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☆ Sallie Krawcheck says a single decision was almost ‘the end of my career’—instead it launched her to Wall Street stardom
▼ + stars: | 2023-05-03 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

Sallie Krawcheck's legendary Wall Street career almost ended soon after it began. The move was slammed by her Wall Street peers. On Wall Street, the consensus is often seen as the safest bet. You were among the first female CEOs on Wall Street. The upside to running one of these storied Wall Street firms is [that] I'm going to get to turn it around, I'm going to learn a tremendous amount, I'm going to do something no one else has done.

☆ Why more Wall Street layoffs are coming, according to Lazard CEO Ken Jacobs
▼ + stars: | 2023-04-28 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +2 min

A slowdown in mergers and IPOs has put pressure on Wall Street firms to cut costs. But much of the costs are related to salaries, which can be "very sticky," CEO Ken Jacobs says. People are Wall Street's biggest cost by far. And cuts from its competitors could be coming, Jacobs told Bloomberg, given the weak outlook for deals. Here's what Jacobs told analysts on Friday, according to Sentieo:"We've seen big increases across the industry in salary.

☆ Fanatics moves one step closer to IPO, hiring Meta's head of investor relations
▼ + stars: | 2023-04-27 | by ( Ian Thomas | ) www.cnbc.com time to read: +7 min

While an IPO is not on the immediate horizon, the company is taking a step in the direction of preparing for one, hiring Meta's investor relations head to further build out its engagement with current and future shareholders. Deborah Crawford, who has served as Meta 's vice president of investor relations for more than eight years, is being appointed as Fanatics' head of investor relations, a new position at the company. Prior to Meta, Crawford was head of investor relations for Netflix, where she helped initiate the streaming company's first formal investor relations function, according to Fanatics. Schiffman declined to comment on the potential timing of a Fanatics IPO but confirmed the company has a goal of going public. Fanatics has seen its valuation and investor roster drastically expand in recent years, which has also helped to fuel IPO chatter.

☆ What Goldman's top dealmaker is saying behind the scenes about M&A and its spot on the league tables after a tough first quarter
▼ + stars: | 2023-04-25 | by ( Carter Johnson | ) www.businessinsider.com time to read: +6 min

Goldman was forced to share its M&A crown with JPMorgan last quarter. It's been a tough road in 2023 for the Wall Street banks that specialize in advising on mergers and acquisitions. In a note sent to Goldman's alumni network last Tuesday, Feldgoise acknowledged that things have been tough. The importance of Goldman's M&A franchise was underscored by the bank's first-quarter earnings released Tuesday. "The Goldman M&A franchise has been #1 for 20+ years," Feldgoise said in his letter.

A Reuters review of testimony, previously unreported public documents and interviews with elected leaders, lobbyists and attorneys detail mounting challenges to many pending anti-ESG bills. The tussles have financial implications for some of the largest investment firms that manage billions of dollars for state pension plans. Lauren Doroghazi, senior vice president at government relations consultant MultiState Associates, said the debates show lawmakers coming to terms with the anti-ESG bills' practical impact. Several public pension systems raised concerns about it, including the largest, the $182 billion Texas Teacher Retirement System (TRS). For instance, if federally-regulated local banks faced new national rules on an issue like climate change disclosures, banks would need special permissions from local officials to keep public business in Utah he said.

☆ Millennium is on the hunt for engineers in Miami. A top tech exec for the $58 billion hedge fund details the firm's new training program.
▼ + stars: | 2023-04-19 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

The head of tech for Miami outlines what applicants can expect, how to stand out, and why Miami. Naumovich, who was hired in September 2022, is responsible for building out Millennium's tech presence and tech offerings in Miami. A big part of that mandate will come down to recruiting tech talent, which has previously proven challenging for Wall Street firms in the area. The rotational program is the first of its kind in Millennium's tech organization. Wall Street SouthThe LEaD program is just one aspect of Millennium's big-picture build out in Miami.

☆ Inside Millennium Management's new engineering-recruitment program in Miami, from what applicants can do to stand out to why the city is becoming a key tech hub for the $58 billion hedge fund
▼ + stars: | 2023-04-17 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

☆ Millennium's new Miami-based engineering program is the latest shot in hedge fund's war for young tech talent
▼ + stars: | 2023-04-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Insider's Bianca Chan has a first look at Millennium Management's new engineering training program for its Miami office. Click here to read more about Millennium's new training program for engineers in Miami. JPMorgan's Jamie Dimon, BlackRock's Larry Fink, Citigroup's Jane Fraser, and Wells Fargo's Charlie Scharf shared thoughts on the banking crisis during their respective earnings calls. The world's largest money manager is open to making some deals in the wake of the banking crisis. Despite all the chatter on the recent banking crisis, JPMorgan's CEO still had thoughts on the state of the wider economy.

That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.

☆ Wells Fargo says investors should expect a 10% stock market correction soon
▼ + stars: | 2023-04-11 | by ( John Melloy | ) www.cnbc.com time to read: +2 min

A swift sell-off is ahead once investors realize the banking crisis will tip the economy into a recession, according to Wells Fargo. .SPX YTD mountain The S & P 500 Index is up about 7% year to date. The strategist sees a typical 10% pullback to around 3,700 on the S & P 500. However, Wells Fargo is maintaining its year-end target of 4,200 on the benchmark. CNBC PRO readers can see all the other major Wall Street firms' S & P predictions by going to our strategist survey , which is updated regularly.

☆ Inside the 5-hour psychological interview that can make or break your career at Citadel, Blackstone, and other finance titans
▼ + stars: | 2023-04-10 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com time to read: +16 min

ghSmartThe company's unusual but rigorous approach to screening job candidates has won it the trust of some of the finance industry's most competitive and coveted workplaces, as well as other blue-chip corporations. "That became the kernel for ghSmart," Smart recounted in a podcast interview. That means the ghSmart interview isn't something you can necessarily prepare for in the same way you might, for example, read up on certain stocks or industry trends. The company's team of psychologists spends hours drilling into each candidate's job and life experiences. Unlike some executive-search firms, ghSmart disconnects its fee from whether it fills the role.

☆ These stocks have the most upside in the second-quarter, analysts say
▼ + stars: | 2023-04-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

CNBC Pro combed through the most recent quarterly research reports to find stocks with upside as the new quarter gets underway. They include: Simon Property, Spotify , Netflix , Enphase and Palo Alto Networks. Palo Alto Networks The cybersecurity company is firing on all cylinders, RBC said earlier this week in its top second-quarter picks note to clients. Hedberg believes Palo Alto has a unique opportunity to take share in a rapidly burgeoning field. ... .We view Palo Alto as well positioned to benefit from an increasingly complex security and threat landscape and as an industry leader in security."

☆ How FDIC dropped the ball and picked up the tab
▼ + stars: | 2023-04-04 | by ( John Foley | ) www.reuters.com time to read: +7 min

NEW YORK, April 4 (Reuters Breakingviews) - Bank watchdogs don’t have a crystal ball when it comes to spotting bank runs. The FDIC is one of several agencies that watches over American banks, but it’s the one that picks up the tab when a lender fails. Gruenberg, on the FDIC board since 2005, did not support the rapid phased prototyping data project, fretting that it amounted to outsourcing supervision, according to people familiar with the situation. For all but the biggest banks, the FDIC continues to rely on quarterly snapshots known as “call reports,” and the findings of its on-the-ground inspectors. Reuters GraphicsThe death of the 2020 project – and the fact it didn’t start years sooner – reflect deeper challenges at the FDIC.

☆ SVB Collapse Complicates Banks’ Efforts to Unload More Than $25 Billion of Junk Debt
▼ + stars: | 2023-04-02 | by ( Alexander Saeedy | Laura Cooper | ) www.wsj.com time to read: 1 min

Silicon Valley Bank had to sell bonds at a loss. Recent turmoil in the banking industry has made the already-difficult task of selling off tens of billions of risky buyout debt even harder for Wall Street firms. Bank of America Corp., Barclays PLC, Morgan Stanley and others together currently hold $25 billion to $30 billion of “hung debt” on their balance sheets, according to leveraged-finance analytics firm 9fin. The unsold debt is tied to leveraged buyouts that banks agreed to finance before worsening credit conditions last year sapped investor appetite for the paper.

☆ Premarket stocks: The FDIC could ask big banks to clean up $23 billion mess
▼ + stars: | 2023-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.

☆ Wall Street lines up against SEC chair Gary Gensler on one of his most controversial proposals
▼ + stars: | 2023-03-31 | by ( Bob Pisani | ) www.cnbc.com time to read: +15 min

However, Gensler has claimed that pension funds and other institutional investors are not able to interact with that retail order flow. Auctions: the industry lines up against it The auction proposal has generated a large volume of comment letters to the SEC. He has said investors today need a better understanding of how well their trading orders are being executed. Theoretically, the SEC could vote on any or all of the four proposals in a shorter time period. This is just the start This is just the start of many proposals in front of the SEC.

☆ The average Wall Street bonus fell by 26% last year
▼ + stars: | 2023-03-30 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

New York CNN —The average annual Wall Street bonus fell to $176,700 last year, a 26% drop from the previous year’s average of $240,400, according to estimates released Thursday by New York State Comptroller Thomas DiNapoli. Rising interest rates, recession fears and Russia’s invasion of Ukraine hurt Wall Street firms’ bottom line. “A 26% decline brings the average bonus closer to what financial employees received prior to the pandemic,” DiNapoli said in a statement. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city. “While lower bonuses affect income tax revenues for the state and city, our economic recovery does not depend solely on Wall Street.

☆ Goldman Sachs is exploring use cases for large language models, the same AI fueling ChatGPT. Here's 3 areas where the bank is experimenting with the tech.
▼ + stars: | 2023-03-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Large language models, the form of AI behind ChatGPT, could transform how Wall Street does business. With advances in generative AI and large language models, the realm of possibilities have been blown way open. Argenti and Tsementzis outlined three ways Goldman is experimenting with large language models. Summarizing and extracting data from documentsGoldman's document-management process stands to improve from the use of generative AI, Argenti said. Helping engineers parse through code documentationA big time suck for software engineers is figuring out other peoples' code, Argenti said.

☆ 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.

☆ UBS mulls takeover of Credit Suisse with possible Swiss government guarantees
▼ + stars: | 2023-03-18 | by ( John O'Donnell | ) www.reuters.com time to read: +3 min

The people said that UBS was coming under pressure from the Swiss authorities to carry out a takeover. UBS, Credit Suisse, and Switzerland's financial regulator FINMA declined to comment when approached by Reuters. Regulators have urged Credit Suisse Group to pursue a deal with Swiss rival UBS as the troubled bank began a make-or-break weekend after some rivals grew cautious in their dealings with it. The turmoil at Credit Suisse has put another dent in the Swiss reputation for financial stability on which UBS depends. Any tie-up would be one of the biggest since the global financial crisis.

March 16 (Reuters) - First Republic Bank's (FRC.N) shares fell 17% in extended trading on Thursday, despite an unprecedented show of support in the bank from nearly a dozen of the world's largest financial institutions. The bank's shares, which had closed 10% higher after a volatile day that saw trading halted 17 times, slumped in after-market trading. Jason Ware, chief investment officer for Albion Financial Group, said the Dimon-led banking sector intervention on Thursday was a "shot in the arm of the system" but likely more was needed. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. The bank's shares have been hit hard in recent days in the aftermath of the collapse of Silicon Valley Bank.

☆ Fed to Consider Tougher Rules for Midsize Banks After SVB, Signature Failures
▼ + stars: | 2023-03-15 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

The U.S. Treasury building in Washington, D.C.WASHINGTON—The Federal Reserve is rethinking a number of its own rules related to midsize banks following the collapse of two lenders, potentially extending restrictions that currently only apply to the biggest Wall Street firms. A raft of tougher capital and liquidity requirements are under review, as well as steps to beef up annual “stress tests” that assess banks’ ability to weather a hypothetical recession, according to a person familiar with the latest thinking among U.S. regulators. The rules could target firms with between $100 billion to $250 billion in assets, which at present escape some of the toughest requirements.

☆ Fed to consider tougher rules for midsize banks after SVB, Signature failures -WSJ
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - U.S. Federal Reserve is reconsidering its regulations regarding midsize banks which could potentially mean expansion of existing restrictions that currently only affect larger Wall Street firms, the Wall Street Journal reported on Tuesday. Regulators were forced to announce relief measures on Sunday, reassuring customers that all the deposits from both the banks would be covered. The Fed also announced a new facility to give banks access to emergency funds, in a bid to calm broader fears in the market. According to the newspaper, the revised rules could target firms with between $100 billion to $250 billion in assets. The Federal Reserve did not immediately respond to Reuters request for comment.

☆ Why the implosion of Silicon Valley Bank is actually a good thing for stocks
▼ + stars: | 2023-03-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

The implosion of SVB makes for scary headlines, but it could actually be great for the stock market. That's because the Federal Reserve may be forced to slow the pace of rate hikes it's been enacting since March 2022. A number of Wall Street firms have already forecasted a pause in rate hikes, Goldman Sachs chief among them. A reversal in a key market dynamicFast-rising interest rates throughout 2022 dinged company valuations and sent the broader stock market into a bear market. Some have pointed to the 1994 bankruptcy of Orange County as an event with parallels to today's interest rate environment.

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