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☆ A summer internship at D.E. Shaw can pay up to $20,000 a month. Here's what it takes to land a coveted spot.
▼ + stars: | 2023-04-06 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +8 min

Shaw's recruiting head, took us inside the firm's process for finding talent. Shaw Group is one of the highest-grossing, and most secretive, hedge funds on Wall Street, with $60 billion under management. Launched by former Columbia University computer-science professor David Shaw above a small left-wing bookshop in lower Manhattan in 1988, D.E. The interview process includes an initial video interview, a case study or coding test (depending on the internship), a second round of video interviews, and a reference check. At any point in the process, candidates might even be steered toward an internship other than the one they applied to that could better align with the candidate's skills and interests.

March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. 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 management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.

☆ Inside a shake-up at the world's 'most feared law firm'
▼ + stars: | 2023-03-30 | by ( Casey Sullivan | ) www.businessinsider.com time to read: +30 min

It's been a tumultuous period for Quinn and the storied law firm he built over the past 37 years — now the world's largest litigation firm with hourly rates that can be north of $2,000. But behind the scenes, a shift at QE has been the talk of elite law firm circles. Indeed, the firm – known as a singular, even freewheeling, institution that brands itself as the "#1 Most Feared Law Firm in the World" — may appear to be less in the image of its founder as a generational shift brings changes. "We all thought it was important that the world understands this is not a one generation law firm." One former firm partner in California says he believes Quinn's inner circle generally got better deals.

☆ Silicon Valley Bank red flags: Why did almost everyone fail to predict its collapse?
▼ + stars: | 2023-03-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

A bank run took down Silicon Valley Bank on March 10, as depositors withdrew $42 billion in a single day. To embrace a uniquely Silicon Valley ethos that champions boldness, growth and disruption. Silicon Valley Bank held 55% of its customers' deposits in long-dated bonds whose value eroded as interest rates went up. Silicon Valley Bank held an unusually large proportion (55%) of its customers’ deposits in long-dated Treasuries. And for most of that year, Silicon Valley Bank was operating with a massive vacancy in its corporate leadership team: a chief risk officer.

☆ Medical-Device Makers Face Push to Protect Their Wares From Hacks
▼ + stars: | 2023-02-13 | by ( James Rundle | ) www.wsj.com time to read: +5 min

Mounting cyberattacks against hospitals and clinics and a regulatory push are increasing the pressure on medical-device manufacturers to improve the security of their products. Cyber protections have often been an afterthought for medical devices, which can be in operation for decades. Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. While Mr. Suarez acknowledged that greater transparency about vulnerabilities is needed from makers of medical devices, he also wants to see customers stop using old, unsupported equipment. “It’s a complex challenge,” Mr. Suarez said.

☆ Some Goldman Sachs partners want to tell the board about their concerns over CEO David Solomon
▼ + stars: | 2023-02-08 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

A decline in morale at the Wall Street firm concerns some Goldman partners. Here are their concerns about CEO David Solomon, who addressed the partners in Miami. CEO David Solomon addressed Goldman Sachs' partners today at the firm's annual partners meeting in Miami. There's little history for Goldman partners taking their concerns directly to the board. Since then, according to someone who has spoken to investors, more shareholders have questioned how long Solomon can last as Goldman's CEO.

☆ Exclusive: Credit Suisse markets CSFB as 'super boutique', sees revenue rebound
▼ + stars: | 2023-02-06 | by ( Paritosh Bansal | ) www.reuters.com time to read: +6 min

Veteran dealmaker Michael Klein has stepped down from the Credit Suisse board to become CEO. Third-party capital would help fund the unit's lending as a standalone entity, Credit Suisse said, without providing additional details. At the same time, Credit Suisse would pull back from certain businesses, such as providing revolving credit lines to companies and non-essential trading. Bloomberg News reported last month that Credit Suisse was nearing a deal to buy the boutique for a few hundred million dollars. Longer term under its plan for CSFB, Credit Suisse projects net revenues could rise to as much as $3.5 billion.

☆ Goldman’s Marcus is a lesson in self-made failure
▼ + stars: | 2023-02-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

Being a consumer bank was a good idea when Goldman’s leaders cooked it up eight years ago. Fast forward to 2023, and consumer banking is still highly lucrative. The practice of working through the night is common in the investment banking division Solomon once headed but rare in consumer banking. For example, Goldman’s engineers had to fight to host consumer banking systems on the cloud rather than on the bank’s own servers. That year, nobody from the consumer bank was promoted to the firm’s prestigious partner level.

☆ Evercore Promotes U.S. Advisory Executive to CFO Role
▼ + stars: | 2023-01-20 | by ( Mark Maurer | ) www.wsj.com time to read: +2 min

Tim LaLonde, Evercore’s next CFO. Photo: Evercore Inc. As CFO, Mr. LaLonde is set to succeed Celeste Mellet, who plans to leave the firm in early February, Evercore said. Fund manager Global Infrastructure Partners said it hired Ms. Mellet as a partner and CFO. Ms. Mellet has been Evercore’s CFO since 2021. PREVIEW Evercore underwent a major leadership shift in 2021, when it named Mr. Weinberg as its sole chief executive.

CNN —One week into her presidency, Peru’s new President Dina Boluarte is battling to contain widespread protests that erupted after the ousting of former President Pedro Castillo. Boluarte announced Tuesday the government will set up a crisis management committee as protests calling for political change continue across the country. Boluarte, his former vice president, has since become president, and on Monday proposed bringing general elections forward two years to April 2024 during a televised speech. At least seven people have died in the protests ongoing in Peru, according to a tweet from the health ministry on Wednesday. Boluarte also doesn’t belong to a political party after she was expelled from Peru Libre due to internal disagreements.

☆ College Football Playoff will expand to 12 teams starting with 2024-2025 season
▼ + stars: | 2022-12-01 | by ( Jacob Lev | ) edition.cnn.com time to read: +1 min

CNN —The College Football Playoff will expand from four to 12 teams starting with the 2024-2025 season. The new format was set to begin in 2026 but the board had tasked the College Football Management Committee to try to implement the expansion earlier, following the 2024 or 2025 season. “We’re delighted to be moving forward,” said Bill Hancock, executive director of the College Football Playoff in a statement. We appreciate the leaders of the six bowl games and the two future national championship game host cities for their cooperation. Everyone realized that this change is in the best interest of college football and pulled together to make it happen.”The national championship game is scheduled to be played in Atlanta in January 2025 and in Miami in January 2026.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ General Atlantic to Buy Iron Park Capital and Form Credit Business
▼ + stars: | 2022-10-26 | by ( Miriam Gottfried | ) www.wsj.com time to read: 1 min

Under CEO Bill Ford, shown in 2019, General Atlantic has made its name by taking minority stakes in rapidly growing companies. General Atlantic is buying Iron Park Capital Partners LP, executives said, as the big investment firm seeks to expand its lending capabilities during what is shaping up to be a golden age for private credit. Iron Park will become General Atlantic Credit, with Iron Park founder Tripp Smith becoming CEO of the unit, the executives from both firms said. Mr. Smith also will join General Atlantic’s management committee.

☆ Goldman Sachs Embeds Software Developers Deeper Into the Business
▼ + stars: | 2022-10-19 | by ( Katie Deighton | ) www.wsj.com time to read: +4 min

PREVIEWHistorically, developers were asking “how” questions, Mr. Argenti said Wednesday during an online Wall Street Journal CIO Network members event. Mr. Argenti joined Goldman in 2019 as co-CIO after serving as vice president of technology at Amazon Web Services. Developers have only gained more power in business since then, Mr. Argenti said. “It’s kind of an evolution…to really manage the customer as one, no matter how many touch points they have within Goldman Sachs, ” Mr. Argenti said. The process can help developers feel more empowered and has led to higher retention rates, Mr Argenti said.

☆ Goldman Sachs's CEO David Solomon concedes that some of his efforts to transform the powerhouse bank have not been paying off
▼ + stars: | 2022-10-18 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

Goldman Sachs CEO David Solomon took major steps to restructure the Wall Street bank in 2020. This week he acknowledged that some of his bets, including consumer bank Marcus, are not paying off. Despite the move away from consumer banking, Solomon appears to want to continue to push into wealth management. In October, he said Goldman Sachs Asset Management has grown into the nation's fifth largest asset manager. "We also believe that reaching and serving employees in their workplace is a significant growth opportunity for Goldman Sachs," Solomon said on the third-quarter call.

☆ Who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon
▼ + stars: | 2022-10-17 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +9 min

And he will also oversee a wealth management business that is now going to include portions of the consumer business, but wrapped in a wealth management offering. Both, according to Bloomberg's reporting, are being demoted to senior positions within Nachmann's asset and wealth management division. Stephanie CohenAnother executive thought by insiders to have lost some of her territory is Stephanie Cohen, the co-head of the consumer and wealth management division. Had Cohen been able to successfully helm the consumer and wealth management division alongside Tucker York, the currently discussed changes wouldn't have been needed, the people said. Cohen's co-head, York, will now return to his prior role of running the bank's successful private wealth management business.

☆ Hockey Canada CEO has left organization, board of directors stepping down
▼ + stars: | 2022-10-11 | by ( Frank Pingue | ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - Hockey Canada said on Tuesday Chief Executive Scott Smith has left the organisation and all board members have agreed to step down as the national governing body faces increased scrutiny over its handling of sexual assault allegations. An interim management committee will be put in place, which will guide the national governing body until no later than a newly constituted board appoints a new chief executive to lead the organization, Hockey Canada said in a statement. The board will not seek re-election and will fulfil its duties until a new board is elected. Smith, who has worked for Hockey Canada in various roles since 1995, said in July less than a month after taking over as CEO that he had no plans to resign from his position. As recent as last week, Hockey Canada's interim board chair, who resigned over the weekend, defended the current leadership in place at the national governing body while speaking during a parliamentary committee meeting.

☆ Goldman Sachs insiders say they are concerned about CEO David Solomon's push to build his personal brand, pointing to staff help for his DJing and use of the firm's planes
▼ + stars: | 2022-09-21 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

As David Solomon, Goldman Sachs' CEO, was wrapping up a work trip in late July, he boarded the company's Gulfstream G650 for Chicago. His personal account cites his role as Goldman Sachs' CEO, while his official Goldman Sachs account links to his personal account. As CEO, Solomon has overseen the firm's first investor day, launched a strategic update, and reaped record revenue of $59.3 billion in 2021. The Goldman representative disputed that characterization, saying the number of executive TV appearances has more than doubled over the past year. A Goldman representative said that Payback is run by music-industry consultants and that no Goldman Sachs resources are used for the platform.

☆ Famed litigator Randy Mastro is joining King & Spalding after more than 20 years of representing big clients for Gibson Dunn, from Chris Christie to James Dolan
▼ + stars: | 2022-08-16 | by ( Jack Newsham | ) www.businessinsider.com time to read: +4 min

Randy Mastro, a fixture at Gibson Dunn since 1998, is leaving the firm, four people told Insider. Star attorney Randy Mastro is leaving Gibson Dunn & Crutcher after more than 20 years, four people told Insider. Mastro has spent more than two decades at Gibson Dunn, which he first joined in 1989. By 2014, Chevron had run up a $32 million tab with Gibson Dunn, a bill it tried to make Donziger pay, according to Reuters. Do you know Randy Mastro or more about why he left Gibson Dunn?

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