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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.

Airlines’ service cuts that ramped up this summer show no sign of relenting this holiday season, leaving more travelers likely to pay higher fares for fuller planes at crowded airports. And while dozens of small cities receive federal subsidies to support air travel through the long-running Essential Air Service program, Malarkey Black said even 29 of those communities are facing potential cutbacks due to pilot shortages. For the regional flights that do remain, “fares are up markedly as a result of service cuts,” said Scott Keyes, the founder of Scott’s Cheap Flights. Major U.S. carriers have cited pilot shortages for their cuts at regional airports, with some of them saying the labor crunch would take years to resolve. “Commercial air service is an expected amenity to both businesses and residents alike,” Grover said, promising to work “relentlessly, tenaciously” to restore it.

☆ Get ready for the most expensive holiday travel season ever
▼ + stars: | 2022-11-20 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

US gas prices are higher than they’ve ever been at this time of year. “Holiday travel has come back as strong as ever, and leisure travel is why that recovered,” said Scott Keyes, founder of travel site Scott’s Cheap Flights. “Holiday travel is definitely more expensive than we’ve seen in previous years,” said Hayley Berg, chief economist for Hopper. Even with the annual surge in holiday travel, the amount of driving in November and December is typically well below the summer driving season. Other travel costsHotel prices also are more expensive than they’ve ever been this time of year.

☆ One of Wall Street's toughest shops isn't for the faint of heart. But the rewards are plenty for those who make it to the top.
▼ + stars: | 2022-11-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Apollo Global Management; Yahoo; Brightspeed; Legendary; Alyssa Powell/Insider1. That, in a nutshell, is life at Apollo Global Management. The firm works on a points system that could most easily be described as a profit-share system, Casey told me. In other news:France's Kylian Mbappe celebrates with the trophy after winning the World Cup REUTERS / Kai Pfaffenbach2. You're not just watching the World Cup.

☆ Wall Street titan Apollo has a new class of dealmakers. Here's how 3 rose to partner while in their 30s.
▼ + stars: | 2022-11-17 | by ( Casey Sullivan | Hayley Cuccinello | ) www.businessinsider.com time to read: +23 min

He persevered through the brutal all-nighters, the perplexing spreadsheets, and the temperamental bosses who walked the halls of the midtown Manhattan investment firm. At Apollo, executives tend to grow up quickly. Some of their former colleagues have tried to make more money elsewhere, such as the hedge funds run by billionaire personalities that Apollo's executives quietly root against. Associates sometimes dealt with burnout from heavy workloads and demanding bosses by escaping for a walk through Central Park to let off steam, according to the former firm associates. We're Rayman Apollo!'"

☆ Billionaire Marc Lasry details the opportunities he sees right now from buying up stocks to debt financing: 'If you need any money, call'
▼ + stars: | 2022-11-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

A depressed market is good for firms like Avenue Capital that make distressed investments. Billionaire CEO Marc Lasry breaks down the potential opportunities at a Forbes conference in NYC. Lasry sees demand booming for high interest rates loans of up to 15%. Lasry is the CEO and co-founder of Avenue Capital Group, which makes money in tough times, including through high-interest rate loans to distressed borrowers. He also sees buying opportunities in stocks.

Announced shortly after her latest album, "Midnights," dropped on October 21, the Eras Tour is Taylor Swift's first stadium concert since 2018's Reputation Tour. Here's a full breakdown of the schedule, presale dates, general sale details, and ticket pricing for the Taylor Swift Eras Tour. Taylor Swift Eras Tour Tickets Taylor Swift’s Eras Tour kicks off on March 18 and will hit 20 cities across 35 dates. Taylor Swift Eras Tour Tickets Taylor Swift’s Eras Tour kicks off on March 18 and will hit 20 cities across 35 dates. How much are Taylor Swift Eras Tour tickets?

☆ Elon Musk says sleeping on factory floors was important so Tesla employees would 'give it their all,' days after a Twitter boss was pictured sleeping in the office
▼ + stars: | 2022-11-04 | by ( Aaron Mok | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Elon Musk talked about his sleeping habits, including past nights spent on Tesla's factory floor. Musk's comments come after a Twitter employee shared a photo of his boss sleeping in the office. Musk said that sleeping on the floor was "damn uncomfortable" and made him "smell like dust." Musk's comments come days after a Twitter employee shared a photo early Wednesday morning of his boss Esther Crawford, the director of product management at Twitter, sleeping on the office floor. Musk has publicly talked about his sleeping habits in the past.

☆ Elon Musk: A lot of people 'don't want to work' once they become wealthy
▼ + stars: | 2022-11-04 | by ( Bethany Biron | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

Elon Musk made a surprise appearance at the Baron Investment Conference in NYC on Friday. "A lot of people once they become independently wealthy, they just can't bring themselves to work," the billionaire said. His remarks come on the same day that Twitter announced it is laying off up to 50% of its staff. "So as a company has prosperity and then people become wealthy, then for a lot of people once they become independently wealthy they just can't bring themselves to work or they just don't want to work," Musk said, speaking to a crowd of mainly affluent clients at the annual Baron Investment Conference. "I remember a good friend of mine saying starting a company is like eating glass, and staring into the abyss," Musk said.

☆ Elon Musk jokes about overpaying for Twitter and reiterates plan to charge $8 a month at confab for wealthy investors as the company enacts mass layoffs
▼ + stars: | 2022-11-04 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Musk said the layoffs will save the company $400 million a year, and presented his turnaround plan. Musk's appearance comes as he gears up to lay off as much as 50% of Twitter's 7,500 staff — one week after purchasing the struggling social media company. Musk also gave his pitch for turning the troubled social media company around, including plans to start charging verified user $8 a month. Twitter emailed staff on Thursday, warning of impending layoffs "in an effort to place Twitter on a healthy path." Former Twitter employees are flocking to social media to share their experiences.

☆ Billionaire Marc Lasry breaks down where he sees opportunities in the current economy, and why rising rates mean he's no longer getting laughed off the phone
▼ + stars: | 2022-11-03 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

☆ JPMorgan's new affordable advice service lets investors call advisors as often as they want. Here's how it fits into exec Kristin Lemkau's plan to turbocharge the wealth business.
▼ + stars: | 2022-11-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

JPMorgan's new program lets clients get financial advice via phone or video as often as they want. The Personal Advisors unit is part of US wealth head Kristin Lemkau's digital ambitions. This new Personal Advisors channel is part of US wealth management CEO Kristin Lemkau's plan to expand digital offerings. It launches with more than 200 licensed financial advisors in seven metropolitan hubs, including Atlanta, Chicago, Jersey City, and San Antonio. The new remote advisory business was the "last white space" for JPMorgan, said Lahovitsky, head of Personal Advisors.

☆ Inside ex-Goldman Sachs banker Gregg Lemkau's big bet on himself
▼ + stars: | 2022-10-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Gregg Lemkau (center) led MSD Partners, the investment firm financed by Michael Dell (right) to a merger with merchant bank BDT & Company, founded by Byron Trott (left). Gregg Lemkau seemingly had it all, which is why many were surprised at his decision to end his 28-year tenure at Goldman Sachs to run MSD Partners, Michael Dell's investment firm, in late 2020. Nearly two years later, Lemkau has silenced any doubters by orchestrating a merger between MSD and merchant bank BDT & Company. Lemkau will serve as co-CEO with BDT founder and CEO Byron Trott of the new firm, which will target rich families and founders. Click here to read more about Gregg Lemkau's ascension at Goldman Sachs and his decision to leave.

☆ How Gregg Lemkau went from Goldman CEO contender to building a hybrid investment bank catering to billionaires
▼ + stars: | 2022-10-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Gregg Lemkau was in the running for CEO before he left Goldman Sachs in 2020. Now he runs Michael Dell's investment firm, which is merging with billionaire advisory BDT. When Gregg Lemkau left Goldman Sachs in late 2020 to run Michael Dell's investment firm, many within and outside the bank were surprised. Cardinale, who had left Goldman a decade ago to start his own investment firm, knew it had to be a massive opportunity to pull away Lemkau. Oldest sibling Kristin runs JPMorgan's US wealth management business and Lemkau's younger brother Chip is a managing director at Goldman Sachs in private wealth management.

☆ Overwhelming workloads, back-to-office complaints, and frustrations over pay: Why Merrill Lynch's support staff is leaving
▼ + stars: | 2022-10-26 | by ( Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +13 min

Less visible, though just as much the lifeblood of the firm, are Merrill's client associates. But we're not treated that way, and we're not stupid," an associate who recently left the firm said. "Our client associates are essential to the fabric of the firm, how we serve clients and grow," a company representative said. Yagyaev said client associates were "grossly underpaid" across the industry and their base should really be in the area of $80,000 to $90,000. An advisor who recently left Merrill and worked with CAs said some were leaving for raises of about $30,000 to work at other banks.

Wall Street banks committed to helping Elon Musk finance his $44 billion takeover of Twitter stand to $500 million in the process, by some estimates. One of Musk's banks has even told its staff to expect a borrowing notice from Musk by today, Bloomberg reported. But don't feel sorry for the banks just yet — a group that comprises Morgan Stanley, Bank of America, Barclays, MUFG, BNP Paribas, Mizuho, and SocGen. The group consists of Morgan Stanley, Bank of America, Barclays, MUFG, BNP Paribas, Mizuho, and SocGen. Birchall's eldest son Benjamin even interned at Morgan Stanley for his ex-colleagues Frank Malone and Jon Neuhaus in the summer of 2021.

☆ Wall Street's rising stars admit their biggest career mistakes — from missing out on lucrative bets to taking too much on — and what they learned from them
▼ + stars: | 2022-10-24 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +17 min

Vinay Trivedi, a vice president at General Atlantic focusing on the technology sector. I don't think we necessarily transitioned fast enough to how people learn if we're only doing audio from home. - David Israel, 27, vice president at Credit SuisseAngel Pu Shum is a principal within Warburg Pincus's technology group. -Allison Boxer, 29, senior vice president and economist at PIMCONoah Zerance, a vice president with Bank of America's global sustainable-finance group. and the response would be, 'Well, we don't know how we do it yet.

☆ How the Warehouse Boom Changed the Way America Looks, Lives, and Works
▼ + stars: | 2022-10-19 | by ( ) www.businessinsider.com time to read: +1 min

As the US emerged from the Great Recession, cheap real estate and the rise of e-commerce collided to create a warehousing boom. Now warehouse boomtowns shoot up in places like California's Inland Empire, Pennsylvania's Lehigh County, and Columbus, Ohio, and the number of warehouse workers has nearly tripled in a decade. Here, Insider explores how the rise of warehouses and warehouse work has changed the US and its citizens as we became a Warehouse Nation. A surge in warehouse workUsing data and on-the-ground reporting, Insider looked at the opportunities and hidden costs of the rise of warehouse work. Read more from 'Warehouse Nation'A look from Insider at how the warehouse boom has reshaped America.

Thanksgiving airfare prices are currently averaging $281 round trip, up 25% from last year, according to travel booking group Hopper. At the same time, the demand for flights has continued to surge as households book travel that was waylaid by the pandemic. On its quarterly earnings call Friday, Delta Air Lines CEO Ed Bastian said demand for air travel "remains very strong." "Demand has not come close to being quenched by a hectic summer travel season," Bastian said. "For airlines, the cost of flying each seat is higher than ever before, and for consumers, there are fewer seats available to buy and each is going to be more expensive," Berg said.

☆ Morgan Stanley CEO James Gorman says there's about to be a "washout" of fintech valuations and a wave of consolidation. Here's how the bank is thinking about potential deals.
▼ + stars: | 2022-10-14 | by ( Hayley Cuccinello | Bianca Chan | ) www.businessinsider.com time to read: +4 min

Morgan Stanley CEO James Gorman predicted a "wash out" for fintech firms in an earnings call. The market is volatile, but Morgan Stanley CEO James Gorman sees it as a return to normalcy. Companies trading at 50 times revenue, what's gone on with Bitcoin trading at $60,000, and what's gone on with GameStop and other companies," Gorman said in the third-quarter earnings call on October 14. Consolidation in the fintech space is nothing new to Morgan Stanley, he added. Fintech founders, however, have been reluctant to face their new reality, according to a slew of VCs.

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Insider selected 25 young professionals 35 and under for its rising stars of Wall Street list. 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. Below is the full selection of 15 books and 8 podcasts, that show how they spend a little bit of their free time and what they took away from them. Browse the shelves and Spotify playlists of Wall Street's up-and-comers.

☆ I'm a 26-year-old vintage reseller who sells to customers like Post Malone. Here's how I got started on Depop and expanded to a New York City storefront.
▼ + stars: | 2022-10-14 | by ( Claire Turrell | ) www.businessinsider.com time to read: +8 min

Emma Rogue is the founder of Rogue, a vintage store in New York that has fans like Post Malone. He said I should make a video about my Depop store, Rogue — which remained separate from my job at Depop — instead. Depop eventually offered me a full-time job, but I decided to see where I could take Rogue instead and left Depop Space NY in October 2020. The business still has startup vibes, but we have more processes in placeShoppers in the Rogue store. I'm earning more than when I was working at Depop Space NY, but I'm so grateful to Depop because this is how I got my start.

☆ The rich can use offshore life-insurance policies to pass down everything from stocks to yachts to their kids tax-free. Here's how it works and why the Senate is targeting it.
▼ + stars: | 2022-10-12 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The richest of the rich can use life insurance to avoid estate and income taxes. Life insurance is probably the least sexy area of financial planning. Private-placement life insurance is a little-known tax-avoidance tactic. When structured correctly, PPLI policies can be used to pass on assets from stocks to yachts to heirs without incurring an estate tax. A 40% federal estate tax applies to estate values topping $12.06 million for single people and $24.1 million for married couples.

☆ How the wealthy use life insurance to escape estate tax and why the tactic is now attracting scrutiny
▼ + stars: | 2022-10-12 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

I'm Jeffrey Cane, stepping out from behind the 10 Things on Wall Street newsletter curtain to help catch you up on all things financial today. But first: Could I interest you in some life insurance? Yes, life insurance is one answer, but it's life insurance with a twist. This little-known tax tool, which may be coming under increasing scrutiny, is called private placement life insurance, or PPLI. It is effectively a life insurance policy that is owned by an offshore trust.

☆ Citizens is targeting wealthy clients with the launch of a new private bank. Here's how the firm is beefing up its wealth management business.
▼ + stars: | 2022-10-11 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

On Tuesday, Citizens said it plans to launch a new private bank by the end of the year. Citizens Private Client will cater to customers with $200,000 more in deposits or investments. Citizens Private Client is intended to retain these customers as their financial needs become more complex. Private banking is a profitable business with relatively stable revenue that is often based on fees. The new private bank program is the latest step in Citizens' strategy to beef up its wealth management offerings.

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