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☆ Meet the candidates in the running to replace James Gorman as Morgan Stanley's CEO
▼ + stars: | 2023-10-20 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Morgan Stanley CEO James Gorman plans to retire by May 2024, leaving big shoes to fill. AdvertisementAdvertisementSuccession has traditionally been a bloody sport on Wall Street with the losers leaving and taking their lieutenants with them. Morgan Stanley CEO James Gorman, who plans to retire by May 2024, wants the buck the trend so the bank can hold onto all three candidates. "Wall Street has had a history of that not happening," said Gorman in a July earnings call. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, —, Gorman, Morgan, Ted, He's, Tony James, Morgan Stanley's, Pick, Simkowitz, Dodd, Frank, Fannie Mae, Freddie Mac, Dan, Andy Saperstein Saperstein, Merrill Lynch, Bloomberg, Hayley Cuccinello Organizations: Service, Archegos Capital Management, Washington , D.C, Federal Reserve, Treasury, General Motors, AIG, Citigroup, McKinsey, Staten, Disney, Hamptons Locations: Washington ,, hcuccinello@insider.com

☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

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

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

☆ JPMorgan doubles down on startup banking by scooping up SVB veterans. Here's the bank's plan to take advantage of the venture capital slump.
▼ + stars: | 2023-09-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

The March implosion of Silicon Valley Bank created a banking vacuum in the startup world. In 2019, the group poached four executives from SVB to work with venture capital funds and their portfolio companies. But these plans were accelerated by the collapse as customers fled to JPMorgan from SVB as well as First Republic, which JPMorgan now owns. First Republic also served emerging venture capital firms, an untapped client segment for JPMorgan's commercial bank. In some aspects, the breakdown of SVB strengthened JPMorgan's appeal to tech upstarts that had previously eschewed too-big-to-fail banks, Smith said.

Persons: John China, Melissa Smith, Smith, playbook, Jamie Dimon, SVB, Darya, fintech Organizations: Valley Bank, JPMorgan, SVB, West Coast, Bay Area, Silicon Valley Bank, Capital, fintech Aumni, Capital Connect Locations: Beijing, Frankfurt, London, Stockholm, Sydney, Tel Aviv, Zurich, San Francisco, New York, Silicon Valley, West, SVB, Republic, Israel, fundraises

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

☆ The rich are competing with private equity to buy sports teams. Here is how they are getting creative in a crowded field.
▼ + stars: | 2023-09-06 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Valuations show no signs of cooling off with billionaires and private equity firms in bidding wars. Bankers to the rich told Insider which sports are drawing moneyed clients. Now rich individuals have to compete with institutional investors like private equity firms and sovereign wealth funds for a limited number of teams. As a result, aspiring team owners have gotten more creative to seal the deal. "It's never going to be a private equity type of model where these assets will be exited every five years," he told Insider.

Persons: Ryan Reynolds, Rob McElhenney, LeBron James, Milwaukee Bucks Marc Lasry, Brian Kantarian, Josh Harris, Kantarian, Ivo Voynov, It's, Gerry Cardinale, Voynov Organizations: Bankers, Sports, NBA, Wrexham AFC, Milwaukee Bucks, NFL, Citi Private Bank, Europe's Big Five, XFL, JPMorgan Locations: Washington, Europe, Plenty, Wall

☆ Morgan Stanley's training course to work with super-rich clients has a 40% first-time failure rate. Execs shared an example of a case study that caps the program off.
▼ + stars: | 2023-08-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Each year, some 100 Morgan Stanley advisors take a course to earn the family wealth director title. Morgan Stanley executives Alex Chester and David Bokman share what trips up advisors the most. Every year, about 100 advisors at Morgan Stanley take an exam in order to work with high-net-worth families. "We don't have a requisite number that we're looking to put through the program," Alex Chester, who runs the bank's family wealth director program, told Insider. David Bokman, Morgan Stanley's head of family office resources, and his team, pretend to be a high-net-worth client and their accountant or attorney.

Persons: Morgan Stanley, Alex Chester, David Bokman, Chester, Morgan Stanley's, Bokman Organizations: Advisors

☆ Why tiny homes could be a big deal
▼ + stars: | 2023-08-06 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

It's easy to look at these tiny homes as undersized gimmicks, but there are real use cases. Others are leaning on tiny homes to house homeless veterans. Denver changed its zoning laws to make ADU construction easier, allowing two-story units in some parts of the city. Tiny homes won't fix that, but innovation in zoning and construction, taken with recent data pointing to a surge in residential construction, offer reasons for hope. Why tiny homes could be a big dealThis first appeared in the Insider Today newsletter.

Persons: Joyce Higashi, Katie Sandoval, Clark, Maggie, John Randolph, crumbles Karl Maasdam, Lawrence D, Thornton, Rebecca Zisser, Francesca Gino, Gino, she's, Read, Morgan Stanley, Arantza Pena Popo, Who's, James Gorman, Ted Pick, Morgan Stanley copresident, Insider's Hayley Cuccinello, Pick, Andy Saperstein, Ted Pick Big, Tyler Le, Brad Setser, Tess Turner, Stack, coders, — Jasmine Hyman, Doc Martens, Matt Turner, Hallam Bullock, Lisa Ryan Organizations: Service, Harvard, Big Pharma Locations: Wall, Silicon, California, San Jose, New Hampshire, Denver, Austin's, New York City

☆ Meet Ted Pick, the hard-charging 'deal junkie' who looks poised to succeed James Gorman as CEO of Morgan Stanley
▼ + stars: | 2023-08-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Morgan Stanley's hard-charging trading boss Ted Pick is the frontrunner to succeed CEO James Gorman. Morgan Stanley veteran Ted Pick is in the running to succeed chief executive James Gorman. Though Wall Street has dressed down over the last few years, he sticks to his suits and Hermès ties. While Morgan Stanley currently trades at a premium among its Wall Street peers, but its enviable success isn't thanks to Pick. He's a lot more like John Mack than James Gorman in terms of style," an ex-managing director said, referring to Gorman's sharp-elbowed predecessor.

Persons: Morgan Stanley's, Ted Pick, James Gorman, Morgan Stanley, Pick, Gucci loafers, Blackstone, Tony James, Morgan, it's, Andy Saperstein, Dan Simkowitz, Gorman, John Mack, Bill Parcells, Ted Organizations: Archegos Capital Management, NFL

☆ Here are six ways the rich save big on taxes, from putting mansions in trusts to guaranteeing inheritance for future generations
▼ + stars: | 2023-08-04 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. The heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

Persons: Uncle Sam, Trump, Robert Strauss, Weinstock Manion, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI Organizations: Taxpayers, IRS, Biden, Blackstone, Lombard International, Federal Reserve Locations: Cayman Islands, Bermuda, Florida, Wyoming, Plenty

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ Inheritance for your dog: How the rich put millions into trusts with very specific purposes, from taking care of pets to cryogenically freezing their bodies
▼ + stars: | 2023-07-28 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider. Purpose trusts set up to maintain art collections usually include a timeline for liquidating or donating the artworks, according to lawyer Neil Solarz of Weinstock Manion.

Persons: Leona Helmsley, Naomita Yadav, Uncle Sam, Yadav, perpetuities, Neil Solarz, Weinstock Manion, Solarz, that's, Samantha, someone's, Shepherd Organizations: Siberian huskies, huskies Locations: Withersworldwide, California

☆ How the rich put millions into trusts to take care of their pets and pay for cryogenic freezing after they die
▼ + stars: | 2023-07-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

The rich can use trusts to devote millions to pets, art collections, and even cryogenic freezing. Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider.

☆ How the ultra-rich use trusts to protect the family fortune if their heirs get sued or divorced
▼ + stars: | 2023-07-14 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Four lawyers to the wealthy told Insider how these spendthrift trusts work. How spendthrift trusts workSpendthrift trusts can be used to defend an heir in virtually any kind of legal dispute. Robert Strauss, partner at Weinstock Manion, does not view spendthrift trusts as a substitute for prenups. Having separate beneficiaries and trustees is just one way to strengthen a spendthrift trust's power. Domestic asset protection trusts set up in a trust-friendly state like Delaware are very secure, he said.

Persons: Laurene Powell Jobs, Phil Knight, Karen Yates, didn't, Jere Doyle, Doyle, Spendthrift, Yates, Robert Strauss, Weinstock Manion, Strauss, Cindy Brittain, Karlin & Peebles Organizations: Apple, Nike, Mellon Wealth Management, Karlin & Locations: California, South Dakota, Delaware

☆ SoftBank's View avoids SEC fine, but is still running low on cash. How it went from investor darling to SPAC disaster.
▼ + stars: | 2023-07-05 | by ( Hayley Cuccinello | Aaron Weinman | ) www.businessinsider.com time to read: +3 min

SoftBank-funded View Inc. has been dogged by regulatory troubles for more than a year and a half. The agency declined to fine View as the company self-reported the liability understatement, cooperated with the investigation, and "promptly undertook remedial measures." The SEC order did find that View violated several securities laws pertaining to negligence-based antifraud, internal accounting controls, and other matters. The firm's controversial CEO, Rao Mulpuri, has managed to raise cash for View multiple times when the company ran perilously low on cash, including from the now-bankrupt financier Greensill Capital. This is the second time View has been threatened with delisting since going public via SPAC in March 2021.

Persons: Vidul Prakash, Prakash, Rao Mulpuri, He's Organizations: Inc, Securities and Exchange Commission, SEC, Greensill, New York Stock Exchange Locations: California, SPAC

☆ The ultra-rich hopping on the AI bandwagon might be the biggest sign the tech is legit
▼ + stars: | 2023-06-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The job of family offices, investment firms tasked with managing the fortunes of the ultra-rich, has never been about getting massive returns. Which is why Hayley Cuccinello's story on family offices investing in artificial intelligence is so fascinating. Hayley spoke to executives at family offices about how they're navigating the modern-day gold rush that is AI investing. Of course, a lot of those deals never materialized and most family offices have now largely eschewed digital currencies altogether. The difference is family offices have largely gotten in on AI long before the bandwagon arrived, Hayley reports.

Persons: Dan DeFrancesco, It's, we've, Samantha Lee, Hayley Cuccinello's, Hayley, it's, Read, Erin McDowell, Goldman, Bill Gates, Morgan Stanley, James Gorman, Caniacs, Jeffrey Cane, Hallam Bullock Organizations: Mastercard, Refinitiv, Intelligence, Gates Ventures, Wall Street, LinkedIn Locations: Here's, Wall, Silicon, insider.com, Spain, Austin , Texas, Midtown Manhattan, New York City, New York, London

☆ Family offices are backing AI, even as rich Americans are skeptical of the hype
▼ + stars: | 2023-06-29 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Billionaires like Google's Eric Schmidt are betting big on AI through their family offices. Insider talked to family office insiders to learn how to find real deals amid the hype cycle. So many startups are claiming to use AI that family offices are wary of "AI washing" when considering direct venture deals, according to Karl Rogers, chief investment officer at Irish family office Elkstone. But they are still circumspect, he said, as family offices typically prioritize long-term wealth preservation over aggressive growth. "Hype cycles tend to imply immediate returns, which is contrary to how family offices usually think," said Hsu, whose fund counts the Pritzker family as investors.

Persons: Eric Schmidt, Stanley Druckenmiller, ChatGPT, Karl Rogers, Rogers, Paul Hsu, Hsu, Pritzker, They've, Jon Dutton, Dutton, Anthony Manna, he's, I've Organizations: Nvidia, Google, Mistral, Fidelity, M7 Holdings, Bloomfield Robotics

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

☆ Why Goldman Sachs' John Waldron Flagged This 'Young, Talented' Banker
▼ + stars: | 2023-06-02 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Goldman Sachs' COO, John Waldron, gave a speech on Thursday touting the firm's growth opportunities. The shoutout comes as Goldman Sachs joins its Wall Street peers by seeking to boost its wealth business that caters to the rich. Waldron on Thursday admitted that Goldman has "underinvested" in the private wealth business. Goldman's wealth business Goldman Sachs has about 1,000 advisors overseeing $1 trillion for its ultra-high net worth clients with at least $10 million to invest. The unit works closely with moneyed entrepreneurs, prime targets for Goldman's private wealth business.

Persons: Goldman, John Waldron, Nishi Somaiya, Goldman Sachs, David Solomon's, Nishi, We've, Waldron, Somaiya, Marc Nachmann Organizations: Oxford, Private, Silicon Valley Bank, UBS's, Credit Suisse, Bloomberg, University of Oxford, Royal Ballet School Locations: Silicon, Europe, Americas, SVB

☆ Greg Fleming's Rockefeller strategic-advisory team defies dealmaking drought thanks to this rich family
▼ + stars: | 2023-05-31 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

The wealth manager's CEO Greg Fleming has deep ties to the Desmarais family behind the insurer. In the midst of a dealmaking lull, Rockefeller Capital Management can add another billion-dollar advisory deal to its resume. Advised by the five-year-old firm, Canadian insurer Great-West Lifeco is selling asset management subsidiary Putnam Investments to Franklin Templeton, the firms announced today. Since Fleming launched Rockefeller, born out of the Standard Oil heirs' family office, Great-West Lifeco has consistently sought the firm's services. The Rockefeller family also increased its stake by an undisclosed amount.

Persons: Rockefeller, Franklin Templeton, Greg Fleming, Lifeco, Morgan Stanley, Merrill Lynch, Jim Ratigan, Stephen Valentino, Fleming, Paul Desmarais Jr Organizations: Rockefeller Capital Management, Putnam Investments, Pitchbook, Wall Street, Deutsche Bank . Rockefeller, Standard, Rockefeller, Power Corporation of Canada, Viking Global, Bank of America

☆ How JPMorgan plans to spend $15 billion this year on technology, including AI development, cyberattacks, and wage inflation
▼ + stars: | 2023-05-25 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

It said it plans to spend $15.3 billion on tech this year, up $1 billion from last year. The bank's tech spending is estimated to grow by $1 billion this year to $15.3 billion, including salaries for engineers, stepped-up cybersecurity efforts, and AI innovation. The regional banking crisis, meanwhile, could end up costing it $6 billion, including the cost of First Republic Bank. He did, however, outline the qualities he thinks would make for a good replacement CEO, including grit and courage. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ JPMorgan CEO Jamie Dimon reveals top traits for his successor: admit mistakes and 'work your ass off'
▼ + stars: | 2023-05-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon revealed top traits for his successor at the bank's investor day on Monday. "You're willing to change direction. You're willing to go in front of your shareholders and say, 'We screwed up. "I don't think I've ever defended a decision," he said. "I don't think CEOs should retire in place and just cut back and take it easy for a while.

☆ How rich families use trusts that last as long as 1,000 years to save on taxes and benefit future heirs
▼ + stars: | 2023-05-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Dynasty trusts can last up to 1,000 years – about 40 generations – in Florida and other states. So-called dynasty trusts allow affluent taxpayers to provide for as many as forty generations and only be subject to tax once. Dynasty trusts have grown in popularity as the generation-skipping transfer tax exemption has skyrocketed, according to Sandy Christopher, partner at Withers Bergman. They are usually drawn to dynasty trusts to keep businesses within their families and protect assets from creditors. Dynasty trust assets are also shielded in the event of a divorce.

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