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☆ Is Jamie Dimon the most powerful person in finance?
▼ + stars: | 2023-03-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Insider's Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. Carter's story got me thinking: Who's the most powerful person in finance? Warren Buffett: Before you jump down my throat, realize this is a list of the most powerful people in finance not on Wall Street. Place your vote here — or name someone else — for who you think is the most powerful person in finance. The bank was hit with a nearly $100 million fine for letting a foreign bank make prohibited transactions, The Wall Street Journal reports.

☆ Wall Street wants to lend to Hollywood, and that could be bad news for the rest of us
▼ + stars: | 2023-03-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Today, we've got stories on an upheaval within BlackRock's communications department, a debate over the merits of the man bun on Wall Street, and why I'm not intimidated by Gen Z anymore. Insider's Rebecca Ungarino and Reed Alexander have a story on private lenders looking to make investments in media and entertainment. Hollywood has long represented an interesting investment opportunity for Wall Street, but lending to the industry is an interesting twist. As Reed pointed out in a follow-up story, Wall Street is keen to apply artificial-intelligence tools to identify projects worth greenlighting. And here's more on why Wall Street is so high on the entertainment industry leveraging AI.

☆ Fintech has a fraud problem, and the onus is on you to figure it out
▼ + stars: | 2023-03-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Fintech's fraud misfortune. Which brings us to a story by Insider's Bianca Chan and Paige Hagy about concerns over the prevalence of fraud within consumer-facing fintechs in recent years. Click here to read more about fintech's fraud problem. We've also got the deck StellarFi, a fintech that helps users improve their credit score, used to raise $15 million. For more than 50 different decks used by fintechs to raise fresh funds, check out our library.

☆ Goldman Sachs isn't getting a new private jet, but are there better places to cut costs on Wall Street?
▼ + stars: | 2023-03-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

If there is a senior Goldman Sachs' executive in your life, please keep them in your thoughts and prayers. Insider's Dakin Campbell has the scoop on Goldman nixing plans to buy a third corporate aircraft under CEO David Solomon. So as the bank has looked to cut costs this year more broadly, the private jets, naturally, were a topic of discussion. I will say, I think corporate jets have been unfairly labeled as the poster child for excessive spending at the corporate level. Now, regional banks are looking to serve the firms looking for a new banking home, per The Wall Street Journal.

☆ Banks' internship and analyst programs could be in flux, and that might spell bad news for senior dealmakers
▼ + stars: | 2023-03-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But before we get started, First Citizens BancShares has agreed to buy Silicon Valley Bank, according to a statement from the FDIC. Some of the ripples from the fall of Silicon Valley Bank have felt particularly significant (Credit Suisse bankers nod ominously). Some banks had to even break a cardinal rule of Wall Street: Turn away business. Click here to read more about how college students are feeling on edge about their upcoming Wall Street jobs and internships. You don't necessarily need seven-figures in assets to call it quits, per The Wall Street Journal.

☆ Things are pretty grim in real estate, but that could be a good thing for proptech startups in the long run
▼ + stars: | 2023-03-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Today, we've got stories on Deutsche Bank's tumbling shares, some bad news for Block, and why Gen Z might be in trouble. Of the many casualties of 2022, startups focusing on the real-estate market were some of the biggest. As the real-estate market dried up, thanks to rising interest rates, these companies that were meant to upend the industry through tech and innovation suddenly took a backseat. And while current conditions aren't ideal for proptech startups, that could actually benefit them in the long run. Click here to check out 26 of the hottest proptech startups set to take off in 2023.

☆ UBS' uber-rich clients don't want to share the wealth (managers)
▼ + stars: | 2023-03-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Among the key things to remember was reopening the steam room at exactly 3:30 p.m. after its cleaning. Hayley has all the details from rich clients as well as industry analysts about why this whole thing could spell disaster. It's still early days, but the UBS-Credit Suisse deal might be the best example of something that makes sense on paper, but doesn't work in reality. Read more about why UBS acquiring Credit Suisse could lead to more headaches than huge wins for the Swiss wealth behemoth. And since we're talking BBQ, I'm required to share the funniest tweet in the history of Twitter.

☆ Multi-strat hedge funds like Citadel and Millennium are the new big banks
▼ + stars: | 2023-03-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

There's an old saying on Wall Street: You can only leave Goldman Sachs once. Insider's Alex Morrell has a fascinating look at how Goldman Sachs' top executives have headed to some of the top hedge funds in the world in recent years. Poaching talent is a longstanding tradition on Wall Street, and the path from the investment banks to the buy side is a well-worn one. It's an indication of the shifting tides on Wall Street between the firms that traditionally held all the power (big banks) and the ones usurping them (multi-strat hedge funds). Click here to read more about how Goldman Sachs alumni are getting poached by the world's biggest hedge funds.

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

☆ Picking up the pieces in the wake of SVB's collapse
▼ + stars: | 2023-03-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

It's just over a week from Federal regulators announcing they would be bailing out depositors of Silicon Valley Bank and Signature Bank. Now, the FDIC said Sunday that New York Community Bancorp's Flagstar Bank will take on nearly all of Signature Bridge Bank's deposits. Credit Suisse, whose problems long preceded SVB's downfall, to be fair, is getting acquired by Swiss rival UBS. Silicon Valley Bank was the bank for tech. The people backing venture capitalists, known as limited partners, share their thoughts on how VCs handled the crisis at Silicon Valley Bank.

☆ Big banks to the rescue
▼ + stars: | 2023-03-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Goldman Sachs' decision to charge employees for coffee might not be that outrageous after all! The largest US banks — headlined by Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo — just pledged a total of $30 billion in deposits to First Republic Bank. As detailed in a release announcing the news, the 11 banks, which also included Goldman Sachs and Morgan Stanley, believe the move "demonstrates their overall commitment to helping banks serve their customers and communities. I can't imagine the big banks looking to pull the rug out from First Republic four months from now, but this money was a deposit, not a donation. Read more about how big banks came to the rescue of First Republic with $30 billion in deposits.

☆ Larry Fink's annual letter to BlackRock investors was about getting back to basics
▼ + stars: | 2023-03-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink GettyImages / Eugene Gologursky1. If you're looking for controversy in Larry Fink's annual open letter to investors, better luck next year. Despite this year's letter clocking in at roughly 9,000 words — have you thought about getting an editor, Larry? — Fink largely avoided discussing a favorite, albeit controversial, topic of his: ESG investing. Click here to read more about Larry Fink's latest annual letter that largely avoided hot political topics.

☆ What we lend in the shadows
▼ + stars: | 2023-03-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

"What We Do in the Shadows." New companies, especially ones that don't make any money are "pre-revenue," as VCs like to say, aren't easy to lend to. — there are also risks to letting investment firms lend billions of dollars without much oversight. Private-credit firms are looking to fill the lending gap left by Silicon Valley Bank's downfall. Inside Silicon Valley Bank's $70 billion loan portfolio that's now up for grabs.

☆ Wall Street reacts to Silicon Valley Bank's bailout
▼ + stars: | 2023-03-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

When federal regulators stepped in to guarantee deposits at Silicon Valley Bank and Signature Bank late Sunday (more on that here), the goal was simple: Ease the public concerns and calm the markets. Silicon Valley Bank was shut down by regulators on Friday. So about that auction... SVB Financial Group, the parent company of Silicon Valley Bank, is still looking for a buyer. Silicon Valley Bank's UK arm was sold to HSBC for roughly $1 (no, I'm not missing any zeros). Silicon Valley Bank died so interest-rate hikes would stop.

☆ Everything you need to know about a crazy weekend in the wake of Silicon Valley Bank's failure
▼ + stars: | 2023-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's all about Silicon Valley Bank going down and the knock-on effects. If you're not up to speed, here's a quick rundown on what the hell happened at Silicon Valley Bank. The US Treasury, Federal Reserve Board, and the Financial Deposit Insurance Corporation announced they would "fully protect" all depositors who had funds in Silicon Valley Bank. Regulators also made one thing clear with their announcement: "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer." Nobel Prize-winning economist Paul Krugman has a new name for Silicon Valley Bank.

☆ Everyone's freaking out about SVB because everyone else is freaking out about SVB
▼ + stars: | 2023-03-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But the real star — or perhaps supernova — of Thursday was SVB Financial, which saw shares drop as much as 62%. As you can imagine, the past year has not been kind to SVB. SVB had to sell a $21 billion bond portfolio for a $1.8 billion loss (thanks a lot, interest rates!). It wasn't long before reports started rolling in about VCs instructing their founders to get their money out. Here's more on the tech founders trying to calm everyone down amid the chaos.

☆ AI might revolutionize how we borrow money. But is that a good thing?
▼ + stars: | 2023-03-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But a recent report by Credit Suisse on the use cases for both ChatGPT and AI in finance caught my eye. AI models are only as good as the data they receive, which leaves them susceptible to bias, just like humans. A top-performing hedge fund is looking to team up with one of the hottest tech tools. Izzy Englander's Millennium Management told clients that it'll expect to get paid regardless of whether the hedge fund actually makes money for its investors, according to Bloomberg. The billionaire hedge fund manager believes all signs are pointing towards a recession.

☆ Ken Griffin just keeps winning
▼ + stars: | 2023-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

No, 4.1 billion represents the number of dollars Ken Griffin made from his hedge fund, Citadel, in 2022 alone. Griffin made more money in one hour than the average American makes in their lifetime! Oh, and one more thing: That's not even all the money Griffin earned in 2022! I've said before you could make the case for Griffin being the most powerful person on Wall Street. And check out this fascinating profile from Insider's Dakin Campbell on Ken Griffin.

☆ More pain for the crypto industry means a chance for startups to pivot
▼ + stars: | 2023-03-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

After an awful 2022 that saw one of the industry's high-profile figures implode, the crypto market is looking for a bounceback. McDermott laid out to Insider's Bianca Chan and Dakin Campbell how tough times for crypto startups mean more realistic valuations and, in some cases, a reevaluation of the business model. Once of the most common critiques I hear about crypto is "It's a solution looking for a problem." The most recent crypto winter could force startups to be a bit more pragmatic about the specific problem they are looking to address. "If you can solve fraud in crypto, you can solve fraud in basically any part of finance," Meier told Insider.

☆ ExodusPoint is on the comeback trail after a rocky 2022
▼ + stars: | 2023-03-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

It's the beginning of the month, which means a chance to see how the top hedge funds are performing. But the top dog among large multi-strategy hedge funds was ExodusPoint. Click here to check out the performance of top hedge funds like Citadel, Millennium, and Point72. Working on Wall Street is so bad this woman left to clean up crime scenes. Stacey Foyster detailed how after a decade on Wall Street in risk analysis, she opted for a career change.

☆ Former Goldman Sachs partners represent the powerful allies and formidable foes the bank has across the Street
▼ + stars: | 2023-03-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In many ways, it's easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership. Insider's Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018. In many ways, it's demonstrative of the allies the bank has across the Street. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees).

☆ Bridgewater's new executive team is already making big changes. But was it all part of Ray Dalio's master plan?
▼ + stars: | 2023-03-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

On tap, we've got stories on the top VCs in Texas, more headaches for Blackstone's BREIT, and why boomers stink. Maybe it's just the fear of facing your own mortality and realizing that life, in fact, will go on without you. As Rebecca Ungarino reports, the world's largest hedge fund is making a slew of new changes less than six months after billionaire founder Ray Dalio stepped aside. Bridgewater, which was founded in 1975 from Dalio's two-bedroom apartment, is arguably just as well known for its culture as its size. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) and Nathan Rennolds (tweet @ncrennolds) in London.

☆ Goldman Sachs' investor day led to more questions than answers
▼ + stars: | 2023-03-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

David Solomon at Goldman Sachs' 2023 investor day. All eyes were on Goldman Sachs yesterday as the bank held its second-ever investor day. The biggest news of the day was Solomon, along with other key executives, acknowledging the bank was exploring "strategic alternatives" for its consumer business. Hinting at "strategic alternatives" was something people would want to hear more about. And click here to read more about Goldman exploring "strategic alternatives" for its consumer biz.

☆ 3 big questions about the state of Goldman Sachs heading into its second-ever investor day
▼ + stars: | 2023-02-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

All eyes are on 200 West Street in lower Manhattan today, the global headquarters of Goldman Sachs and site of the bank's second-ever investor day. Goldman's first investor day, in 2020, included plenty of discussion about the importance of building out its consumer bank. Will new details emerge regarding the asset and wealth management division that show the business is heading in the right direction? Goldman's asset and wealth management division will likely get plenty of attention today. Speaking of David Solomon... Goldman's CEO appeared on a recent episode of the bank's podcast, "Exchanges at Goldman Sachs."

☆ Goldman Sachs pitching wealth clients on investing in Stripe shows how Wall Street drums up exclusive deals for its richest customers
▼ + stars: | 2023-02-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

To that point, Insider's Hayley Cuccinello has a story on how Goldman Sachs offered its richest clients the opportunity to invest in the buzzy fintech Stripe. If I can take the startup client my investment bankers are working with and leverage my wealth clients to help them fundraise, that's a win-win. Even better if the cofounders and employees of said startup turn around and come back to me as wealth clients once I help them get rich. More broadly, this is also just another example of how banks are always finding ways to cater to their rich clients. Click here to read more about how Wall Street is leveraging clients in its investment bank for its wealth business*(OK, I couldn't help myself.

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