fidelity manager and an ex-Arrowgrass partner
Hedge fund Gladstone Capital has boosted its leadership team with a new sector head of technology and a new COO. The manager tapped Sumant Wahi as partner and tech head, after appointing James Coltman as partner and chief operating officer in June. What we know about the fund’s latest hires.
On our radar:
- According to Bloomberg, private equity firms are increasingly snubbing banks and funding LBOs themselves.
- $611 million worth of cryptocurrency was just stolen by hackers — and experts saw it coming.
- A group of women suing Goldman Sachs say “overwhelming” proof of gender bias should merit a quick ruling in their favor, Bloomberg reports. More on that here.
- Everyone is trying to get a piece of the red-hot housing market. These are the seven best cities to buy a rental property in 2021.
- Coinbase’s CFO said the company will focus more on institutional clients. Here, she lays out what services those firms generally need.
- Per Bloomberg, the manic Robinhood era is forcing quants to rethink popular trades.
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