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☆ An abrupt exit at a Goldman Sachs-backed crypto bank spotlights the industry's tug-of-war with regulators
▼ + stars: | 2024-02-26 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.

Persons: —, Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal

☆ BlackRock is overhauling the way it advises powerful investors, from sovereign wealth funds to central banks
▼ + stars: | 2024-02-13 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

The shake-up targets the $10 trillion money manager's influential group that provides services to high-stakes institutional clients like sovereign wealth funds, insurers, and central banks. The group has ambitions to become "the most trusted advisor to financial institutions in our industry," he wrote. AdvertisementThe FSIG includes the firm's Financial Markets Advisory team and the Financial Institutions Group. It had also historically encompassed the Official Institutions Group, known as OIG, which will no longer be a stand-alone unit, a BlackRock spokesperson confirmed on Tuesday. She has been critical to driving relationships with institutions and "instrumental in making BlackRock the partner of choice for central banks globally," he wrote.

Persons: —, Volodymyr Zelenskyy, Charles Hatami, BlackRock's, Hatami, Isabelle Mateos y, OIG, Mateos y, Crystal Wan, Olivier Van Eyseren, Anne Parthiot, Mark Erickson, Kimberly Kim, Erickson, Hiro Shimizu, Philipp Hildebrand, BlackRock's Brandon Hall, Brandon Hall, Ben Leax, Rob Goldstein, FMA, Larry Fink Organizations: Service, Business, BlackRock's Financial, Strategic Investors Group, Business Insider, Financial, Group, BlackRock, International Monetary Fund, FIG, EMEA, Presidential, Brandon Locations: Isabelle Mateos y Lago, Hatami, Europe, Middle East, Africa, Asia, Pacific, Ukraine, Central Asia, US

☆ BlackRock is shaking up leadership of its influential consulting business
▼ + stars: | 2024-02-09 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

Read previewThe two executives who have ran BlackRock's influential consulting business since 2020 are each being promoted to new roles at the asset manager, a spokesperson told Business Insider, as BlackRock makes sweeping changes to its leadership ranks across divisions. The firm is naming Brandon Hall as the firm's deputy chief operating officer, reporting to Rob Goldstein, BlackRock's chief operating officer and a prominent leader at the company. He replaces Stacey Mullin, who had held the role since 2022 and was recently named chief of staff to BlackRock Chief Executive Larry Fink. He will report to Charles Hatami, who runs the group known as FSIG and heads up BlackRock's business in the Middle East. Martin Small, now the New York-based firm's chief financial officer, had previously held roles in FMA.

Persons: —, Brandon Hall, Rob Goldstein, Stacey Mullin, Larry Fink, Ben Leax, Charles Hatami, FMA, Goldstein, Martin Small, Hatami, Mark Wiedman, Fink, Mark Erickson, Mark Azzopardi Organizations: Service, BlackRock, Business, Financial, Hall, BI, Federal Reserve Bank of New Locations: New York, FMA, Federal Reserve Bank of New York

☆ BlackRock loses top infrastructure investor to Manulife amid executive shakeup
▼ + stars: | 2024-02-06 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Valentine Andrews, 52, will report to Lorentz and lead the firm's "next era of private markets growth," he wrote. She will remain in New York City, where Manulife's private equity and private credit teams are based. Valentine Andrews joined BlackRock in 2014 from Morgan Stanley, where she spent seven years and helped establish the firm's infrastructure-investing platform. She previously worked at Macquarie Bank, the firm known for its infrastructure investments, in Melbourne and New York. "I like to think about living life in chapters," Valentine Andrews wrote in a post on LinkedIn last month.

Persons: CQS, Anne Valentine Andrews, Paul Lorentz, Valentine Andrews, Lorentz, Angelo Gordon, Nuveen, BlackRock, Edwin Conway, Salim Ramji, Vipon, Brian Kernohan, Marc Feliciano, Morgan Stanley Organizations: Manulife Investment Management, Business, BlackRock, Manulife, Investment, Global Infrastructure Partners, TPG, Macquarie Bank, LinkedIn Locations: Toronto, Massachusetts, Manulife, New York City, Melbourne, New York

☆ Meet the JPMorgan executive emerging as a dark horse to succeed Jamie Dimon
▼ + stars: | 2024-01-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +9 min

Read previewA longtime JPMorgan executive who has kept a low public profile while cultivating a reputation as a successful trader with a talent for managing risk is emerging as a contender to succeed Jamie Dimon as chief executive. His new position through the internal shuffle has vaulted him more publicly and prominently into the most closely watched succession race on Wall Street. JPMorgan executive David Hudson told the publication that he returned to JPMorgan after working at Nomura in 2010 "to work for Troy." Rohrbaugh's other stops at JPMorgan have been head of global markets and head of macro markets. A senior JPMorgan executive who works with Rohrbaugh recalled that time during the pandemic.

Persons: —, Jamie Dimon, Dimon, Troy Rohrbaugh, Jennifer Piepszak, Wall, Marianne Lake, Rohrbaugh, Goldman Sachs, Euromoney, Eddie Wen, David Hudson, He's, Gary Gensler's, Goldman, Cantor Fitzgerald, Tim Soulas, Cantor, Johns Hopkins, you've, he'll, Kaja Whitehouse, Alex Morrell Organizations: Service, JPMorgan, Wall, Business, CIB, North America, Goldman, Nomura, Troy, Federal Reserve Bank of New, Global, Securities, Exchange, Banque Nationale, CooperNeff, Philadelphia Stock Exchange, World Trade Center, New York Daily News, Gilman School, Johns Hopkins University, Alpha Delta Phi, Baltimore Sun, Bloomberg Locations: Dimon, North, JPMorgan's, Canadian, Manhattan, Baltimore, Maryland, New York

☆ Wall Street's rocky start
▼ + stars: | 2024-01-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn today's big story, we're looking at how there are still plenty of risks in the market despite big expectations. What's on deck:Chip Somodevilla/Getty ImagesOne of the best indicators of the year ahead comes from banks' Q4 earnings. BI's finance team has a roundup of the biggest Wall Street firms' earnings reports and what it means for their hiring plans.

Persons: Donald Trump, Vivek Ramaswamy, —, Chip Somodevilla, BI's Michelle Abrego, Rebecca Ungarino, Kevin O'Leary, Mark Davis, Goldman, Sharmin, Rahmani, Morgan, Steve Cohen, Sundar Pichai, Boris Streubel, Rebecca Zisser, Apple, Mike Katz Organizations: Republican, GOP, Service, Citi, JPMorgan, BlackRock, Staff, Getty, Goldman Sachs Wealth, New York Mets, Google, Hertz, Business, Bloomberg Locations: Iowa, Google's Berlin, San Diego, Austin

☆ Larry Fink just kicked off the last chapter of his BlackRock reign
▼ + stars: | 2024-01-12 | by ( Michelle Abrego | Rebecca Ungarino | ) www.businessinsider.com time to read: +6 min

This all comes as Larry Fink, 71, is entering what is likely the last chapter of a successful career as cofounder and chief executive of $10 trillion BlackRock. Here's everything you need to know:BlackRock is set to buy Global Infrastructure Partners in its biggest deal in 15 yearsThroughout 2023, Fink signaled that a "transformational deal" was on the cards. He found his target in private equity firm and infrastructure investor Global Infrastructure Partners, the firm announced on Friday. Jessica Tan, head of BlackRocks' sustainability and transitions strategy, will head the global product solutions team in the Americas. Charles Hatami, global head of the financial and strategic investor group that focuses on relationships with large investors like insurers and sovereign wealth funds, will join BlackRock's global executive committee.

Persons: Larry Fink, Fink, Rob Kapito, BlackRock iShares, GIP, Kapito, Goldman Sachs, Goldman, David Solomon's, Ogunlesi, Wells, Mike Mayo, Larry, Stephen Cohen, Salim Ramji, Jessica Tan, Jane Sloan, GIP's, Edwin Conway, Conway, Rachel Lord, Lord, Charles Hatami Organizations: Business, BlackRock, Global Infrastructure Partners, GIP, London Gatwick, Wall Street, Asia Pacific, Securities, Exchange Commission Locations: Sydney, Bayo, Ogunlesi, BlackRock, Americas, Europe, East, India, Asia, Pacific

Here are 6 signals investment bankers are watching as they pray for an M&A rebound in 2024. By contrast, activity from private equity firms "was off almost 40%," he said. In 2021, private equity firms transacted $1.5 trillion across 2,869 deals, according to Dealogic. Last year, private equity M&A made up 40% of total activity, according to Goldman Sachs. AI companies, many of which are only now being formed, need to mature, and the winners and losers need to come into focus, bankers said.

Persons: Wall, LSEG, Goldman Sachs, Vito Sperduto, Sperduto, we've, Stephan Feldgoise, Hess, Anthony J, Carfang, Cash, Goldman, Goldman's Feldgoise, Feldgoise, Mark Sorrell, I'm, Harold M, Lambert, Jerome Powell, Greg McBride, McBride, Jonathan Gray, dealmaking, Gray, Rob Chisholm, Chisholm Organizations: Fed, London Stock Exchange, Business, RBC Capital Markets, Conference Board, Conference, Federal, Goldman, Federal Reserve, Private, Bankers, DOJ, FTC, Federal Reserve Board, Bankrate, of Labor Statistics, Cisco, LSEG, Qatalyst Partners, Citi, & $ Locations: LSEG, Ukraine

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ BlackRock is looking for new lobbyists and reshaping its public affairs team to match 'policy threats,' leaked memo shows
▼ + stars: | 2023-11-17 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

The money management giant is looking for a new Washington, DC-based head of US government affairs and public policy as well as a new head of state government affairs, wrote John Kelly, BlackRock's global head of corporate affairs, in a previously unreported company memo last week. The overhaul, which includes reshuffling positions and a renamed government affairs and public policy group, reflects the tremendous pressure BlackRock is under in the public eye. Reshaping the key policy groupA string of roles in the public policy group are changing to meet this new reality. The firm's public policy group has about 40 people, some 25 of whom are on Cound's team focused on international policy. Novick launched the firm's public policy efforts in 2009.

Persons: John Kelly, BlackRock's, Kelly, BlackRock, Larry Fink, Fink, Samantha DeZur, Joanna Cound, Rachel Barry, Kate Fulton, Bryan Wood, Barbara Novick, Rob Kapito, Susan Wagner, Novick, Sheila Kindig, Jim Badenhausen, Kindig Organizations: BlackRock, Business, Republican Party, Texas Republicans, Bloomberg Locations: BlackRock, Washington, DC, Florida , Texas , Louisiana, South Carolina

☆ BlackRock is jumping into one of the hottest sectors on Wall Street
▼ + stars: | 2023-11-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

This post originally appeared in the Insider Today newsletter. In today's big story, we're looking at a Wall Street giant jumping into one of the hottest sectors in finance. Similarly, a Google Brain cofounder said Big Tech companies are lying about AI risks to shut down competition. It's the latest example of how Big Tech can wreak havoc on smaller players overnight. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Julia Nikhinson, Arantza Pena Popo, BlackRock, Larry Fink, Insider's Rebecca Ungarino, Rebecca, It's, Blackstone, BlackRock's Larry Fink, Spencer Platt, Aaron Schwartz, that's, Charlie Munger isn't, Warren Buffett's, it's, Tyler Le, Ksenia Yudina, Gen Z's, Gen, Vegas Wendy Lee, Wendy Lee, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Street, KKR, Getty, Greenwich Economic, Xinhua, Federal Reserve, Big Tech, Market, Sin City Locations: Greenwich, Vegas, Las Vegas, Sin, New York City, San Diego, London, New York

☆ BlackRock's next high-stakes bet: lending out cash
▼ + stars: | 2023-10-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

Goldstone was referring to a type of business-development company, an investment vehicle widely used in the private-credit market. The vehicle Condor allocated to is a slice of BlackRock's $81 billion private-credit business, which is part of the wider $317 billion alternative-assets platform. 'Size matters'In the summer, BlackRock executives teased out their focus on private credit and fixed income broadly during an investor-day presentation. BlackRock's string of private-credit developments adds up to a long-term bet that this dynamic will continue. "That, in essence, is the paradox of private credit."

Persons: David Goldstone, Goldstone, BDC, it's, hasn't, Rowe Price, Franklin Templeton, Blackstone, Axel Springer, Greg Greifeld, Greifeld, Tim Clarke, Rob Kapito, We've, Jim Keenan, BDCs, Keenan, Clarke, PitchBook, they're, Larry Fink, " Fink, Merrill Lynch, BlackRock, Jared Gross, J.P, Phil Tseng, BlackRock's, Gross, Morgan Organizations: Condor Capital Wealth Management, Condor, BlackRock, BlackRock doesn't, Federal Reserve, Fidelity, Apollo, KKR, Growth, BlackRock TCP Capital Corp, BlackRock Capital Investment Corp, Kreos, Barclays, Tennenbaum Capital Partners, Morgan, who's Locations: New Jersey, BlackRock, PitchBook, Banks, London

☆ The CEO of Airbnb says Barack Obama gave him one piece of advice about love and friendship after a breakup
▼ + stars: | 2023-10-10 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Brian Chesky says Barack Obama gave him some post-breakup advice, saying he didn't need another relationship. AdvertisementAdvertisementAirbnb CEO Brian Chesky says he received a piece of advice about love and friendship from the former president after a breakup in 2021. Speaking on the Diary of a CEO podcast on Monday, Chesky recounted how he sought advice from Obama in 2021. The two have known each other since at least 2015, when Obama named Chesky a Presidential Ambassador for Global Entrepreneurship. Chesky and Obama did not immediately respond to requests for comment from Insider, sent outside regular business hours.

Persons: Brian Chesky, Barack Obama, Chesky, —, Obama, podcaster Steven Bartlett, Airbnb, isn't, Vivek Murthy, Insider's Rebecca Ungarino Organizations: Service, Global Entrepreneurship, Obama, Bloomberg, Obama Foundation, Public Service, Psychological Locations: Cuba

The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."

Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco

☆ Our crisis of loneliness, the new bet investors are going after
▼ + stars: | 2023-10-04 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Not long after founding the startup, Gaon shared his vision with famed venture capitalist Marc Andreessen. It was notable to Gaon at the time that Andreessen — "one of those investors who's known for seeing where the market is going" — appeared to have pinpointed loneliness as its own market. That moved her parents, Cindy and Anne Jordan, who had sold their first healthtech company years before, to found the Arizona company Pyx Health. "The loneliness crisis is bigger, and more urgent, than anything I've worked on before," Nyborg wrote in a blog post. Inspired debuted a thesis in 2020 that identified loneliness as a key focus for the firm to invest in.

Persons: Benjamin Gaon, Boaz Gaon, Benny, Gaon, Marc Andreessen, Andreessen, Wisdo, —, Anne Wojcicki, Marius Nacht, Andreessen Horowitz, Vivek Murthy, Betsy Hoover, Bumble, Rylie Sarabia, Cindy, Anne Jordan, policyholders, Dawn Owens, it's, Owens, Julie Rice, Elizabeth Cutler, Rice, Peoplehood, Phil Levin, Levin, Culdesac, Renate Nyborg, I've, Nyborg, Hugo Amsellem, He's, Ava, Catalyst, Nate Tepper, Tepper, Adam Besvinick, Frances Haugen, Hoover, Alexa von Tobel, von Tobel, David Spinks Organizations: Pyx, Labs, verve, Investors, Pyx Health, TT Capital Partners, New, Khosla Ventures, Sequoia Capita, AI Fund, NEA, AIs, Looking Glass, Anonymous, Glass, Facebook, Bloomberg Locations: Arizona, Minneapolis, New York, Ava, France, Peoplehood, Hopscotch

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

Each year, Insider highlights Wall Street's rising stars. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Insider tapped its contacts for ideas about individuals to include and received recommendations from bosses, colleagues, recruiters, and financial industry peers. Insider talked to these rising stars from leading firms like JPMorgan, Bridgewater, and Apollo, to reflect on their successes, challenges, and best career advice.

Persons: — Organizations: Service, JPMorgan Locations: Bridgewater

Thoma Bravo took SailPoint private in a $6.9 billion acquisition last August. Almeida has cultivated Thoma Bravo's cybersecurity portfolio into one of the largest in the private-equity industry, totaling nearly $40 billion in enterprise value. His focus in the security industry has helped Almeida — the firm's youngest partner — become a key leader of its flagship strategy. Beyond SailPoint, Almeida co-led the portfolio company Imprivata's 2022 purchase of SecureLink, in a deal valued at $3.5 billion. He also helped source and execute Thoma Bravo's $12.3 billion acquisition of Proofpoint in 2021, the largest private-equity cloud deal at the time.

Persons: Andrew Almeida, Thoma Bravo Thoma, Thoma Bravo Thoma Bravo Almeida, he'd, Thoma Bravo, Almeida, It's, — Orlando Bravo, Scott Crabill, Chip Virnig, Seth Boro —, Thoma, Virnig, Almeida —, —, Bianca Chan Organizations: Thoma Bravo Thoma Bravo, Bravo, Compuware Locations: Proofpoint

☆ Robinhood is cutting jobs, reorganizing teams, and focusing on credit cards to solve a shrinking user base, insiders say
▼ + stars: | 2023-09-21 | by ( Ashley Stewart | Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

Robinhood is laying off more employees and reorganizing teams as part of a new focus on credit cards as the company tries to mitigate a shrinking user base, insiders say. In June, Robinhood announced plans to acquire no-fee credit card startup X1 for $95 million. Credit cards are much higher-margin products than stock-trading and generally less exposed to volatile markets. X1 and Robinhood's future in credit cards were the focus of the company's last all-employee meeting, the person said. The layoff was widely reported, but audio of an all-hands meeting reviewed by Insider recently showed ongoing cuts have been deeper .

Persons: Robinhood, we've, Vlad Tenev, Tenev Organizations: Robinhood, JPMorgan, Menlo, Say Technologies, TechCrunch Locations: , California

☆ Wall Street's hottest career move: the volatile, lucrative world of private credit
▼ + stars: | 2023-09-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

So it's no wonder that through the past couple of years, working on and around private credit deals has become Wall Street's career du jour. Private credit is most often floating-rate debt — that is, debt where interest rates rise in concert with rate hikes. 'Unheard of' salaries, while risks abound in the marketIt's worth noting what private credit is: we're talking about debt and loans. "For most of my career, attracting new attorneys to private credit was a challenge. Proskauer's private credit group now has 90 lawyers, 24 of whom are partners, working full-time on private credit.

Persons: that's, Marc Rowan, Marc Lipschultz, Goldman Sachs, Paul Heller, Hannah Robb, Robb, It's, Cliffwater, Heller, Caldwell, Banks, Carlyle, Blackstone, Marco Acerra, Spencer Stuart, it's, Acerra, Richard Fernand, Nicholas Kalogeropoulos, Sam Iles, I've, Mike Mezzacappa, Evan Palenschat, Robert Lewin Organizations: Blackstone, Partners, CFA Institute, Columbia Business School, Wall Street, Alpha FMC, Barclays, Goldman Locations: New York

☆ Insider Today: Big banks are screwed
▼ + stars: | 2023-09-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

It's the latest example of the pressure big banks are under to keep their place atop Wall Street. Before the announcement, the bank's share price was down almost 9% this year, trailing all of its fellow big bank peers in the US except Bank of America. Citi's overhaul represents how big banks are scrambling to stay on top of a financial world passing them by. CEO Jamie Dimon recently quipped he "wouldn't be a big buyer of a bank" in reference to proposed regulations requiring big banks to keep more money on the sidelines. Whether it's fintechs or so-called shadow banks, there's no shortage of players looking to offer services previously dominated by big banks.

Persons: that'll, isn't, Mike Kemp, Insider's Jennifer Sor, Jane Fraser, Fraser, Fraser isn't, she's, Michael Corbat, Citi's reorg, Goldman Sachs, David Solomon, Rebecca Ungarino, Wells, Charlie Scharf, JPMorgan — isn't, Jamie Dimon, it's, Robert Nickelsberg, Morgan Stanley, — isn't, Arantza Pena Popo, Nicole Zaridze, Elon Musk, Post Malone, —, Hunter Biden, Garrett Ziegler, Paul Morigi, Biden's, Joey Hadden, I've, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Citigroup, Getty, Bank of America, JPMorgan, Independence, Apple, Post, SEC, Trump, Wikimedia, Motors, Ford, Nintendo Locations: Wall, Silicon, Seattle, New York City, China, Boxabl, Michigan, San Diego, London, New York

☆ Blackstone's data center gamble
▼ + stars: | 2023-08-28 | by ( Daniel Geiger | Rebecca Ungarino | ) www.businessinsider.com time to read: +12 min

The firm has recently touted its data center investments amid the artificial intelligence boom. Blackstone's push into data centers comes with its own set of challenges and questions. "You might not own apartment buildings in 10 years, but the largest data center company in the world." Meghji said in the company's video that interest from data center users in QTS data centers had doubled "since ChatGPT came out." Gerber said he had recently discussed data center investments with Blackstone representatives and has confidence in the strategy.

Persons: Blackstone, —, Glenn Schorr, Schorr, outflows, Stephen Tuckwood, Tuckwood, Jonathan Gray, Gray, Jeenah, Chad Williams, BREIT, they're, Patrick Davitt, QTS, Nadeem Meghji, Meghji, ChatGPT, Matthew Barakat, Prince William County, redemptions, Selwyn Gerber, Gerber, Matt Malone Organizations: Blackstone, Income Trust, QTS Realty Trust, Evercore, Wealth Management, Reuters, Autonomous Research, Blackstone Infrastructure Partners, McKinsey, AP, Starwood, MSCI's, Los, RVW, Opto Investments, FS Investments Locations: California, BREIT, QTS, Americas, CBRE, Manassas , Virginia, Prince William, Virginia, Brookfield, Los Angeles, Bellagio, Las Vegas

☆ BlackRock keeps pumping the brakes on a new fund amid state-level ESG criticism
▼ + stars: | 2023-08-24 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Last fall, BlackRock filed to launch an ESG municipal bond exchange-traded fund. It is in essence an ESG version of its major $32 billion municipal bond fund. The delay for the world's largest ETF provider has puzzled some in the industry. This year Goldman Sachs launched its first municipal bond ETF, which takes into account social and environmental factors. BlackRock's ESG municipal bond ETF has another wrinkle.

Persons: Larry Fink, Wesley Gray, Matthew Tuttle, they've, Goldman Sachs, Fink, Salim Ramji, Tony Kelly Organizations: BlackRock, Securities and Exchange Commission, SEC, HIP Muni Bond ETF, Alpha, Republican, Tuttle Capital Management, Goldman, HIP Investor, HIP Locations: York, Arizona , Texas, South Carolina, BlackRock, Connecticut

☆ A top Two Sigma investment executive has taken leave from the firm amid a series of challenges for the hedge fund giant
▼ + stars: | 2023-08-16 | by ( Alex Morrell | Rebecca Ungarino | ) www.businessinsider.com time to read: +2 min

A Two Sigma chief investment officer has taken a medical leave, Insider has learned. The firm announced the leave of Alex Ginsburg, CIO of equities, to investors and employees in July. A senior Two Sigma investment executive has taken a leave of absence from the firm, Insider has learned. Two Sigma chief data strategist Ali-Milan Nekmouche, who has been with the company since 2004, has been named as Ginsburg's replacement. Siegel did not leave the firm and the group ended up staying at Two Sigma, the Journal reported.

Persons: Alex Ginsburg, Jeff Penney, Timothy Reynolds, Ali, Milan Nekmouche, Ginsburg's, David Siegel, John Overdeck, Siegel, Overdeck, Ginsburg, Geoffrey Duncombe, Alex Morrell, Rebecca Ungarino Organizations: Sigma, Street Locations: amorrell

☆ How lip fillers and laser hair removal are plumping up private equity
▼ + stars: | 2023-07-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Sixth Street, Blackstone, and Ares have backed providers of treatments like laser hair removal. Laser hair removal, body contouring, filler injections — it's not just TikTok and Instagram where people are talking about their latest treatments. The space is another consumer-focused vertical, like dentistry and dermatology, that private equity firms, big and small, are aggressively pushing into. Christian Karavolas, who owns laser hair removal specialist Romeo & Juliette in New York City, said he's turned away offers by private equity investors. Laser hair removal, for instance, isn't considered a medical procedure in every state.

Persons: Ares, It's, Levine, Leonard Green, Blackstone, Levine Leichtman, Christian Karavolas, Juliette, he's, Karavolas, Alex Thiersch, Thiersch, Chanel, Dior, David Yurman, Louis Vuitton, isn't, Sevana Petrosian, Eva Longoria Bastón, SEV, Andrew Schwartz, Schwartz, Heravi Organizations: Sixth, Blackstone, Levine Leichtman Capital Partners, Leonard Green & Partners, Boston Consulting, Industry, KKR, SkinSpirit, Walmart, ORIX Venture Finance, TPG, General Atlantic, Wax Center, Med Spa Association, Getty, Consumers Locations: Blackstone, Milan, LaserAway, California, New York City, H.I.G, Manhattan, Burbank , California

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