Hello readers,
Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:
- The WFH life plus insane deal flow is taking a toll on young Wall Street. Here’s what’s going on at Apollo and Goldman Sachs.
- We revealed the mystery buyer of Jeffrey Epstein’s NYC mansion — and it’s a former Goldman exec
- Chase Coleman did a deep dive on 20 years of blowout performance at Tiger Global
- PE associate recruiting is being totally rewritten — here’s what the 2021 timeline looks like now
- David Breach has emerged as a clear No. 2 to billionaire CEO Robert Smith at Vista Equity Partners
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A former Goldman Sachs trading exec is the mystery buyer of Jeffrey Epstein’s $51 million NYC mansion after raking in big bitcoin gains
REUTERS/Lucas Jackson
Goldman Sachs veteran Michael Daffey is buying Jeffrey Epstein’s NYC home, Insider was first to report this week. Daffey left Goldman Sachs in March after 28 years and most recently chaired its markets division. Get all the details here.
Wall Street is hitting a wall
Samantha Lee/Insider
A fast-paced market for deals has kept young Wall Street plenty busy. But while crazy hours and lack of sleep are nothing new on Wall Street, doing it all from home has been another story.
As one former Apollo associate put it: “Having 10 people in the room with you at 3 a.m. is better than being in a room by yourself at 3 a.m.” And over at Goldman, analysts are asking the firm to limit workweeks to 80 hours and make sure that client meetings are always scheduled one week in advance.
More updates on young Wall Street:
- What Credit Suisse and Bank of America are telling incoming summer interns about remote work
- Jefferies is giving analysts and associates swanky gifts like Pelotons, iPads, and Apple Watches
The timeline for private-equity associate hiring is being totally rewritten
Samantha Lee/Business Insider
This year’s private-equity recruiting timeline for associates is once again moving later. Here’s how things are shaping up for 2021.
David Breach has emerged as a clear No. 2 at Vista Equity Partners
Vista Equity Partners; Patrick McMullan/Patrick McMullan via Getty Images; Paras Griffin/Getty Images; Samantha Lee/Insider
David Breach started at Vista Equity Partners in 2014 as its chief administrative officer. Now he’s playing a more public role. Insiders described his savvy rise from admin chief to billionaire whisperer —read more here.
Chase Coleman did a deep dive on 20 years of blowout performance at Tiger Global and shared his strategies for getting in early on the next Amazon
Business Insider/ Mike Nudelman
Tiger Global was one of 2020’s top-performing hedge funds. Founder Chase Coleman reflected on the wins and losses over the past 20 years in an investor letter. See the full rundown here.
Other Wall Street stories readers loved this week
- SPAC mania is kicking into overdrive. 5 charts show who’s winning the blank-check gold rush.
- Blackstone struck a secret deal to lock in a $100 million-a-year client, an unsealed lawsuit claims
- Citadel’s summer internship will be in-person, while other hedge funds like Millennium, DE Shaw, and Bridgewater are staying virtual. Here’s what we know so far.
- 2 top Barclays bankers that helped raise $23 billion in crucial funding for America’s biggest airlines share what’s next for an industry hopeful of recovery
- How the vaccine rollout and private-equity cash are fueling the wealth management talent war
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