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☆ For Wall Street's newest interns, it's important to keep things in perspective no matter how things end up
▼ + stars: | 2023-06-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Let's take a step backFor Wall Street interns, this week marks the start of their professional lives. So to the Wall Street interns who don't get a return offer in a few months, don't worry, you will too. Read more about Jefferies' Richard Handler explaining how Wall Street interns need to keep perspective. Check out all 15 pieces of advice Handler has for Wall Street interns. We asked our rising stars of Wall Street for some book recommendations.

Persons: Dan DeFrancesco, we've, I've, Richard Handler Jefferies, Richard Handler, Jefferies, Handler, It's, That'd, Guess, Tiffany Haley, Binance, Insider's Navah Maynard, Brandon Snower, Jeffrey Cane, Jack Sommers Organizations: Costco, Jefferies, Wall, Twitter, ESPN, Wall Street, SEC, Vanguard, Nike, LinkedIn Locations: New York, London

☆ When it comes to your Wall Street internship, revert to the mean
▼ + stars: | 2023-06-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street's summer internship is officially here as investment banks open up their doors to eager college students. The 10-week internship program represents a critical juncture for aspiring Wall Streeters. Lucky for you, Insider's Emmalyse Brownstein has a foolproof guide for how to navigate your Wall Street internship, mapping out the key dos and don'ts. Read more about everything you should, and shouldn't, do during your Wall Street internship. One to watch at Goldman Sachs.

Persons: Dan DeFrancesco, Lydia Warren, we've, Goldman Sachs, Let's, Wall, Brownstein, Banks, Read, Brad Pitt's, He's, you've, Leo Bogdanov, KKR's, Nishi Somaiya, John Waldron, Daniel Pinto, Balyasny, Jane Fraser, We've, Jeffrey Cane, Hallam Bullock Organizations: KKR, nab, Citadel, Goldman, JPMorgan, Millennium, UBS, LinkedIn Locations: Hawaii, Wall, New York, London

☆ After the turmoil in regional banks, here comes new regulation
▼ + stars: | 2023-06-05 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Biggest US banks could see 20% boost in capital requirements, Wall Street Journal reports. Midsize regional banks underwent extreme stress earlier this year, with First Republic and two others failing, yet the biggest banks in the US may be the ones hit with tougher regulatory rules. The proposals are expected as soon as this month and will vary based on the bank's businesses, according to the Journal. After the financial crisis of 2007-2008, regulators worldwide sought to bolster banks' capital requirements. And the recent turmoil in the US regional banks only underscored the current strength of the mega banks, suggesting that the focus on increasing capital at the biggest institutions was misplaced.

Persons: JPMorgan Chase, Goldman Sachs –, Banks, Morgan Stanley, Jamie Dimon, Jane Fraser Organizations: Wall Street, Morning, First, Street Journal, Banks, JPMorgan, Federal Reserve, Basel III, Committee, America Locations: First Republic, Basel

☆ Getting rich is only a swipe away
▼ + stars: | 2023-06-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Actor Leonardo DiCaprio, in his role as Jordan Belfort in the 2013 film, "The Wolf of Wall Street." Now a fraudster is only one swipe away from pitching you on how he or she can change your life with this simple strategy. But for a population that has grown accustomed to on-demand entertainment and instant results, getting rich apparently out of nowhere seems completely plausible. And if you'd like a rundown of how the big banks are thinking through their AI strategy, and the execs leading the charge, we've got you covered. We've got a rundown of the 10 most prestigious private middle and high schools in NYC, along with tips for getting in.

Persons: Dan DeFrancesco, Mike didn't, we've, I've, Leonardo DiCaprio, Jordan Belfort, There's, Dan Geiger, Matt Onofrio, Onofrio, you'd, Samantha Lee, I'm, Goldman Sachs, SMBs, Nvidia cofounders, We've, you've, Here's, Jeffrey Cane, Nathan Rennolds Organizations: Paramount, Onofrio, Garden State, JPMorgan, Apple, Street, SVB Securities, SVB Financial, Bloomberg, American Express, Nvidia, Senate, LinkedIn Locations: New Jersey, Silicon, NYC, New York, London

☆ From Wall Street to Washington: Which finance execs would make the best public servants?
▼ + stars: | 2023-06-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

There has long been speculation that America's most-famous banker has plans to run for some sort of public office. The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. When most Wall Street executives were still afraid of the public cloud, she was ready to embrace it with open arms. Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. The idea of him holding public office doesn't seem far-fetched.

Persons: Dan DeFrancesco, TikTok, I'm, we've, nabbing, Joe Biden's, Kevin McCarthy's, Jamie Dimon, Larry Downing, hasn't shied, Dimon, Dimon's, Bill Ackman, Kenneth Chenault —, Kathy Hochul, she's, Chenault, He's, Larry Fink —, We've, Larry, Fink, Adena Friedman, Friedman, Jon Gray —, Gray, Donald Trump, Gray's, Wall, Sen, Elizabeth Warren, Ken Griffin, Griffin, hasn't, Griffin hasn't, Ron DeSantis, he'll, Brian Moynihan —, Moynihan, Dan Schulman —, PayPal — he's, Taylor Swift, Kevin Mazur, Larry Fink, Franklin Templeton, It's, Rockefeller, Stephen Schwarzman, Warren Buffett, Cliff Asness, that's, Here's, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, REUTERS, Bloomberg, American Express, Catalyst, Washington Post, BlackRock, SEC, CFTC, OCC, Nasdaq, Wall, Democrat, GOP, Florida Gov, Commerce, PayPal, Express, Virgin Mobile, Rockefeller Capital Management, Putnam Investments, Blackstone, Credit Suisse, UBS, Reuters, LinkedIn Locations: NYC, Washington, New York, Florida, Chicago, Miami, Ohio, Swiss, London

☆ Is Goldman Sachs' partnership losing some of its shine?
▼ + stars: | 2023-05-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

As if all that wasn't enough, the leadership at Goldman Sachs had another cross to bear on Tuesday: two of its high-profile partners exiting the bank. (In fact, he made our annual list of rising stars on Wall Street in 2020.) That begs the question: Has Goldman Sachs' partnership lost some of its luster? And here's a running list of partners who have left Goldman Sachs under David Solomon. According to The Wall Street Journal, many of the industry's power players aren't looking forward to Biden-Trump part II.

Persons: Dan DeFrancesco, I'm, we've, Wall Streeter, Goldman Sachs, Sayonara, Goldman, Fred Baba, Dina Powell McCormick, Baba, George Floyd, Jane Street, Powell McCormick, Donald Trump, She's, Goldman alums, Byron Trott, Gregg Lemkau, David Solomon, Jane, Powell, Fred Baba's, Steve Cohen, Point72, Beth Abramson, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, Bloomberg, Wall Street, Goldman, MSD Partners, Street, Biden, Trump, Financial Times, Nvidia, Netflix, LinkedIn Locations: NYC, Australia, New York, London

☆ Wall Street's succession summer
▼ + stars: | 2023-05-30 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

But first, it's the summer of succession — and no, we're not talking about the TV show. Wall Street CEOs pretend that succession planning is another chore, like hashing out the annual budget or organizing an earnings call. But behind the boring press announcing their succession plans is often a story of intrigue and drama. And then, of course, there's Jamie Dimon, Wall Street's longest-serving CEO. Earlier this week, Insider highlighted 17 young analysts poised to shine.

☆ Reader mailbag: From the impact of a US default to analyzing the IPO market, all your questions answered
▼ + stars: | 2023-05-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

An inverted yield curve means that short-term bonds offer better returns than long-term bonds, which seems counterintuitive. Well, there is a case to be made for an inverted yield curve not being a sign of an impending recession. Click here for more on why experts are questioning the inverted yield curve's reliability as an economic predictor. I suppose any number of companies going public might seem like a lot amid the current drought, but it still seems like slim pickings. On the one hand, a company going public now must have supreme confidence in its business.

☆ Blackstone, the massive private-equity firm, just wants to be your friendly, neighborhood lender
▼ + stars: | 2023-05-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Your friendly neighborhood lender, BlackstoneWhat's the first thing that pops into your head when you think of a regional bank? Nouriel Roubini, the famed economist known as "Dr. Doom" isn't too optimistic about the future of regional banks. Never one to miss a chance to make money, Blackstone CEO Stephen Schwarzman said his firm can "fill the void" left by regional banks tightening up their lending activity. Regional banks happen to be one of the biggest lenders in commercial real estate. Doom' is feeling bearish on regional banks.

☆ Who's going to work on all these AI projects at the big banks?
▼ + stars: | 2023-05-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Everyone seems to agree that artificial intelligence is going to upend Wall Street. Insider's Paige Hagy and Bianca Chan have a fascinating story on how AI talent doesn't seem to be sticking around at big banks. What's even more foreboding is that AI talent isn't leaving for other banks. But struggling to hold on to AI talent seems especially concerning when one considers what's at stake — like, uh, humanity — and the speed at which it'll happen. Here are the three reasons banks can't seem to hold on to AI talent.

☆ JPMorgan's Jamie Dimon just sounded off on what it takes to be a good CEO
▼ + stars: | 2023-05-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

JPMorgan CEO Jamie Dimon has a take that might surprise you. Succession plans for the unofficial face of Wall Street have long been speculated on. One of the biggest issues we see on Wall Street, or in business more broadly, is an executive not knowing when to cut ties. Want to know what a Wall Street hiring raid looks like? Here's Wall Street's plan if the US defaults on its debt.

☆ The up-and-coming stock pickers you should have on your radar
▼ + stars: | 2023-05-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Rising stars of equity research. When it comes to equity research, these analysts are a "strong buy." For a third consecutive year, Insider reporters canvassed their sources to identify the rising stars of equity research. Click here to meet our 17 rising stars of equity research. These are 10 of the cheapest places to nab a beach house in the US.

☆ A new class of executives on Wall Street is gaining a ton of power
▼ + stars: | 2023-05-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

I still need questions for a future mailbag. As Wall Street grapples with how to deploy AI, the executives overseeing the tech are rising in prominence. Bianca mapped out the 12 executives leading AI strategy at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo. Meet the 12 executives leading the AI strategy at the biggest US banks. The bank run on Silicon Valley Bank, which was helped along by social media, has bank executives reconsidering their online presence, Reuters reports.

☆ High-stakes game of keeping secrets on Wall Street
▼ + stars: | 2023-05-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Citadel Securities' trading strategies? Look no further than a recently filed lawsuit by Citadel Securities against two former employees, per Bloomberg. The suit, which you can read here, alleges the former employees were building a competing high-frequency trading firm while still employed and used trade secrets gained while at Citadel Securities. Portofino told Bloomberg that the Citadel Securities lawsuit was "corporate bullying" and that it would defend itself. On the one hand, trading firms invest a lot of money — check out some salary ranges here — in developing these strategies.

☆ Elon Musk's super-app ambitions took an interesting turn with his first acquisition at Twitter
▼ + stars: | 2023-05-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The move speaks to a broader strategy Musk has hinted at of creating a US super app. While extremely popular in Asia, super apps haven't caught on in the US. There are multiple forces working against the success of a super app in the US, let alone one run by someone as polarizing as Musk. When I think of super apps, my mind goes toward pursuing users' wallets. And here's why industry experts remain unconvinced about Elon Musk's plans to turn Twitter into a super app.

☆ An outsider's take on finding success on Wall Street
▼ + stars: | 2023-05-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

At first glance, Kristofer Baxter doesn't seem like an ideal candidate for offering tips about succeeding on Wall Street. His outside perspective offers a unique look at what it takes to find success on the Street. Too often, people explaining how they found success on Wall Street, or anywhere, amounts to them bragging about how hard they worked. Read more on key lessons from a top engineer at Citadel about finding success. The famous VC firm is going to launch a fund of funds for backing other VCs focused on finding early-stage startups.

☆ What life after Larry looks like at BlackRock
▼ + stars: | 2023-05-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink Spencer Platt/Getty Images1. Who's next at BlackRock? On Wall Street, you'd be tough to find a founder and their company more synonymous with each other than Larry Fink and BlackRock. And while it's clear he doesn't want to remain at BlackRock forever, what's not clear is who would step in to fill the void. If that isn't enough for you, Rebecca also mapped out how BlackRock organizes its top leadership, identifying the 150 most powerful people and their reporting lines. Click here to learn more about BlackRock's succession plans for Larry Fink.

☆ Thanks for the memories (and money) index-rebalance strategies
▼ + stars: | 2023-05-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. Index-rebalance strategies, the talk of the town just a few short years ago, are seemingly on their last legs these days. What doomed the index-rebalance strategy is a tale as old as time on Wall Street. Times are tough now, but as Alex notes in his story, not everyone is completely giving up on the strategy. And while we're talking Man Group, here's a rundown on a program meant to help non-tech workers learn data-science skills to help streamline their jobs.

☆ For Wall Street's incoming interns, it's not exactly dress to impress
▼ + stars: | 2023-05-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

As Wall Street internship season quickly approaches, that's a question many soon-to-be summer analysts are asking each other. One big trend Emmalyse notes in her story is the casualification, so to speak, of Wall Street. But the Wall Street dress code was starting to change before 2020, thanks in large part to the tech community. Read more about Wall Street's new dress code for summer analysts. Wall Street's litigious sibling is not an appealing career path to Gen Zers, the Financial Times reports.

☆ Digital health faces the same hurdle as fintech: Get profitable or get lost.
▼ + stars: | 2023-05-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Digital health, once the darling of the healthcare industry, is having a tough go of it. After a pandemic-fueled surge when health services and offerings utilizing tech were prioritized, digital health has come back down to earth. The similarities between digital health and fintech are striking. For both fintechs and digital health, this year has served as a reminder that they're only partly tech companies. Click here for predictions from 16 bankers and dealmakers on the future of digital health.

☆ Don't look now, but Wall Street bonuses are already trending in the wrong direction
▼ + stars: | 2023-05-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street, I'm sorry to say your 2023 bonus is already on some shaky ground. I realize we're not even halfway through the year, but after an awful first quarter, bonuses in plenty of areas of finance are trending in the wrong direction. It's a mixed bag, with some areas trending toward a double-digit percentage increase over 2022, while others are heading the opposite way. If that isn't a certainty, you can bet people, especially those earlier in their career, will look for greener pastures. Six of the largest European and US oil companies have a combined nearly $160 billion in cash and cash equivalents on their balance sheets, The Wall Street Journal reports.

☆ Wall Street is empowering its employees to build their own tech tools. But who is keeping track of all this stuff?
▼ + stars: | 2023-05-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A story about training non-tech workers that has nothing to do with ChatGPT? Man Group, a $144 billion investment firm, has a popular training program to get non-tech workers up to speed on coding and data-science. Programs like <develop>, along with the rise of ChatGPT, speak to a wider trend across Wall Street of enabling employees to build their own tools despite not having a background in tech. Empowering people to build their own tools and apps to streamline their work seems great on paper. Read more about how Man Group teaches non-tech workers programming skills that help them save time.

☆ Davos vs. Milken: Battle of the high-profile conferences
▼ + stars: | 2023-05-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Arguably the biggest financial conference of the year just wrapped in Beverly Hills. Insider's Dakin Campbell, who was on the ground at Milken, has a report on the five biggest topics discussed this year. Dakin's report got me thinking about how Milken stacks up against another high-profile conference: Davos. Milken is also designed, thanks to its namesake, with a keen eye on what the finance industry wants, he added. Click here to read more about the biggest topics being discussed at the Milken Conference.

☆ Wells Fargo is pushing for quantity over quality in its private bank
▼ + stars: | 2023-05-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Which brings us to a fantastic story about Wells Fargo's decision to reorganize how it serves its ultra-rich clients. And while many understood some changes were necessary, nearly everyone agreed the bank didn't go about it the right way. Read more about Wells Fargo's chaotic reorganization of its private bank. It's the latest move in what has been an active 12 months for the bank's tech division. The accounting firm had signed off on financial statements from Silicon Valley Bank, Signature Bank, and First Republic, the Financial Times reports.

☆ A new sign of panic in the US banking industry: Law firm Wachtell Lipton calls on SEC to crack down on short selling of bank stocks.
▼ + stars: | 2023-05-04 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

Influential law firm Wachtell Lipton says the SEC needs to respond by stopping bets against bank stocks in the form of short sales. Read the law firm's memo here. On Thursday, the law firm Wachtell Lipton sent a memo to clients asking the Securities and Exchange Commission to crack down on the short selling of bank stocks. Calls for limits on short selling can be seen as a sign of stress in the financial system. Other longer-term solutions may include reinstitution of the traditional up-tick rule, and aggressive enforcement combating abusive short sales, market manipulation and groups acting in concert.

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