- The coronavirus sent Wall Street banks scrambling to put in place work from home policies to protect workers and clients and make sure business can carry on with as little disruption as possible.
- The US is grappling with the economic consequences of the pandemic, which has roiled global markets and shut down much of the country.
- Firms are starting to realize that their contingency plans might be in place longer than they anticipated, causing them to rethink tech and office space.
- Here’s a look at how financial institutions that dominate dealmaking, trading, and consumer banking are being shaped by the pandemic.
- Visit BI Prime for more Wall Street stories.
The global spread of coronavirus has pushed Wall Street into a new era with little warning.
Bank executives, fund managers, and traders had to figure out how to keep employees and clients safe while also keeping their sprawling operations running with as little disruption as possible.
Now, early into the transition to working from home, some already considering how coronavirus will change the way they work in the long run.
Amid all this, financial firms are as busy as ever. The US went from an economic expansion with low unemployment rates and stock market highs to what is likely a recession with unprecedented numbers of Americans filing for unemployment and trillions of dollars of wealth evaporating. The Federal Reserve and Congress have pulled all the levers at their disposal to quell the unprecedented shock to the economy as the majority of Americans stay home to stem the spread of the virus.
Business Insider is tracking how Wall Street is handling this new reality. See below to read the latest.
Banking and private equity
- Blackstone CEO Steve Schwarzman says some big investors are ‘cool’ with Zoom calls replacing in-person meetings, and that the PE giant nabbed $500 million remotely earlier this week
- The CEO of Training The Street, which coaches 30,000 bankers each year, explains how Wall Street is gearing up for virtual summer internships
- Morgan Stanley CEO James Gorman, who had coronavirus, explains how he’s thinking about getting people back into the office safely
- Inside a 38,000-person remote work rollout at Goldman Sachs: sleepless nights, assembly lines, and an Amazon-like hub on a Manhattan trading floor
- Citi’s head of campus recruiting explains why the bank just guaranteed full-time offers for interns, and shares its latest thinking on going virtual this summer
- The CEO of a cloud-based trading tech startup that saw a 30% surge in business last month says the coronavirus is a catalyst for overhauling how Wall Street works
- How Bank of America found itself facing repeated backlash for its coronavirus response even as banks try to paint themselves as heroes of the crisis
- ‘The best run I’ve ever had’: Inside Wall Street’s coronavirus-fueled trading frenzy, where historic shocks of volatility are creating massive paydays.
- Wall Street’s disaster playbook never included work-from-home trading. Insiders explain how banks rapidly adjusted during one of the most chaotic markets in history.
- Bank of America is pausing financial adviser training for 650 people and reassigning them to handle surging calls from consumer and small-business customers.
- How a massive New York hospital secured 130,000 N95 masks from China with help from a senior partner at Goldman Sachs, private jets, and a call to Warren Buffett.
- Goldman Sachs CEO David Solomon just sent a firm-wide voicemail about the coronavirus crisis. Here’s what he told employees.
- Toddler meltdowns and spilled milk. Here’s how Wall Street’s high-flying — now grounded — bankers are working from home.
Wealth management
- How UBS’s massive US wealth business made the switch to remote work — and which changes could stick around in the long run
- Here’s exactly what the world’s biggest wealth managers are doing to keep their richest clients happy during the pandemic
- ‘People are freaking out’: 6 wealth managers told us how they’re handling client meltdowns as the markets tank
Hedge funds
- ‘We are in an unprecedented moment of global distress’: Read the full memo billionaire Ken Griffin sent to Citadel employees on the coronavirus crisis
- A liquidity crunch for the hedge-fund industry’s biggest backers could force redemptions on even top-performing funds
- Read the 2-page note billionaire Ray Dalio sent investors laying out his coronavirus game plan
Exchanges & fintech firms
- Here’s which fintechs will soar and which will flop as funding dries up, according to 6 investors and dealmakers
- ‘We are not going to go back’: Tradeweb’s CEO explains why working from home is a game changer for the $1 trillion-a-day marketplace
- NYSE’s COO explains why the exchange is committed to reopening its iconic trading floor even as Wall Street quickly adapts to remote work
- A UBS exec lays out the benefits and pain points of all-electronic trading after coronavirus concerns cleared the floor at NYSE
- CME and Cboe are clearing trading floors as coronavirus spreads, and one veteran trader thinks the millions they’ll save will be too good to ever reopen the iconic pits
- 11 fintech investors share advice they are giving startups to help them get through a market downturn and funding drought. ‘This isn’t measure 10 times and cut once. This is just make the cut.’
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