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Here are four key takeaways from fourth-quarter earnings that could influence Goldman Sachs' cost-cutting efforts in 2023. In the fourth quarter, they were 66% higher compared to last year, although they fell from the quarter prior. Cutting expenses through attritionTo be sure, Goldman Sachs might not have to resort to more job cuts as it looks to slim down expenses in 2023. Goldman Sachs will begin announcing annual incentive rewards on Wednesday. Goldman Sachs could also gently push employees, particularly higher-level executives, out the door.

☆ What's next for Goldman following deep cuts and organization overhaul
▼ + stars: | 2023-01-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

On tap we've got stories on JPMorgan's Jamie Dimon fielding questions about the bank's acquisition strategy, another bank plans to make cuts, and fast food options that won't completely crush your diet. On Wednesday the bank conducted a majority of its cuts, reducing its global workforce by about 6.5%. A few days later, on Friday, the bank reported losses of more than $3 billion since 2020 in the unit that houses the bank's consumer lending business. Meanwhile, some of the recently axed Goldman employees have been left in the dark on what's next for them, according to reporting from Hayley and Emmalyse Brownstein. Here are some fast food options that won't completely wreck your diet.

☆ Inside Goldman Sachs' layoffs by geography, and what axed workers can expect from the bank in severance, benefits, and help finding a new job
▼ + stars: | 2023-01-13 | by ( Hayley Cuccinello | Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Here's what axed workers can expect to get in pay, benefits, and help finding a new job. In the days since Goldman Sachs axed as much as 6% of its workforce, more details are emerging about who got cut and what the bank is paying in severance. The bulk of the layoffs took place in the Americas, or close to 1,500, this person said, citing internal data. Many laid-off Goldman Sachs workers will remain on the payroll for months before they get severance, according to correspondence seen by Insider. Goldman Sachs declined to comment on the details of severance and the geographic breakdown of the layoffs.

☆ Goldman Sachs is still hiring amid sweeping job cuts and a $3 billion consumer lending hit. Here's where the bank continues to recruit talent.
▼ + stars: | 2023-01-13 | by ( Hayley Cuccinello | Carter Johnson | ) www.businessinsider.com time to read: +4 min

Despite cutting thousands of jobs, Goldman Sachs still has some 400 job openings. In a brutal bloodletting, Goldman Sachs laid off as many as 3,200 employees this week and reported steep losses in its troubled consuming lending division. The highest share of postings (48) are for Goldman's asset and wealth management division. Most of the asset and wealth management roles are dedicated to servicing the ultra-wealthy as well as institutional clients. Editor's note: A previous version of this story said Goldman Sachs declined to comment.

☆ The average Chick-fil-A franchise exceeds $8 million in sales and has one of the lowest fast-food franchise startup fee — here's how to open one
▼ + stars: | 2023-01-13 | by ( Hayley Peterson | Dominick Reuter | Alexandra York | ) www.businessinsider.com time to read: +6 min

Chick-fil-A 's fee for a new restaurant is $10,000 – one of the lowest of any major fast-food brandChick-fil-A restaurants average more than $8 million in sales annually among non-mall locations. By comparison, McDonald's restaurants posted average domestic sales of $4 million in 2021, according to the chain's franchise disclosure report for 2022. McDonald's, for example, requires potential franchisees to pay from $1.4 million and $2.5 million in startup costs — including a $45,000 franchise fee. Total costs to launch a franchised Chick-fil-A restaurant ranges from $219,055 to $2,912,697, according to 2022 FDD documents. While a Chick-fil-A costs less up-front, over time franchisees end up paying a lot more to the company to operate the business.

☆ Layoffs are hitting Wall Street. Here's what you can do to land on your feet if you lost your gig.
▼ + stars: | 2023-01-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But first, dark days on Wall Street. Two of the most high-profile firms on Wall Street — Goldman Sachs and BlackRock — made job cuts that impacted thousands of workers. All of that is to say, after a good run of things on Wall Street, the tide is starting to turn. I called a Wall Street recruiter to pick their brain on advice they'd give to those who just lost their jobs. Wall Street did not have a good showing on a list of the best places to work.

☆ Inside Goldman Sachs' layoffs: 'Every 10 minutes, I just kept hearing that someone was being let go'
▼ + stars: | 2023-01-11 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

"Every 10 minutes, I just kept hearing that someone was being let go," one employee said. Goldman, which reports fourth-quarter earnings next week, has had the added problem of having lost billions on its nascent consumer banking experiment. "We've just been hearing that today was doomsday and that we'd start hearing cuts this morning. Every 10 minutes, I just kept hearing that someone was being let go," this person said. Consumer banking associateGoldman Sachs' spokesman Tony Fratto said: "We know this is a difficult time for people leaving the firm.

"RuPaul's Drag Race" season 15 premieres January 6 on MTV at 8 p.m. How to watch 'RuPaul's Drag Race' season 15You can watch "RuPaul's Drag Race" season 15 on MTV. Who is competing in 'RuPaul's Drag Race' season 15? Is 'RuPaul's Drag Race' season 15 on Paramount Plus? Season 15 of "RuPaul's Drag Race" is not expected to stream on Paramount Plus while the season is still airing on MTV.

☆ A PE firm that's built its brand on high-profile sports deals is broadening its scope
▼ + stars: | 2023-01-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But one firm that's already well established in the space is looking to quietly diversify itself beyond the pitch. With seemingly everyone interested in sports these days, Cardinale is smart to want to hedge his firm. The crypto exchange also agreed to pay $50 million to improve how it vets customers and transactions. Mala Gaonkar's hedge fund just made its long-awaited debut. SurgoCap Partners entered the fray this week with $1.8 billion in capital, making it the biggest launch of a women-led hedge fund, Bloomberg reports.

☆ The private-equity firm behind Italian soccer champs AC Milan is quietly building a financial services powerhouse
▼ + stars: | 2023-01-05 | by ( Hayley Cuccinello | Dakin Campbell | ) www.businessinsider.com time to read: +4 min

RedBird Capital is best known as the private-equity owner of soccer club AC Milan. But the sports dealmaker is quietly building a financial services arm to rival its flashier bets. RedBird Capital is one of the buzziest names in dealmaking when it comes to sports and Hollywood. In August, the New York City-based private equity firm bought soccer club AC Milan for $1.2 billion. The firm's philosophies for financial services and sports are one and the same: taking advantage of fragmented environments with firms that have long-term recurring cash flow.

☆ Our best stories on financial tech in 2022
▼ + stars: | 2022-12-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Today, we're going to recap all the great stories we've done this year on financial tech, whether it's up-and-coming startups or the projects at the biggest banks and investment firms. Wall Street and sports have a long history together. How top Wall Street firms are testing out cutting-edge tech. Shaw, here are 10 of the most innovative tech projects at top Wall Street firms. And we also identified the top Big Tech executives who could get poached by Wall Street firms looking to do more in the cloud.

☆ How Gerry Cardinale became the go-to dealmaker for the likes of the Yankees, AC Milan, and Ben Affleck
▼ + stars: | 2022-12-29 | by ( Hayley Cuccinello | Dakin Campbell | ) www.businessinsider.com time to read: +20 min

He bought the soccer club AC Milan in August, earning the attention of the Italian press. This past spring, AC Milan won its first national title in 11 years. Claudio Villa/AC Milan via Getty Images Show less Cardinale at a training session for AC Milan. For instance, the teams sell each other's merchandise in their stadiums, and the YES Network airs AC Milan games. "Now we have a new phase of expansion and internationalization of AC Milan with Gerry."

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

For the last five years, Insider has been spotlighting up-and-comers on Wall Street. We've asked the rising stars about the books that informed both their careers and personal growth. If you're struggling to come up with a good gift for a successful dealmaker or trader, we've got you covered. Over the last few years, we've asked our Wall Street rising stars to recommend books to our readers and how these must-reads helped them succeed in their careers. So if you have an overachieving Wall Streeter in your life, look no further than this selection of 35 books below.

☆ Aldi customers are scrambling to buy a $13 dress. That's the power of its 'treasure hunt' Aldi Deals aisle.
▼ + stars: | 2022-12-16 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +4 min

A limited-edition Aldi dress gained traction in a Facebook group of 1.5 million members. The dress was a feature in the Aldi Finds aisle, which is responsible for about 20% of total sales. The wrap-style dress from the brand Serra was featured in Aldi's weekly "Aldi Finds" advertisement for the week of November 9. Aldi's "Aldi Finds" aisle is a grab bag of products that changes throughout the year. Aldi did not respond to Insider's request for comment, but as Aldi plans to continue its rapid expansion, its Aldi Finds aisle likely will remain a key part of future store designs.

And a catastrophe for Paul," David Whelan said. The Whelan family was similarly frustrated in April, when another former Marine held in Russia, Trevor Reed, was released in a prisoner exchange. David Whelan said that at the time, they were not warned that his brother was not included in the swap. "Paul Whelan has been let down and left behind at least three times by 2 Presidents," the group said in a statement. David Whelan added that his parents are in their 80s, and it will be another Christmas without their son since he was detained four years ago.

☆ Partner of US veteran killed fighting for Ukraine says its army never told her and she found out from Facebook
▼ + stars: | 2022-12-06 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +4 min

A US Army veteran was killed in July while volunteering to defend Ukraine from Russia's invasion. Bryan Young's partner, Maria Lipka, told Insider that she found out about his death on Facebook. His partner, Maria Lipka, told Insider that she only found out about Young's death from a message sent to her on Facebook. "No one, absolutely no one informed me," she told Insider. Lipka told Insider that Young said he needed to go to Ukraine to help fight off the Russian invasion because it was his duty to protect the free world.

☆ Citadel's anniversary extravaganza: Billionaire Ken Griffin treats employees to Disney World and a Coldplay concert amid a stellar year for the hedge fund
▼ + stars: | 2022-12-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Billionaire Ken Griffin treated Citadel employees and their families to a weekend at Disney World. The 20th-anniversary event for Citadel Securities is one of many lavish events for the firm. This weekend, founder Ken Griffin treated Citadel and Citadel Securities' employees and their partners and children to an all-inclusive weekend in Disney World. The Disney World extravaganza was the 20th-anniversary celebration of market maker and trading firm Citadel Securities, and a belated event for hedge fund Citadel's 30th anniversary, which was in 2020. Citadel employees and families gathered at the Orange County Convention Center in Orlando, Florida on Saturday night for a party that featured a concert headlined by Coldplay.

☆ In Hawaii, locals fear impacts of Mauna Loa eruption as lava oozes closer to main highway
▼ + stars: | 2022-12-02 | by ( Julianne Mcshane | ) www.nbcnews.com time to read: +4 min

People watch lava from the Mauna Loa volcano on Dec. 1, 2022, near Hilo, Hawaii. If lava does cross the highway, the Hawaii National Guard can help plan for alternatives and try to set up bypass routes, the governor said. Cars wait in traffic along Saddle Road, with occupants waiting to view the Mauna Loa volcano on Thursday. Mauna Loa, which means “Long Mountain,” covers half the island, according to the USGS. It is one of six volcanoes in Hawaii, according to the agency.

☆ From books on the science of sleep to fantasy football strategy podcasts, here's what Wall Street's bright stars are reading and listening to
▼ + stars: | 2022-11-30 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +1 min

Insider selected 25 young professionals 35 and under for its rising stars of Wall Street list. We asked the up-and-comers to tell us what book they last read and their takeaways. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. We asked 2022's rising stars of Wall Street about the books they most recently picked up and the podcasts they turn to regularly. Their selections range from books on building "your second brain" to fantasy football strategy shows.

In 2017, Insider highlighted its first crop of rising stars on Wall Street. of rising stars on Wall Street. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. For the last five years, Insider has been highlighting some of the best and brightest on Wall Street. Here's what 13 Wall Street rising stars are up to five years on.

☆ Amazon workers strike in the US and 30 other countries on Black Friday in global 'Make Amazon Pay' campaign
▼ + stars: | 2022-11-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Protests by Amazon workers and allies were planned in 30-plus countries on Black Friday. The Make Amazon Pay campaign comes as Amazon faces unionization efforts across the globe. The campaign is led by Make Amazon Pay, a coalition of 70 trade unions and organizations including Greenpeace, Oxfam, and Amazon Workers International. Protests were planned in more than 30 countries, including India, Germany, and Japan, according to Make Amazon Pay. Gig Workers Association (GigWA) in association with Amazon Warehouse workers and Hawkers Joint Action Committee participate in a protest in New Delhi, Friday, Nov. 25, 2022.

☆ Wall Street's trust issues with crypto won't be easily repaired in the wake of the FTX blowup
▼ + stars: | 2022-11-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Trust in the crypto industry — be it with Wall Street firms, politicians, venture capitalists, or the general public — is destroyed thanks to FTX's downfall. It's a bitter pill to swallow when one considers the hard-fought progress crypto had made on Wall Street in recent years. canvassed more than a dozen Wall Street insiders to get a sense of where traditional firms stand on their crypto plans. Meanwhile, firms hoping to bridge the gap between Wall Street and crypto have been put in an impossible spot, answering for another's sins. Click here to read more on how Wall Street is moving forward with its crypto plans in the wake of FTX.

☆ How top banks like Morgan Stanley and JPMorgan train young advisors to work with ultra-rich clients
▼ + stars: | 2022-11-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets. Wall Street banks put analysts through their paces before letting them work with the most coveted clients. David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to hire as many as 1,500 new private bank advisors over the next five years, which would double its current headcount. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.

☆ Insiders detail how Wall Street is preparing for a post-FTX world, from heightened scrutiny on crypto deals to rethinking hiring plans
▼ + stars: | 2022-11-22 | by ( Morgan Chittum | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +12 min

Most Wall Street firms have executed big crypto and blockchain initiatives. The ties between Wall Street, Main Street, and digital assets have never been tighter. Some traditional firms have chosen crypto custodians to do that for them, while others offer it themselves. Fidelity also has its own digital assets custody offering, and reportedly had plans to continue building out its digital-asset team as recently as late October. 121, which requires most SEC registrants to record the fair value of custodied digital assets as a liability.

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