JPMorgan makes Silicon Valley hires — Wall Street burnout spills into Big Law — Return to office updates

Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:

• JPMorgan wants to deepen its ties to Silicon Valley — and hired five people to help
• Archegos blowup shines spotlight on the risks lurking in swaps, family offices
• SPAC insiders say PIPE financing for deals is drying up and the market needs to take a “collective breath”
• Goldman gives updates on return-to-office plans for summer interns and full-time campus hires
• Big Law associates are burned out after a year of intense hours and rapid-fire deals

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How Archegos pushed the limit on risky trades and sent a $35 billion shockwave through Wall Street

JOHANNES EISELE/AFP via Getty Images

“How could this firm take such huge economic exposures into Viacom and other companies without having to make any disclosures? Because of swaps,” Paul Cellupica, former general counsel for the SEC’s investment management division, told Insider. “It will raise questions.” Read more here.

The SPAC M&A frenzy has finally reached its limits and a huge funding logjam is starting to form

Samantha Lee/Insider

A key piece of SPAC transactions is drying up. “We are seeing, on the PIPE front, exhaustion and being bombarded with deals and pressure to make decisions quickly,” said David Goldschmidt, a Skadden partner who specializes in capital markets work. Read more here.

JPMorgan poached 5 people from Silicon Valley Bank and Bank of America as it builds out teams focused on VCs and ‘disruptive’ commerce

Mike Blake/Reuters

JPMorgan just hired four people from Silicon Valley Bank and one from Bank of America as the firm looks to do more business with startups and VCs. Read more here.

Big Law associates are burned out after a year of rapid-fire deals and intense hours. Special $60,000-plus bonuses may not be enough to keep them.

MoMo Productions/Getty Images

From M&A deals to IPOs to bankruptcy proceedings, Big Law associates are busier than ever. And some firms are paying special spring-and-fall bonuses. Here’s what associates and recruiters are saying.

Wall Street return to office updates

Brendan McDermid/Reuters

• Barclays just told its global 2021 internship class that their 8-week summer gigs will be virtual again this year
• Goldman Sachs told interns they’ll officially be working in the office following a one-week virtual training program
• Goldman Sachs is telling full-time campus recruits to expect some in-person orientations this summer and recommending they move close to the firm’s offices
• JPMorgan told New York- and London-based investment-banking and sales and trading interns to get ready to head to the office

Other stories readers love this week

• Meet 13 women who left Big Law to launch their own legal tech startups
• Insatiable demand for risky debt has allowed Blackstone to draft aggressive deals — but this ‘highly offensive’ tactic leaves bondholders unprotected
• Square’s Cash App is hiring for a slew of positions hinting at plans to attract more merchants and compete directly with payment networks like Mastercard and Visa