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☆ Blackstone is predicting steady growth for its real-estate business, which could be bad news for its tenants
  + stars: | 2023-01-19 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
Now imagine if your landlord wasn't just some mom-and-pop family that owned your building, but the world's largest private-equity firm. And while it's received a fair share of scrutiny over it, the performance of one of its real-estate funds has reignited criticism. But the Blackstone executives' comments indicated the firm could also be planning to raise rent and evict tenants, which includes those in affordable housing and student housing. Click here to read more about how Blackstone's real-estate strategy is setting the stage for an ugly battle with tenants. Top executives at Davos share their thoughts on how bad things might get in 2023.
☆ The bloodletting at Goldman Sachs might not be done yet as the bank looks for more ways to cut costs
  + stars: | 2023-01-18 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
If you're a Goldman Sachs' employee who made it through the company's recent layoffs, be warned: There could be more to come. Anyone hoping Goldman's fourth-quarter earnings report would represent a fresh start for the bank was sorely disappointed. Today should provide some hints at to how the bank will navigate things, as Goldman is set to inform employees on their year-end bonuses. Steve Pagliuca, the PE firm's co-chairman, is retiring, The Wall Street Journal reports. Read more on how Wall Street analysts got it so wrong.
☆ What's next for Goldman following deep cuts and organization overhaul
  + stars: | 2023-01-17 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
On tap we've got stories on JPMorgan's Jamie Dimon fielding questions about the bank's acquisition strategy, another bank plans to make cuts, and fast food options that won't completely crush your diet. On Wednesday the bank conducted a majority of its cuts, reducing its global workforce by about 6.5%. A few days later, on Friday, the bank reported losses of more than $3 billion since 2020 in the unit that houses the bank's consumer lending business. Meanwhile, some of the recently axed Goldman employees have been left in the dark on what's next for them, according to reporting from Hayley and Emmalyse Brownstein. Here are some fast food options that won't completely wreck your diet.
☆ Who on Wall Street is making cuts, who's promoting, and who's hiring
  + stars: | 2023-01-16 | by ( Michelle Abrego | ) www.businessinsider.com   time to read: +2 min
One thing that's apparent on Wall Street is that many people are worried about their jobs and compensation. We've already seen layoffs at Goldman Sachs, BlackRock, and BNY Mellon materialize, and there's likely more bad news to come. Wall Street bonuses are being handed out—but they're not going to be pretty. Here's when banks like JPMorgan, Goldman Sachs, and Morgan Stanley are expected to tell employees how much they made. College students still eyeing a job on Wall Street should look no further than our guide to landing a summer job at a top investment bank or asset manager.
☆ Bank earnings are under way. Here are the biggest storylines everyone on Wall Street is focused on.
  + stars: | 2023-01-13 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +8 min
Starting today, the six big US banks (Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo) report their Q4 and year-end earnings. But instead of a boring preview on what to expect, I figured I'd have some fun by setting gambling lines on some of the biggest storylines heading into earnings. OK, let's get into the biggest storylines and their odds:David Solomon discusses the recent headcount reduction at Goldman Sachs. What'll be interesting is if he teases even more cuts coming down the line as the bank looks to cut costs. (-150)Background: The bank got ahead of this one by announcing its plans to step back from mortgages earlier this week.
☆ Layoffs are hitting Wall Street. Here's what you can do to land on your feet if you lost your gig.
  + stars: | 2023-01-12 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
But first, dark days on Wall Street. Two of the most high-profile firms on Wall Street — Goldman Sachs and BlackRock — made job cuts that impacted thousands of workers. All of that is to say, after a good run of things on Wall Street, the tide is starting to turn. I called a Wall Street recruiter to pick their brain on advice they'd give to those who just lost their jobs. Wall Street did not have a good showing on a list of the best places to work.
☆ Everything you need to know about the M&A market for 2023
  + stars: | 2023-01-10 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
After a long, cold dealmaking season, insiders are hoping to the market begin to thaw this year. So Insider's Carter Johnson spoke to six M&A bankers about what to expect this year. And while it's true sellers could always try and wait out the market, there's no gurantee of when things can get better. Click here to read more about what to keep an eye out for in the M&A market this year. This is what we know about the man some once considered to be a potential successor to CEO James Gorman.
☆ In a tough year for hedge funds, the top firms still crushed it
  + stars: | 2023-01-09 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
But first, we've got hedge fund returns. It's returns season for hedge funds, and boy is this year a doozy. Insider's Alex Morrell has a breakdown of how some of the flagship strategies at top hedge funds like AQR, Citadel, D.E. Alex's story gets into the nitty gritty — and more importantly, the specific numbers — but the big takeaway is this: While 2022 was a pretty awful year for the hedge fund industry, some of the industry's top funds absolutely crushed it. And while it might seem impossible to figure out a way to make money in that type of environment, that's exactly when I'd expect a hedge fund to step up.
☆ Banks' war against fintechs is a battle they're destined to lose
  + stars: | 2023-01-06 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
And while this shouldn't bother banks — they make plenty of money doing what they do best — this is Wall Street. In fact, the face of Wall Street, JPMorgan CEO Jamie Dimon, literally declared war on fintechs on an earnings call in 2021. But, as Insider's Bianca Chan and Reed Alexander recently outlined in a fantastic feature, banks' bid to topple fintechs is hopeless. Whether it's JPMorgan's digital-only bank Finn or, more recently, Goldman Sachs' Marcus, banks' attempt to cosplay as fintechs rarely ends well. Click here to read more about why banks are doomed to keep failing in their fight against fintechs.
☆ A PE firm that's built its brand on high-profile sports deals is broadening its scope
  + stars: | 2023-01-05 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
But one firm that's already well established in the space is looking to quietly diversify itself beyond the pitch. With seemingly everyone interested in sports these days, Cardinale is smart to want to hedge his firm. The crypto exchange also agreed to pay $50 million to improve how it vets customers and transactions. Mala Gaonkar's hedge fund just made its long-awaited debut. SurgoCap Partners entered the fray this week with $1.8 billion in capital, making it the biggest launch of a women-led hedge fund, Bloomberg reports.
☆ Wall Street's competitive and rigorous internship process could use a facelift
  + stars: | 2023-01-04 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
Wall Street's version of the Hunger Games — nabbing a summer internship at an investment bank — is about to kick off. Thousands of college students are eagerly refreshing investment banks' careers pages awaiting applications to open for internships for the summer of 2024. (Yes, you read that right, this summer's internship spots have already been wrapped up for a while.) It's a process that results in young people making decisions that will set them on a certain path for years to come. Despite a difficult end to the year for the bank thanks to a costly fine, Wells' investment bank was actually among the top 10 advisors in M&A in 2022, Bloomberg reports.
☆ Here's how to get geared up for 2023 on Wall Street
  + stars: | 2023-01-03 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
But first, Wells Fargo takes a new approach to tech. Ather Williams, senior executive vice president and head of strategy, digital, and innovation at Wells Fargo Wells Fargo1. In other news:After years of hesitancy, Wall Street is finally turning the corner on its acceptance of the public cloud. From a surge in dealmaking to the rise of superpowered software, these are the key trends top VCs are eyeing this year. We identified 34 tech companies that seem primed for a deal.
☆ Our best stories on financial tech in 2022
  + stars: | 2022-12-30 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
Today, we're going to recap all the great stories we've done this year on financial tech, whether it's up-and-coming startups or the projects at the biggest banks and investment firms. Wall Street and sports have a long history together. How top Wall Street firms are testing out cutting-edge tech. Shaw, here are 10 of the most innovative tech projects at top Wall Street firms. And we also identified the top Big Tech executives who could get poached by Wall Street firms looking to do more in the cloud.
☆ The top stories in the world of banking in 2022
  + stars: | 2022-12-29 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +4 min
While 2022 wasn't a banner year for banks, it also wasn't a complete disaster. Will Nance, Neena Bitritto-Garg, Corinne Blanchard, and Michael Elias Goldman Sachs; Citi; Cowen; Deutsche Bank; Sean Gladwell/Getty; Savanna Durr/Insider1. At Goldman Sachs ID swipes were tracked. But by 2022 the wheels were starting to fall off on CEO David Solomon's consumer ambitions, as first reported by Insider. This fall, Wells Fargo made the decision to move tens of thousands of accounts out of its private bank that had under $5 million.
☆ Here's what mattered in hedge funds and asset and wealth management in 2022
  + stars: | 2022-12-28 | by ( Jeffrey Cane | ) www.businessinsider.com   time to read: +4 min
To be sure, some big investors like macro hedge funds have been notable exceptions to the market gloom. As we do our own account settling for the year, here is some of our best reporting on the buy-side: hedge funds, asset managers, and wealth management. Tiger, Tiger burning bright. Four years later, the hedge fund, founded by two former Millennium executives, has yet to live up to the lofty expectations for it. Among the money managers benefiting from these political moves are Bank of New York Mellon and Federated Hermes.
☆ Inside the lives of some of the most powerful people on Wall Street
  + stars: | 2022-12-27 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
We're highlighting profiles we've done of some of the most powerful people on Wall Street. They are, as you will see, largely white males — a telling reminder of who still wields the power throughout most of Wall Street. Gregg Lemkau was considered a future CEO candidate at Goldman Sachs before he shocked Wall Street by leaving for Michael Dell's investment firm in 2020. Soft-spoken types can sometimes get bulldozed on Wall Street, where so-called alphas often reign supreme. Inside his strategy for turning Goldman into the Amazon of Wall Street.
☆ Goldman Sachs' year-end bonuses are going to be brutal, and everyone's pointing fingers on who's to blame
  + stars: | 2022-12-23 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
When things were going good, Goldman Sachs' CEO David Solomon could seemingly do no wrong. Last year, thanks to a booming M&A market and a favorable trading environment, life was good at the elite Wall Street bank. Top tech executives from 10 Wall Street firms, including Goldman Sachs, Citadel, and KKR, share their predictions for the top public-cloud trends next year. Bad news: You're not the only one waiting for rates to drop to buy a home; so is Wall Street. Here's what a home-buying spree from Wall Street could mean for the entire industry.
☆ Life at Wall Street headhunting firm Durlston Partners appeared picturesque, but some insiders say that wasn't the reality
  + stars: | 2022-12-22 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +4 min
Life at Durlston Partners. Insider's Alex Morrell has a gripping report on life at Durlston Partners, a headhunting firm that places talent at some of Wall Street's biggest buy-side firms. Durlston Partners, or "DP" as it was known within the company, promoted an unbeatable culture. Click here to read more about life inside Durlston Partners and allegations about the leadership of Bahram. Jamie Dimon's 17-year tenure on the top of JPMorgan has made him the face of Wall Street.
☆ Wells Fargo faces another setback with $1.7 billion penalty
  + stars: | 2022-12-21 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
But first, Wells Fargo heads to the penalty box, again. Wells Fargo faces the music. The regulators have once again come knocking at Wells Fargo, and it ain't pretty. Wells Fargo was ordered to pay $2 billion back to customers and pay a $1.7 billion civil penalty by the Consumer Financial Protection Bureau (CFPB) for illegal activity involving auto loans, mortgages, and deposit accounts that impacted over 16 million accounts. "Wells Fargo is a corporate recidivist," CFPB Director Rohit Chopra told reporters on a call Tuesday, according to The Wall Street Journal, adding that the settlement "should not be read as a sign that Wells Fargo has moved past its longstanding problems."
☆ Private-equity firms are coming around to the idea of using more data in the investment process. It's still an uphill battle.
  + stars: | 2022-12-20 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
Take Blackstone, which recently expanded a data tool it originally built for its real-estate business to be used across its PE portfolio. As recently as just a few years ago, PE firms were just starting to warm to the idea of building out data-science teams. But that tech has been a hard sell for PE firms as well, until recently. Many PE firms are just now waking up to the possibilities of the public cloud. To be fair to PE firms, figuring out how to incorporate data analysis into the investing process is no easy task.
☆ Goldman Sachs has plans for deep headcount cuts in the new year
  + stars: | 2022-12-19 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
But first, the Goldman cuts go deep. Goldman's bankers and others on Wall Street still enjoy pay packages that are beyond that of most American workers. Some portion of Goldman's cuts are being made with an eye to 2023 and 2024, suggesting that the firm's leaders don't expect a return to go-go days anytime soon. Click here to read more about the cuts set to hit Goldman Sachs. Private-equity firm Advent announced plans to acquire satellite maker Maxar Technologies for $6.4 billion in a deal that included Goldman Sachs, JPMorgan, and Morgan Stanley.
☆ The M&A market just went out with a bang after a terrible year, and it could be a sign of good times to come
  + stars: | 2022-12-13 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
(Hint: it's not on Wall Street.) Meanwhile, the largest deal of the year — Microsoft's $68.7 billion bid for Activision — might not even happen, thanks to regulators. But credit unions and community banks aren't happy with the new terms, The Wall Street Journal reports. Big tech nabs from Wall Street. Company culture on Wall Street: not great!
☆ US lawmakers want answers on FTX's collapse. Sam Bankman-Fried may not have them.
  + stars: | 2022-12-12 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +4 min
But first, we are going to hear more from Sam Bankman-Fried this week, even if you think we've already heard quite enough from him. Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee on December 8, 2021 in Washington, DC. Disgraced FTX founder Sam Bankman-Fried, who said he once considered himself a "model CEO," tweeted last week that he would testify before tomorrow's House Financial Services committee hearing focused on his firm's blowup. FTX's new CEO, John J. Ray III, who oversaw the bankruptcy of Enron, will testify in the first part of the hearing. A private lunch with the billionaire is on the table if you're willing to pony up the cash.
☆ 2023 is shaping up to be a big year for dealmaking in live sports. Here's why.
  + stars: | 2022-12-09 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
Big deals for the big (and little) screen. Next year is shaping up to be a big one for media deals. Like many other industries, media quickly turned quiet on the dealmaking front this year as the economy soured. However, a stabilization of interest rates, along with money burning a hole in investors' pockets, could lead to a big 2023, insiders say. The landscape for media deals is fascinating when you consider the two opposing forces, as Lucia pointed out to me.
☆ It turns out Taylor Swift has better due diligence than half of Silicon Valley
  + stars: | 2022-12-08 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
Taylor Swift in the "Bejeweled" music video. Taylor Swift has better due diligence than half of Silicon ValleyIt's SBF. Just when you thought the FTX debacle couldn't get any weirder, let's add Taylor Swift into the mix. What Taylor Swift album does Sam Bankman-Fried most identify with? Perhaps the most pressing question, however, as pointed out by senior finance editor Michelle Abrego, is this: How does Taylor Swift have better due diligence practices than half of Silicon Valley?
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