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☆ JPMorgan just unleashed hundreds of slides to investors. Here are 11 key graphs that lay out its strategy for managing rising costs, lower M&A, and its purchase of First Republic.
▼ + stars: | 2023-05-22 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

One bright spot is First Republic Bank, which will boost net income interest by $3B this year. A tray of First Republic chocolate cookies served at JPMorgan's Investor Day Hayley CuccinelloOne bright spot was the bank's acquisition of First Republic Bank earlier this month. While the investment will increase the bank's costs by as much as $3.5 billion, the bank is already seeing the deal pay off. JPMorgan expects, for example, to generate $84 billion in net interest income this year, including $3 billion from the San Francisco bank. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ Meet Wall Street's rising stars of equity research, the ones to watch as the stock market faces one of its biggest challenges yet
▼ + stars: | 2023-05-22 | by ( Carter Johnson | Emmalyse Brownstein | Paige Hagy | ) www.businessinsider.com time to read: +2 min

Meet Insider's lineup of up-and-coming talent in the world of equity research. The group hails from JPMorgan, Morgan Stanley, Goldman Sachs, and other top Wall Street firms. Lizzul is one of Insider's equity-research rising stars for 2023, a group of 17 up-and-coming research analysts covering a range of sectors, including energy and cybersecurity. To qualify for the list, analysts had to be 35 or younger, based in the US, working in sell-side equity research at a Wall Street firm, and producing work that stood out from competitors. Here is Insider's 2023 list of the top up-and-coming stars of equity research on Wall Street:

☆ Want to look like a rainmaker? Wall Street's wardrobe whisperer offers her top 19 do's and don'ts to nail the partner look.
▼ + stars: | 2023-05-21 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

Jessica Cadmus has been dressing Wall Street's top execs since she worked at Goldman Sachs. But things have changed, and dressing like a rainmaker isn't as simple as it used to be. At least that's how Jessica Cadmus, a personal stylist specializing in dressing Wall Street execs, sees it. Cadmus' past life working for one of Wall Street's most prestigious banks grants her a unique perspective. Cadmus spends her days helping them look both stylish and office appropriate, a task complicated by the move the business casual.

☆ JPMorgan is watching: How the nation's largest bank keeps tabs on its workforce — from their office attendance to emails and Zoom calls
▼ + stars: | 2023-05-17 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

JPMorgan is calling employees back to the office — and keeping tabs on attendance. This has reignited a conversation about the bank's surveillance of its employees. They explained how the bank tracks everything from office attendance to time spent on Zoom calls and composing emails. Many of the JPMorgan employees Reed spoke to said their surveillance made them feel untrusted by their bosses. Inside the little-known tool that gives JPMorgan Chase the power to collect data about everything its employees do at work

☆ JPMorgan employees describe growing 'paranoia' as the company tracks their office attendance, calls, calendars, and more — with one worker even installing a 'mouse jiggler' to evade 'Big Brother'
▼ + stars: | 2023-05-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +4 min

JPMorgan has developed a powerful data-collection tool to monitor its employees, dubbed WADU. Employees at America's largest bank fear what the data collection could mean for their jobs. One staffer described a workplace where terms like "Big Brother" and "1984" have become commonplace. For more details on how JPMorgan Chase's WADU system works and what kinds of data it tracks about employees, read Insider's full story here. Employees were granted anonymity to discuss how WADU works and how it impacted company staff since they were not authorized to speak with reporters.

☆ 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.

☆ Wall Street style guide: Bankers break down what interns should — and should not — wear this summer, from Lululemon trousers to Allbird sneakers
▼ + stars: | 2023-05-10 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

From Allbirds sneakers to Lululemon pants, Wall Street work attire has gotten more casual. It's an awkward time for the Wall Street wardrobe. Trying to nail the modern Wall Street look can be intimidating. But blazers still have a place on Wall Street, even if they're not as omnipresent as they once were. "If you're going to do a sneaker, it's got to be what I call a 'fashion sneaker.'

☆ Wall Street Is on Track for a Another Tough Bonus Season: Johnson Associates
▼ + stars: | 2023-05-09 | by ( Emmalyse Brownstein | Kaja Whitehouse | ) www.businessinsider.com time to read: +4 min

From M&A to trading, things have been slow on Wall Street this year. Life on Wall Street can be grueling — filled with long hours and strict in-office work policies. According to compensation consultancy Johnson Associates, Wall Street bonuses are on track to be disappointing — again — this year. Wall Street pros have been predicting a slow first half of the year, with expectations that business prospects will improve in the second half of the year. "When you're talking about pay on Wall Street, these people make multiples of what real people make," he said.

☆ 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.

☆ Don't let the patriotic talk fool you. Here are 5 ways JPMorgan stands to win from buying First Republic Bank.
▼ + stars: | 2023-05-01 | by ( Emmalyse Brownstein | Carter Johnson | ) www.businessinsider.com time to read: +8 min

JPMorgan on Monday morning emerged as the white-knight buyer of First Republic Bank. More wealth advisors for high-net-worth clientsJPMorgan's wealth management ambitions will also get a boost from its purchase of First Republic. The smaller bank has about 150 high-end advisors who will join JPMorgan's brokerage business unit, JPMorgan Advisors. "If they can retain the wealth advisors and not lose too many more, I think it will be very advantageous. "This helps bring the bank crisis phase to the home stretch in our view," wrote Wells Fargo's Mayo.

☆ Carlyle has a secret weapon for training its top leaders: a four-star Navy Admiral who led thousands of sailors into battle and captured cocaine-filled cartel submarines
▼ + stars: | 2023-04-27 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +12 min

James Stavridis, a retired Navy Admiral, is leading a new leadership program for Carlyle partners. Now, he's leading a new training course for the firm's partners called the Admiral Leadership Program. James Stavridis, a retired four-star Admiral, served in the Navy for 37 years before joining Carlyle in 2018. Inside Carlyle's first training program for partnersAbout 15 partners at Carlyle, from ESG to credit and tech, are participating in the Navy admiral's leadership program. Anna Tye, a partner on Carlyle's technology investing team, is also part of the leadership program.

☆ There's no such thing as a dumb question ... unless you're interviewing someone for a job
▼ + stars: | 2023-04-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Hiring is never easy, but it's particularly difficult on Wall Street. Emmalyse's story is worth a read not only for Smart's advice but his candidness, a dying trait on Wall Street. These cloud tools are proving to be game changers. Fidelity and State Street are rolling out annuity options within their 401(k) products, The Wall Street Journal reports. As the weather starts to warm up, plenty of people are making the switch to iced coffee.

☆ The talent whisperer for Citadel, Blackstone, other firms breaks down the 4 biggest hiring mistakes and how to avoid them
▼ + stars: | 2023-04-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

About 40% of Smart's clients are in the financial services industry, which is keenly aware of the importance of attracting and maintaining talent. But not all financial services companies are getting it right, Smart said. While he directed his advice to financial services companies, his tips are broad-based and could be used by hiring managers in many different industries. Smart said most leaders recognize the importance of hiring and talent decisions but aren't dedicating enough time to it. "Five percent of your time as a senior leader in financial services is not enough," he said.

☆ Goldman Sachs' David Solomon had the right idea. But that's only half the problem.
▼ + stars: | 2023-04-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

David Solomon at Goldman's 2023 investor day Screenshots by Emmalyse Brownstein and Dakin Campbell1. Goldman Sachs' $12.2 billion in revenue from Q1 fell short of analysts' estimates, which is never a good sign — but it's not a complete disaster. As Insider's Carter Johnson reported, there is a case to be made for a turnaround at Goldman led by its embattled CEO David Solomon. We've written a lot about the struggles at Goldman Sachs recently, and rightfully so. More on what David Solomon needs to do to get Goldman Sachs back on track.

☆ What JPMorgan's Jamie Dimon, BlackRock's Larry Fink, and other Wall Street CEOs are saying about the impact of the banking crisis
▼ + stars: | 2023-04-14 | by ( Carter Johnson | Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

JPMorgan, BlackRock, Wells Fargo, and Citi reported earnings Friday. Top execs described their response to the banking crisis — and future opportunities. The message was clear, wrote Wells Fargo bank analyst Mike Mayo in a note to clients Friday. Quarterly earnings calls held with research analysts marked an opportunity for Wall Street's biggest executives to face questions about the impact of the March banking crisis on their firms' bottom lines. Here's what the leaders of JPMorgan, BlackRock, Wells Fargo, and Citigroup had to say about SVB.

☆ The psychologists who sit between you and your dream job on Wall Street
▼ + stars: | 2023-04-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Nabbing your dream job might just amount to getting approved by a handful of psychologists and business strategists. Click here to read more about ghSmart, the leadership advisory firm that plays a key role in Wall Street's hiring process. Generative AI startups on the rise. PE firms big bet on food companies isn't paying off. Private-equity firms bought up the companies behind some of your favorite brands of food, but rising interest rates have ruined those investments, The Wall Street Journal reports.

☆ Inside the 5-hour psychological interview that can make or break your career at Citadel, Blackstone, and other finance titans
▼ + stars: | 2023-04-10 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com time to read: +16 min

ghSmartThe company's unusual but rigorous approach to screening job candidates has won it the trust of some of the finance industry's most competitive and coveted workplaces, as well as other blue-chip corporations. "That became the kernel for ghSmart," Smart recounted in a podcast interview. That means the ghSmart interview isn't something you can necessarily prepare for in the same way you might, for example, read up on certain stocks or industry trends. The company's team of psychologists spends hours drilling into each candidate's job and life experiences. Unlike some executive-search firms, ghSmart disconnects its fee from whether it fills the role.

Credit Suisse's investment bankers are not waiting around to find out if UBS will give them jobs. UBS executives have pulled no punches when discussing the future of Credit Suisse's investment banking teams and trading desks. Jeff CohenA two-decade Credit Suisse veteran, Cohen heads up Credit Suisse's leveraged and acquisition finance business from New York. Previously, Cohen was Credit Suisse's head of global credit products and global head of leveraged finance capital markets. Marco SuperinaA Credit Suisse veteran since 1997, Superina heads Credit Suisse's M&A efforts in the firm's native Switzerland.

☆ No Ivy League degree? No problem: This Wall Street vet climbed his way up the ranks of Goldman Sachs after graduating from SUNY Albany
▼ + stars: | 2023-04-03 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +13 min

Ask anyone on Wall Street and they will tell you that Goldman Sachs is one of the top places to build a career as an investment banker. In an effort to diversify recruiting sources and its workforce, Wall Street generally has been expanding the schools from which it recruits. Still, Alfieri's experience can still prove valuable to today's Wall Street hopefuls. There he met Vincent Cisternino, who also had dreams of working on Wall Street. Having started his career during the financial crisis, his advice to today's Wall Street upstarts is to stay positive and persevere.

☆ Wall Street could stand to benefit from recruiting beyond just the Ivies
▼ + stars: | 2023-04-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Emmalyse Brownstein has one about an investor's unique path to Wall Street. I hope Alfieri's story isn't just valuable to students trying to break into Wall Street. Wall Street could also benefit from casting a wider net among universities to get some diversity of thought. Click here to read some tips for how to nab a job on Wall Street despite not coming from an elite school. This fintech helps Wall Street keep tabs on employees' messengers.

☆ The banking crisis has college students on edge about Wall Street jobs and internships. 'I just want to know what the plan is.'
▼ + stars: | 2023-03-27 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

That's the concern plaguing aspiring investment bankers across the country as they watch the banking crisis unfold. "I think there's definitely a sense of unease in finance," said Asif Rahman, co-founder of Wall Street career coaching company Office Hours. Over at SVB's investment banking arm, incoming first-year analysts have been told that their jobs are secure. "We've reached out to all of our incoming analysts and interns. "The incoming summer interns are worried about low return offer rates," the professor said.

☆ 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.

☆ I'm an associate at SVB. I love the culture of this company, but I'm livid at the failures of management.
▼ + stars: | 2023-03-23 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

One current SVB employee is on the front lines of what has been dubbed the worst bank crisis since 2008. The best thing about working at SVB is its tight-knit, supportive culture: "We had a good thing going." I work at SVB, and as you might surmise, the situation sucks. What makes it really sting, though, is how the awesome culture I've experienced here is forever stained by those failures. And even now, it feels like the whole bank has really rallied around trying to show that we're more than just a bank.

☆ 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?

☆ Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
▼ + stars: | 2023-03-20 | by ( Carter Johnson | Casey Sullivan | Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The fate of Credit Suisse's investment bank hangs in the balance after being sold to UBS. The investment bank's planned spinoff has been put on hold and bankers are bracing for job cuts. People said they expect Credit Suisse's planned spinoff of its investment banking operations, announced last year, to be scuttled. Over at 11 Madison Ave., where Credit Suisse's NY operations are headquartered, emotions were running hot on Monday. Now, the proposed CS First Boston deal hangs in the balance, with both industry experts and Credit Suisse employees uncertain whether it will go through.

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