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The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."

Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco

☆ How a California hedge fund bulldozed the state's labor laws to impose some of the harshest noncompetes on Wall Street
▼ + stars: | 2023-10-03 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

That's partly why so few quantitative trading firms reside in California, whose labor-friendly laws have long favored employee mobility and competition. Exhibit A: The Voleon Group, a prominent quantitative-trading firm based in Berkeley, California, that manages about $5 billion in assets. The hedge fund has bulldozed past state prohibitions to not just impose noncompetes, but impose some of the harshest noncompetes in the entire industry, according to seven former employees, industry experts, and documents detailing the firm's restrictive covenants. Like so many other quant-trading firms, Voleon took care to protect its edge. Other employees Insider spoke with have a less generous view, with several describing the company as stingy — a third ex-employee bemoaned the company as "notoriously cheap" on compensation.

Persons: Kathy Hochul's, haven't, Michael Kharitonov, Jon McAuliffe, Shaw, — Kharitonov, McAuliffe, Voleon, —, Harry Lipman, Rottenberg Lipman Rich, Lipman, bemoaned, noncompetes, Martin Wainwright, Howard Aiken, Wainwright, hasn't, It's, Jessica Riggin, Rukin Hyland, Riggin, specter, James Hannaway, Sanford Heisler Sharp, Hochul, Rob Bonta, Sen, Anna Caballero, foisting, Caballero, Voleon's Organizations: New, Gov, University of California, Stanford, UC Berkeley, Wall Street, Google, Citadel, Sigma, That's, Big Tech, Darwin, MIT, Berkeley, California, Labor Locations: New York, California, Berkeley , California, University of California Berkeley, Berkeley, Voleon, Delaware, Washington ,

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

Each year, Insider highlights Wall Street's rising stars. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Insider tapped its contacts for ideas about individuals to include and received recommendations from bosses, colleagues, recruiters, and financial industry peers. Insider talked to these rising stars from leading firms like JPMorgan, Bridgewater, and Apollo, to reflect on their successes, challenges, and best career advice.

Persons: — Organizations: Service, JPMorgan Locations: Bridgewater

Thoma Bravo took SailPoint private in a $6.9 billion acquisition last August. Almeida has cultivated Thoma Bravo's cybersecurity portfolio into one of the largest in the private-equity industry, totaling nearly $40 billion in enterprise value. His focus in the security industry has helped Almeida — the firm's youngest partner — become a key leader of its flagship strategy. Beyond SailPoint, Almeida co-led the portfolio company Imprivata's 2022 purchase of SecureLink, in a deal valued at $3.5 billion. He also helped source and execute Thoma Bravo's $12.3 billion acquisition of Proofpoint in 2021, the largest private-equity cloud deal at the time.

Persons: Andrew Almeida, Thoma Bravo Thoma, Thoma Bravo Thoma Bravo Almeida, he'd, Thoma Bravo, Almeida, It's, — Orlando Bravo, Scott Crabill, Chip Virnig, Seth Boro —, Thoma, Virnig, Almeida —, —, Bianca Chan Organizations: Thoma Bravo Thoma Bravo, Bravo, Compuware Locations: Proofpoint

☆ Summer is fading. But performance in August was hot at hedge funds including Citadel, D.E. Shaw, Millennium, and Sculptor
▼ + stars: | 2023-09-07 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Most managers posted positive performance, Sculptor and Citadel led the way. Shaw (+1.3%) also had strong performance. Multi-strategy fund managers remain as popular as ever. "Clearly right now the multi-strategy managers are very much in vogue. Here's how other top multi-strategy players stacked up after August:Fund August performance Year-to-date performance Sculptor Multi-Strategy 2.8% 12.6% Citadel Wellington 2% 10.8% Point72 0.83% 6.6% D.E.

Persons: Shaw, Ken Griffin, Here's, Marshall Wace Eureka Organizations: Citadel, Financial Times, Capital, Wellington Fund, Citadel Wellington, Shaw Locations: Wellington

☆ A top Brevan Howard exec responsible for luring investment talent is leaving the $35 billion macro fund
▼ + stars: | 2023-09-06 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

A top exec at Brevan Howard is departing the $35 billion macro fund. The senior exec in charge of luring top investment talent to $35 billion Brevan Howard is leaving. He was also the global head of business development at Izzy Englander's Millennium Management for five years. The $35 billion hedge fund, founded by macro trading billionaire Alan Howard, has struggled with performance this year. Do you have more information about Brevan Howard or other hedge fund performance or talent moves?

Persons: Brevan Howard, Peter Hornick, Brevan, Howard, Izzy Englander's, Hornick, Alan Howard, Alex Morrell Organizations: Brevan, Management, Alpha, Credit Suisse Locations: ExodusPoint

Competition for buy-side jobs, including at private equity firms and hedge funds, can be fierce. Insider identified the 13 recruiting firms aspiring dealmakers and traders should know for a buy-side job. The buy-side hiring spree is expected to continue despite a slowdown in mergers and acquisitions — a cornerstone of private equity investing. BellCast Partners works with mega funds, middle market funds, infrastructure funds, impact funds, real estate private equity funds, sector-focused funds, sovereign wealth funds, family offices, and credit funds. Today it does searches in private equity, growth equity, distressed, credit, venture capital, hedge funds, family offices, and select investment banks.

Persons: headhunting, Brain O'Callaghan, John Arbolino, Arbolino, Amity, Pamela Esterson, Susanna Nichols, Nichols, Esterson, Danielle Caston Strazzini, Alison Bellino Johnson, BellCast, Caston Strazzini, Jill Pierce, Spencer Stuart, Pierce, —, Brian O'Callaghan, it's, Renee Hylton, Keith Mann, Josh Grauer, Grauer, Mann, Adam Zoia, Annette Krassner, Katie Cunningham, Sarah Armstrong, Cunningham, Armstrong, Anna Brady, Janelle Matthews, Beth Grossman, Brady, they've, Morgan Stanley Eleni Henkel, Henkel, Leah Trabich, HSP, Carlyle, Warburg Pincus, Adam Kahn, Kahn, Anthony Keizner, Keizner, Nina Swift, Marty Brady, Vedica Qalbani, Qalbani, Lindsey Mead, Jessica Wu, Michael Garmisa, SearchOne, Sheri Gellman, Gellman Organizations: Citadel, nab, Boothroyd, Co, Wall, Amity Search Partners, Palm Beach Staff, SG Partners, Bain Capital, Centerbridge Partners, Trian Partners, BellCast, Charlotte Staff, CPI, BellCast Partners, Investor Relations, Nashville, San Francisco, Wharton, Harvard, Stanford, New York Staff, Partners, San Francisco Staff, Los Angeles Staff, TPG, Thoma Bravo, Bessemer Venture Partners, EQT, Elliott, Equity, KKR, ICONIQ, Spectrum Equity, Henkel Search, Search Partners, New York, Oxbridge, Nashville Staff, Time Warner, Indiana University, SG Locations: New York, San Francisco, Austin, San Diego, Chicago, Los Angeles , New York, Phoenix, West Coast, Los Angeles, NYC, California, United States, Boston, Dallas, Atlanta, Columbia, Latin America, Asia, Europe, San Francisco , New York, Bay, Gold, Los Angeles , Greenwich, Nashville, Amity, South Florida

☆ Schonfeld's growing pains: Ryan Tolkin reckons with his greatest challenge yet as returns dry up at the $13 billion hedge fund
▼ + stars: | 2023-08-23 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

When it was raising fresh money from investors in 2020, one slide on the pitch deck for the hedge fund Schonfeld Strategic Advisors got to the heart of the issue: "Why Schonfeld?" A hedge fund recruiterAmid the weakness, the fund has begun to prune costs. Steve Schonfeld (class of 1977) and Brad Tolkin (class of 1976) attended Roslyn High School in Roslyn Heights, New York. Tolkin told Insider in 2019 that the firm's goal was no less than becoming "the premier equities hedge fund globally." While Steven Schonfeld's 20% annual-return goals would've been ambitious for any sizable hedge fund, returns have also lagged behind peers.

Persons: Israel Englander, Ryan Tolkin, Steve Schonfeld, hasn't, It's, Schonfeld, Quita Ramirez, Trina Geatz, who've, Tolkin, Goldman Sachs, Andrew Fishman, Goldman Sachs —, Steven Schonfeld's, Ryan Tolkin's, Brad Tolkin, Brad, Jeff, Alex Morrell Steve, CJ, Sean, Ryan, Brad Tolkin's, Steven Schonfeld, Ryan —, who's, Steve, Michael Gelband, Michael Englander, Izzy Englander's, Steven, Sharpe, Fishman, Michael Nagle, Colin Lancaster, would've, Brevan Howard, ExodusPoint Organizations: Citadel, Duke, Goldman, Long, Newsday, Schonfeld Securities, Roslyn High School, American Express, Cleveland Cavaliers, Jewish, —, Bloomberg, Strategic Partners, Equity, Schonfeld, Nasdaq, Management Locations: Israel, Miami, Stamford , Connecticut, Manhattan, Delta, Duke, Long Island, Roslyn Heights , New York

☆ A handful of portfolio managers exited $20 billion hedge fund Balyasny in early August
▼ + stars: | 2023-08-17 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Four stock-picking portfolio managers left Balyasny in early August. The $20 billion fund is trailing its peers in performance this year. Multi-strategy hedge fund Balyasny Asset Management saw a handful of departures in its stock-picking business earlier this month, according to people familiar with the matter. Four portfolio managers exited the $20 billion fund in early August, the people said, including Neville Irani, Colin Kronewitter, Ben Shapiro, and Jason Temerowski. Balyasny trails its peers in performance this year, returning 1.3% through July.

Persons: Neville Irani, Colin Kronewitter, Ben Shapiro, Jason Temerowski Organizations: Management Locations: Balyasny

☆ A top Two Sigma investment executive has taken leave from the firm amid a series of challenges for the hedge fund giant
▼ + stars: | 2023-08-16 | by ( Alex Morrell | Rebecca Ungarino | ) www.businessinsider.com time to read: +2 min

A Two Sigma chief investment officer has taken a medical leave, Insider has learned. The firm announced the leave of Alex Ginsburg, CIO of equities, to investors and employees in July. A senior Two Sigma investment executive has taken a leave of absence from the firm, Insider has learned. Two Sigma chief data strategist Ali-Milan Nekmouche, who has been with the company since 2004, has been named as Ginsburg's replacement. Siegel did not leave the firm and the group ended up staying at Two Sigma, the Journal reported.

Persons: Alex Ginsburg, Jeff Penney, Timothy Reynolds, Ali, Milan Nekmouche, Ginsburg's, David Siegel, John Overdeck, Siegel, Overdeck, Ginsburg, Geoffrey Duncombe, Alex Morrell, Rebecca Ungarino Organizations: Sigma, Street Locations: amorrell

☆ Hedge fund performance in July was muted. But Citadel distanced itself from Point72, Millennium, and other competitors.
▼ + stars: | 2023-08-04 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Top multi-strategy hedge funds trailed the stock market in July. Citadel led the pack, gaining 1.3% last month and pushing its 2023 tally to 8.6%. Verition bested most of its peers, gaining 1.2% in July. The world's largest hedge funds, meanwhile, posted more muted gains. Among its multi-strategy hedge fund peers, Ken Griffin's $59 billion Citadel remains second to none, gaining 1.3% in July in its flagship Wellington fund.

Persons: Verition, Ken Griffin's, It's, Marshall Wace Eureka Organizations: Citadel, Citadel Wellington, Hudson, International, Representatives Locations: Wellington

☆ Investment giant Brookfield is shuttering its $1 billion multi-strategy hedge fund
▼ + stars: | 2023-07-27 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Investment giant Brookfield is closing its hedge fund group BHS Advisors. The multi-strategy fund launched in 2019 and managed $1.3 billion in assets earlier this year. Canadian asset management behemoth Brookfield Corporation is shutting down its multi-strategy hedge fund Brookfield Hedge Solutions Advisors. BHS Advisors, a multi-strategy hedge fund platform within the $825 billion conglomerate, is winding down after four years, according to people familiar with the matter. In recent years billions in capital have flooded into multi-strategy hedge funds like Citadel, Millennium, and Point72, which employ teams of traders across a variety of strategies.

Organizations: BHS Advisors, behemoth, Solutions, Brookfield, Intelligence, Citadel, BHS, Financial Times Locations: Brookfield

☆ Browse our database of more than 350 Wall Street headhunters to find your dream job in private equity, investment banking, or hedge funds
▼ + stars: | 2023-07-27 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +4 min

From investment banks to hedge funds to private-equity shops, the financial industry is always on the lookout for top talent. Hedge funds are another story. As Insider recently reported, demand for inflation traders by hedge funds has been red hot. Keizner said he's also seeing demand at hedge funds that focus on credit trading and special situations, like mergers. "Single manager, directional equity hedge funds typically haven't been receiving asset inflows and as a result, there's less hiring there."

Persons: Anthony Keizner, Bobby Jain, Adam Harwood, who's, Keizner, he's Organizations: Wall, PJT Partners, Search, Citadel, Credit Suisse, Bankers, Wall Street Locations: dealmaking

☆ $13 billion hedge fund Schonfeld loses several senior technology and recruiting personnel
▼ + stars: | 2023-07-19 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Several leaders in Schonfeld's technology and recruiting teams have recently exited. Several leaders of multi-strategy hedge fund Schonfeld Strategic Advisors' technology and recruiting operations have exited the firm, according to people familiar with the matter. Steve Kordik, who headed up a team in North America responsible for supporting the trading technology platform, left in May. Tom Burdo, director of front-office technology talent acquisition, left in June. Schonfeld, which manages about $13 billion in outside money, grew from some 600 employees in mid-2021 to around 860 at the end of 2022, according to a filing with the Securities and Exchange Commission.

Persons: Vincent Aniello, Schonfeld, Steve Kordik, Renee Kenas, Radhika Arora, Tom Burdo, Point72, buildout, Colin Lancaster, Mitesh, It's, Toby Kung, Derry Herlihy, Goldman Sachs, Riccardo Riboldi Organizations: Advisors, Securities and Exchange Commission, LinkedIn, Citadel, Derry, Delta Locations: North America, Macquarie

☆ Ex-Millennium exec Bobby Jain has made his first major hire for the industry's most hotly anticipated new hedge fund launch
▼ + stars: | 2023-07-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Ex-Millennium exec Bobby Jain is preparing to launch one of the most anticipated hedge funds in history. An exit agreement barring Jain from hiring ended at the beginning of this month. Former Millennium executive Bobby Jain has made his first major hire as he lays the groundwork for what Wall Street professionals are expecting to be one of the largest ever hedge fund launches. Before BofA, Barton was COO at Meru Capital and Old Lane; he started his career at Morgan Stanley. His exit agreement prohibited him from officially hiring until the end of last Month.

Persons: Bobby Jain, Jain, Jonathan Barton, Izzy Englander's, Barton, Morgan Stanley, Michael Gelband, Gelband, ExodusPoint, It's Organizations: Millennium, Wall, Management, of America, Meru, Bank of America, Credit Suisse, ExodusPoint, Wall Street Locations: BofA, Meru Capital

☆ How Citadel, Millennium, Point72 and other hedge fund giants stack up as they enter the second half of a challenging year
▼ + stars: | 2023-07-06 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Hedge funds have reached the halfway point in a challenging year. The first half of 2023 was not how hedge fund managers drew it up. They invested heavily in global macro hiring late last year, expecting plenty more runway in the strategy's revival after a blockbuster 2022. Overall, the hedge fund industry lags far behind, gaining just 1.23% through May, according to the HFRI Fund Weighted Composite Index. Citadel's strength has been one of the few certainties in an otherwise uncertain year for hedge funds.

Persons: Ken Griffin's, Izzy Englander's, Here's, Steve Cohen's Point72 Organizations: Millennium, Suisse, HFRI, Ken Griffin's Citadel, Citadel Wellington, Carlson, Global Locations: Wellington

☆ A new addition to Goldman Sachs' board could be a lifeline, or threat, to CEO David Solomon
▼ + stars: | 2023-06-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A change to the board of directors at a top Wall Street bank has raised questions about what it means for the CEO. Goldman Sachs board is reportedly planning to add Tom Montag, a former longtime Goldman exec who became the No. And as a former partner at the bank, Montag also brings with him a certain cachet. Such is life on Wall Street, where the line between friend and foe is never quite clear. From Mark Zuckerberg's martial arts-led comeback to Jeff Bezo's hot yacht summer, tech bros are feeling themselves these days.

Persons: Dan DeFrancesco, you've, —, we've, Tom Montag, Craig Barritt, Tory Burch, Goldman Sachs, Goldman, David Solomon, Montag, Solomon, Insider's Dakin Campbell, Merrill, Insider's Alex Morrell, Jeff Bezos, Clive Mason, Mark Zuckerberg's, Jeff Bezo's, Biden's, Jen Glantz, Pete Buttigieg, Jeffrey Cane, Hallam Bullock Organizations: Costco, Tory, Tory Burch Foundation, Bank of America, Bloomberg, Goldman, Solomon, BofA, Getty, Finance bros, Transportation, Starbucks, LinkedIn Locations: NYC, BofA, BlackRock, New York, London

☆ The only winners on Wall Street seem to be the interns — with some earning nearly $20,000 a month
▼ + stars: | 2023-06-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Intern pay on Wall Street is on the rise. The median wage for interns at Citadel and Citadel Securities is reportedly $120 an hour. There's lots to be concerned about working on Wall Street these days. Median intern pay has risen by 19% among some of the top finance firms, according to a Bloomberg report citing data from Levels.fyi. (Insider's Emmalyse Brownstein has you covered on all things Wall Street internships, from how to nab a return offer to what to wear to the office.)

Persons: Ken Griffin, Insider's Paige Hagy, Brownstein, that's, Alex Morrell Organizations: Citadel, Citadel Securities, Bloomberg, Take, nab, Bank of America Locations: New York City

☆ Ex-BofA No. 2 Tom Montag said to be in line to join Goldman Sachs board
▼ + stars: | 2023-06-26 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Goldman Sachs board plans to tap Tom Montag to join, Bloomberg reports. Now, he is said to be in line to join the board of Goldman Sachs as its CEO, David Solomon, faces scrutiny over his leadership. Still, Bloomberg notes, Montag would be the first bank executive named to the board under Solomon, who became CEO of the bank in 2018. Solomon's hobby as a DJ and his use of the firm's private jets have also rubbed some Goldman insiders the wrong way. At Goldman, Montag was big in JapanMontag bleeds Goldman blue.

Persons: Goldman Sachs, Tom Montag, Montag, David Solomon, Solomon, —, Sridhar Natarajan, Katherine Doherty, Goldman, David Viniar, Goldman's, Adebayo, Ogunlesi, Insider's Dakin Campbell, Japan Montag, Merrill Lynch, Insider's Alex Morrell, Charming, Kate Kelly, BofA Organizations: Bloomberg, of, Morning, Bank of America's, Goldman, Credit Suisse, Global Infrastructure Partners, Reuters, Bank of America, Bank America, The New York Times, Times, Private, TPG, Street Journal Locations: Japan

☆ Jump Trading's top executive in Europe is leaving the systematic trading firm
▼ + stars: | 2023-06-18 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Jump Trading exec Peter Deaner is leaving the systematic trading firm, people familiar with the matter said. Senior executive departures are relatively uncommon at the press-shy trading firm. Jump Trading Group's top executive in Europe is leaving the systematic trading firm after more than a decade. "Pete will be retiring from the industry in 2024, moving on from Jump Trading roughly at the end of Q1," the spokesperson told Insider in an email. Jump Trading International, the London-based subsidiary of the Chicago trading firm, has grown substantially since Deaner joined in the summer of 2012.

Persons: Peter Deaner, Deaner, Pete, Damien Couture, Verition, lockups Organizations: Companies, Couture, Bloomberg Locations: Europe, London, Chicago

☆ The war for hedge-fund talent has traders getting paid like star athletes
▼ + stars: | 2023-06-02 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

Money is pouring into the hedge fund business, adding to a war for talent. Maybe a bunch of NBA or NFL players end up on a trading floor for charity. The war for talent is partly a reflection of hedge-fund performance. My colleague Alex Morrell wrote recently:After years of relative quiet, macro strategies at hedge funds surged back to life in 2022 amid rising interest rates, inflation, and geopolitical convulsions. Writing for Insider recently, hedge-fund recruiter John Pierson said that "the competition for investment talent is escalating, and finding top portfolio managers is no longer a contact sport — it's an all-out war."

Persons: Bloomberg's Nishant Kumar, Maureen Farrell, Rob Copeland, Tom Brady, Steph Curry, Lamar Jackson's, Alex Morrell, Brevan Howard, Rokos, John Pierson Organizations: Millennium, Citadel, Morning, NBA, New York Times, Times, Golden State Warriors, ESPN, NFL, Baltimore Ravens, Premier League

For the last few 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 looking for a book to pack for your summer vacation, 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're interested in reading what Wall Street reads, look no further than this selection of 35 books below.

Persons: We've, we've

☆ Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
▼ + stars: | 2023-05-19 | by ( Rebecca Ungarino | Alex Morrell | Dakin Campbell | ) www.businessinsider.com time to read: +11 min

Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.

☆ 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.

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