Finance

Goldman bankers vent — Wealth management talent war — Iconiq celebrity clients

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

We are also looking for nominations for upcoming list of top equity research analysts under 35. Find out more about the list, and how to nominate someone here.

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 ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.


How the vaccine roll-out and private equity cash are fueling the wealth management talent war, according to 8 industry insiders

rise in financial advisor hiring 4x3

Samantha Lee/Business Insider

The battle for talent between rival wealth managers is heating up, with some poaching from each other to bolster their own forces. Insider spoke with a handful of recruiters to get the lowdown on where advisors are heading.

Here’s what else they said.


Wall Street is divided over bringing interns into the office or going virtual for a second summer. Here’s what firms like Goldman, Morgan Stanley, and Citadel are planning.

goldman sachs headquarters

JOHANNES EISELE/AFP via Getty Images

Heading into the second year of pandemic internships, major banks and hedge funds are grappling with whether to once again go virtual or have some in-office work. Our running list details what Wall Street interns can expect this year.


Goldman Sachs has poached a senior trader from Bank of America’s derivatives desk — one of the hottest corners of trading in 2020

david solomon

Reuters / Shannon Stapleton

Mitchell Story, a managing director in equity derivatives trading, has resigned from BofA and is joining Goldman. Here’s what we know so far.


‘We all need to have some skin in the game’: BlackRock’s diversity head, driving change at a delicate moment, details the money manager’s challenges and priorities

Michelle Gadsden-Williams of BlackRock

BlackRock

We sat down with Michelle Gadsden-Williams, BlackRock’s head of diversity, equity, and inclusion, to discuss her new multi-year strategy in the wake of employees’ reports and a lawsuit over discrimination in recent months. She’s tasked with making the world’s largest asset manager a more inclusive place — and this is how she plans to do it.


Some Goldman analysts are fed up with 98-hour workweeks from their bedroom as a year of WFH forces Wall Street to reevaluate junior bankers’ workload

wall street burnout young talent junior analyst 4x3

Samantha Lee/Insider

A year of nonstop work from home has Wall Street’s junior bankers burnt out. Now, their bosses fear the young bankers have lost their desire to stick with the profession. Read our exclusive report.


Jefferies is giving analysts and associates swanky gifts like Pelotons, iPads, and Apple Watches as the bank looks to show appreciation for junior employees

Peloton

Ezra Shaw/Getty Images

Jefferies analysts and associates can choose between a Peloton, a Mirror Home Workout System, and a bundle of Apple products. Read more about the rollout of the swanky gifts.


Bank of America just told its 1,800 incoming interns it’s going virtual for the summer as Wall Street grapples with how to handle upcoming internships

Bank of America

A man walks near a Bank of America branch in New York’s Times Square Decemeber 11, 2008.
REUTERS/Brendan McDermid

Speaking of interns, Bank of America told incoming summer analysts it will run its internship program virtually. Here’s what it told interns to expect.


Here are dozens of the tech titans and Hollywood celebrities who are Iconiq Capital clients — and 10 ultra-wealthy moguls who quietly bailed

iconiq ryan reynolds

Steven Ferdman/Getty Images; Samantha Lee/Insider

From tech royalty to Hollywood stars, check out the powerful and wealthy people on Iconiq’s client roster. Read more here.


Odd lots:

Compass CEO Robert Reffkin was a real estate outsider and may end up a brokerage billionaire anyway. Insiders describe the social savvy and relentless ambition behind his ascent. (Insider)

Apollo SPAC and Vista Halt $15 Billion Merger Talks (Bloomberg)

Goldman Sachs junior bankers describe ‘inhumane’ working conditions where they don’t have time to eat or shower in a brutal internal survey (Insider)

Credit Suisse Replaces Varvel, Halts Bonuses as Clients Fume (Bloomberg)

Bank of New York Mellon Invests in Crypto Startup (WSJ)

Goldman Sachs Drafts Volunteers for Move to West Palm Beach Digs (Bloomberg)

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

To Top