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☆ This cofounder wants to bring transparency to Wall Street's ultra-secretive trading world, and make some jokes along the way
▼ + stars: | 2023-03-25 | by ( Paige Hagy | Carter Johnson | ) www.businessinsider.com time to read: +7 min

Proof Trading is a brokerage that's trying to increase transparency in trading. When she's not busy at her nine-to-five running a brokerage, Allison Bishop is doing finance-themed standup comedy. Proof Trading offers its clients — and the broader public — a look into its systems and decision-making processes. Using humor to help educateBishop does stand-up comedy on the side, finding making fun of the industry to be therapeutic. "There's always a risk that people don't care enough about the problem," Bishop said.

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

☆ Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
▼ + stars: | 2023-03-20 | by ( Carter Johnson | Casey Sullivan | Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The fate of Credit Suisse's investment bank hangs in the balance after being sold to UBS. The investment bank's planned spinoff has been put on hold and bankers are bracing for job cuts. People said they expect Credit Suisse's planned spinoff of its investment banking operations, announced last year, to be scuttled. Over at 11 Madison Ave., where Credit Suisse's NY operations are headquartered, emotions were running hot on Monday. Now, the proposed CS First Boston deal hangs in the balance, with both industry experts and Credit Suisse employees uncertain whether it will go through.

"Not only are these big banks not sitting around and waiting for the phone to ring, they are also being proactive." Amid the nation's most troubling turmoil in banking since the global financial crisis nearly 15 years ago, the big banks are flexing their collective muscle. The 2008 financial crisis humbled the banking behemoths; the 2023 crisis of regional banks has now only cemented their power. For an increasingly stretched financial system, the big banks provide a needed stability. The flight to safety that is benefiting the big banks will have a cost, however.

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

"You're going to see every board member tell people to keep your money in multiple bank accounts," said Wesley Chan, cofounder and managing partner at FPV Ventures. "I'm not concerned about Bank of America," one business owner said as they left a Bank of America branch on Monday. Big banks can be less competitive, for example, on interest rates because of the security they offer. I think you'll see startups, in particular, questioning moving to the big banks given just how much more expensive it is," Matheson added. "The big banks are in very good shape, and so it probably is a stabilizing decision to move those deposits.

☆ A startup founder sat in an airplane bathroom trying to move his company's funds out of Silicon Valley Bank after its collapse. Here's how 7 other founders reacted to the bank's implosion.
▼ + stars: | 2023-03-11 | by ( April Joyner | Madeline Renbarger | ) www.businessinsider.com time to read: +6 min

Silicon Valley Bank was shut down by US regulators on Friday. It's been a chaotic day for the startup world following the failure of Silicon Valley Bank. Insider spoke with eight startup founders about how they're responding to the crisis. Other founders weren't as fortunate: They still had their company's funds at Silicon Valley Bank as the FDIC announced it had taken control of the bank. A couple of early-stage founders told Insider they did not hold accounts with Silicon Valley Bank.

☆ How SVB employees are coping after being ordered to leave the office, from polishing their resumes to hitting the bar: 'We're pretty much in the dark'
▼ + stars: | 2023-03-10 | by ( Emmalyse Brownstein | Rebecca Ungarino | Carter Johnson | ) www.businessinsider.com time to read: +6 min

It read: "Operations of the SVB Securities broker dealer are distinct from the receivership of SVB Financial." The SVB Securities employee called the whirlwind leading up to SVB's meltdown as "scary, scary stuff." Kevin Heal, senior analyst at Argus Research, said he sees both SVB Securities and SVB Private being sold. SVB bought the healthcare investment bank Leerink Partners in 2018, renaming it SVB Leerink and then SVB Securities. PATRICK T. FALLON/AFP via Getty ImagesHeal thinks the investment banking operations could be purchased by a smaller investment banking firm that doesn't have tech or healthcare prowess, like US Bancorp or PNC.

Silicon Valley Bank was shut down by regulators on Friday. The news has made startup founders worried that they won't be able to pay their employees next week. Startup founders still reeling from Silicon Valley Bank's implosion have something new to stress about: whether they'll be able to access enough money to cut employee paychecks next week. "Lots of startups are missing payroll in 2-4 weeks if a) Silicon Valley Bank doesn't have the deposits b) SVB doesn't get sold or c) SVB isn't rescued." "If you're a startup founder dealing with this, I'm here to help any way I can," Ayush Sharma, founder and CEO of payroll and compliance startup Warp, tweeted.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

☆ Former Goldman Sachs partners represent the powerful allies and formidable foes the bank has across the Street
▼ + stars: | 2023-03-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In many ways, it's easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership. Insider's Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018. In many ways, it's demonstrative of the allies the bank has across the Street. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees).

☆ Goldman Sachs' investor day led to more questions than answers
▼ + stars: | 2023-03-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

David Solomon at Goldman Sachs' 2023 investor day. All eyes were on Goldman Sachs yesterday as the bank held its second-ever investor day. The biggest news of the day was Solomon, along with other key executives, acknowledging the bank was exploring "strategic alternatives" for its consumer business. Hinting at "strategic alternatives" was something people would want to hear more about. And click here to read more about Goldman exploring "strategic alternatives" for its consumer biz.

☆ The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast
▼ + stars: | 2023-02-28 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

Goldman Sachs held its second-ever Investor Day on Tuesday. Goldman Sachs held its second-ever "Investor Day" on Tuesday, giving shareholders a rare peek under the hood of one of the nation's largest investment banks. But losses across Goldman's consumer businesses have piled up in the three years since Goldman last held an investor day in January 2020. Nonetheless, at least some of the bank's backers aren't going anywhere and maintain their confidence in Goldman Sachs to be, well, Goldman Sachs. Outside the auditorium where the investor day was held — Room 101 within Goldman's headquarters at 200 West Street — one representative of a top-30 Goldman investor enjoyed a complimentary granola bar.

☆ David Solomon says Goldman Sachs is exploring 'strategic alternatives' for its struggling consumer business
▼ + stars: | 2023-02-28 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business, CEO David Solomon and executives revealed on Tuesday at the Wall Street bank's second ever investor day. The phrase "strategic alternatives" is often used as company jargon for a sale or merger. Beyond a sale, strategic alternatives can also involve a spinoff, or other restructuring or alliance to drive value for shareholders. Screenshot of Stephanie Cohen speaking at Goldman Sachs' investor day ScreenshotSolomon held the bank's first ever investor day in 2020 just before the pandemic.

☆ These bankers got deals done despite a dismal environment
▼ + stars: | 2023-02-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Top M&A bankers of 2022. That's why you could argue that this year's edition of "The Rainmakers" — Insider's annual list of the 20 M&A bankers who handled the largest deals of the year in North America — is more impressive than previous editions. What's interesting about this year's list is how it was made up of bankers almost entirely from the bulge-bracket. Check out our list of the top-20 M&A bankers who made the most during a difficult year for dealmaking. Jeff Bezos' $500 million yacht finally hit the open water.

☆ The Rainmakers: Meet the 20 powerhouse bankers who orchestrated the biggest deals of 2022 and defied a down market
▼ + stars: | 2023-02-15 | by ( Carter Johnson | Alex Morrell | ) www.businessinsider.com time to read: +3 min

Insider partnered with the financial-data platform MergerLinks to identify 2022's top 20 bankers. The ranking is based on bankers who led the advisory process for the largest M&A in North America. Insider partnered with MergerLinks, a financial data service that tracks deals, to present the fourth edition of "The Rainmakers," the 20 M&A bankers who orchestrated the largest deals in North America in 2022. Just two of the top 20 bankers work at a non-bulge bracket; in 2021 and 2020, that figure was seven apiece. The list below is in ascending order of the total value of deals led in 2022.

☆ Potential buyers are leveraging high-profile blowups like Frank and FTX to get better terms. Insiders detail how dealmaking is changing in 2023.
▼ + stars: | 2023-02-07 | by ( Paige Hagy | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +10 min

We don't want to look like JPMorgan,'" Jason Mikula, fintech analyst and writer behind Fintech Business Weekly, told Insider. How closely they adhere to it matters greatly in terms of if a deal is on the line," Mandelbaum told Insider. Investors pumped $132 billion globally into fintechs in 2021 and there were more than 900 fintech M&A exits, according to CB Insights. "It's now a buyer's market," Rob Brown, CEO of Lincoln International, a global investment-banking advisory firm, told Insider. One way companies might optimize the due-diligence process without cutting corners is by leaning on machines to help with the heavy lifting.

☆ Barclays nabs a former Goldman Sachs Marcus exec to lead its US cards and partnerships business
▼ + stars: | 2023-02-01 | by ( Dakin Campbell | Carter Johnson | ) www.businessinsider.com time to read: +4 min

Goldman Sachs' consumer business is under pressure as CEO Solomon pivots. Villone will join Barclays this April from Goldman Sachs Marcus, where he was a managing director and led global operations and consumer delivery for the Wall Street firm's consumer business. A pivot for Goldman Sachs and MarcusVillone's departure for Barclays also comes as top Goldman Sachs leadership telegraph a retreat from core parts of its consumer business. Goldman Sachs' consumer business was particularly impacted when the firm laid off roughly 3,000 employees last month, or roughly 6% of its workforce. Do you work on Wall Street or at Goldman Sachs or Barclays?

☆ Due diligence is top of mind for Wall Street in the wake of blowups at Frank and FTX. Here's what it means for the state of M&A.
▼ + stars: | 2023-01-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In the long list of boring, behind-the-scenes stuff for deals to get done, due diligence ranks close to the top. One of the more fascinating knock-on effects is how buyers might leverage FTX and Frank as a way to get better terms on deals. Click here to read more about the new state of due diligence in the wake of FTX and Frank. I know you're a passionate bunch, so we compiled everything Wall Street is saying about the EV maker's fourth-quarter earnings. Which fast-food joint has the best coffee?

☆ Inside JPMorgan massive tech org: 7 key execs helping global CIO Lori Beer manage the firm's $14 billion tech budget.
▼ + stars: | 2023-01-27 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +2 min

JPMorgan's tech organization is led by nine-year bank vet Lori Beer, its global CIO. As the biggest US bank by assets, JPMorgan's sprawling $14.1 billion tech budget can be hard to comprehend. The size and scale of JPMorgan's tech spending can seem unfathomable to a small startup or everyday consumer. Lori Beer, JPMorgan's chief information officer, oversees that sprawling tech budget, which grew by 20% from 2019 to 2022. Insider mapped out the key tech executives at JPMorgan who report to Beer and help her lead the bank's massive tech org.

☆ The dealmaking boom meant fast timelines and loose due diligence. But high-profile implosions like FTX and Frank mean would-be sellers can expect more scrutiny, insiders say.
▼ + stars: | 2023-01-27 | by ( Paige Hagy | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +10 min

☆ The bloodletting at Goldman Sachs might not be done yet as the bank looks for more ways to cut costs
▼ + stars: | 2023-01-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

If you're a Goldman Sachs' employee who made it through the company's recent layoffs, be warned: There could be more to come. Anyone hoping Goldman's fourth-quarter earnings report would represent a fresh start for the bank was sorely disappointed. Today should provide some hints at to how the bank will navigate things, as Goldman is set to inform employees on their year-end bonuses. Steve Pagliuca, the PE firm's co-chairman, is retiring, The Wall Street Journal reports. Read more on how Wall Street analysts got it so wrong.

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.

☆ JPMorgan CEO Jamie Dimon called the bank's acquisition of fintech Frank a 'huge mistake' after being grilled about it on an earnings call
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Mike Mayo Bloomberg TVIn response, Dimon said that JPMorgan has been "very disciplined" in its acquisition strategy, but added that the Frank acquisition was, "in one way or another, a huge mistake." Mayo has previously been critical of JPMorgan's spending plans, which also became a flashpoint for some JPMorgan investors in the run up to the bank's investor day last May. In 2020, Insider detailed how JPMorgan spun up a "rapid proof-of-concept" model to speed along startup investments within its corporate and investment banking division. That team was headed by Michael Elanjian, who now leads digital investment banking at JPMorgan, according to his LinkedIn. Or are you a shareholder with concerns about the bank's spending?

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