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☆ 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.

☆ How Gerry Cardinale became the go-to dealmaker for the likes of the Yankees, AC Milan, and Ben Affleck
▼ + stars: | 2022-12-29 | by ( Hayley Cuccinello | Dakin Campbell | ) www.businessinsider.com time to read: +20 min

He bought the soccer club AC Milan in August, earning the attention of the Italian press. This past spring, AC Milan won its first national title in 11 years. Claudio Villa/AC Milan via Getty Images Show less Cardinale at a training session for AC Milan. For instance, the teams sell each other's merchandise in their stadiums, and the YES Network airs AC Milan games. "Now we have a new phase of expansion and internationalization of AC Milan with Gerry."

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

For the last five 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 struggling to come up with a good gift for a successful dealmaker or trader, 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 have an overachieving Wall Streeter in your life, look no further than this selection of 35 books below.

☆ Citadel's anniversary extravaganza: Billionaire Ken Griffin treats employees to Disney World and a Coldplay concert amid a stellar year for the hedge fund
▼ + stars: | 2022-12-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Billionaire Ken Griffin treated Citadel employees and their families to a weekend at Disney World. The 20th-anniversary event for Citadel Securities is one of many lavish events for the firm. This weekend, founder Ken Griffin treated Citadel and Citadel Securities' employees and their partners and children to an all-inclusive weekend in Disney World. The Disney World extravaganza was the 20th-anniversary celebration of market maker and trading firm Citadel Securities, and a belated event for hedge fund Citadel's 30th anniversary, which was in 2020. Citadel employees and families gathered at the Orange County Convention Center in Orlando, Florida on Saturday night for a party that featured a concert headlined by Coldplay.

☆ From books on the science of sleep to fantasy football strategy podcasts, here's what Wall Street's bright stars are reading and listening to
▼ + stars: | 2022-11-30 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +1 min

Insider selected 25 young professionals 35 and under for its rising stars of Wall Street list. We asked the up-and-comers to tell us what book they last read and their takeaways. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. We asked 2022's rising stars of Wall Street about the books they most recently picked up and the podcasts they turn to regularly. Their selections range from books on building "your second brain" to fantasy football strategy shows.

In 2017, Insider highlighted its first crop of rising stars on Wall Street. of rising stars on Wall Street. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. For the last five years, Insider has been highlighting some of the best and brightest on Wall Street. Here's what 13 Wall Street rising stars are up to five years on.

☆ Amazon workers strike in the US and 30 other countries on Black Friday in global 'Make Amazon Pay' campaign
▼ + stars: | 2022-11-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Protests by Amazon workers and allies were planned in 30-plus countries on Black Friday. The Make Amazon Pay campaign comes as Amazon faces unionization efforts across the globe. The campaign is led by Make Amazon Pay, a coalition of 70 trade unions and organizations including Greenpeace, Oxfam, and Amazon Workers International. Protests were planned in more than 30 countries, including India, Germany, and Japan, according to Make Amazon Pay. Gig Workers Association (GigWA) in association with Amazon Warehouse workers and Hawkers Joint Action Committee participate in a protest in New Delhi, Friday, Nov. 25, 2022.

☆ How top banks like Morgan Stanley and JPMorgan train young advisors to work with ultra-rich clients
▼ + stars: | 2022-11-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets. Wall Street banks put analysts through their paces before letting them work with the most coveted clients. David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to hire as many as 1,500 new private bank advisors over the next five years, which would double its current headcount. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.

☆ Wall Street's trust issues with crypto won't be easily repaired in the wake of the FTX blowup
▼ + stars: | 2022-11-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Trust in the crypto industry — be it with Wall Street firms, politicians, venture capitalists, or the general public — is destroyed thanks to FTX's downfall. It's a bitter pill to swallow when one considers the hard-fought progress crypto had made on Wall Street in recent years. canvassed more than a dozen Wall Street insiders to get a sense of where traditional firms stand on their crypto plans. Meanwhile, firms hoping to bridge the gap between Wall Street and crypto have been put in an impossible spot, answering for another's sins. Click here to read more on how Wall Street is moving forward with its crypto plans in the wake of FTX.

☆ Insiders detail how Wall Street is preparing for a post-FTX world, from heightened scrutiny on crypto deals to rethinking hiring plans
▼ + stars: | 2022-11-22 | by ( Morgan Chittum | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +12 min

Most Wall Street firms have executed big crypto and blockchain initiatives. The ties between Wall Street, Main Street, and digital assets have never been tighter. Some traditional firms have chosen crypto custodians to do that for them, while others offer it themselves. Fidelity also has its own digital assets custody offering, and reportedly had plans to continue building out its digital-asset team as recently as late October. 121, which requires most SEC registrants to record the fair value of custodied digital assets as a liability.

☆ One of Wall Street's toughest shops isn't for the faint of heart. But the rewards are plenty for those who make it to the top.
▼ + stars: | 2022-11-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Apollo Global Management; Yahoo; Brightspeed; Legendary; Alyssa Powell/Insider1. That, in a nutshell, is life at Apollo Global Management. The firm works on a points system that could most easily be described as a profit-share system, Casey told me. In other news:France's Kylian Mbappe celebrates with the trophy after winning the World Cup REUTERS / Kai Pfaffenbach2. You're not just watching the World Cup.

☆ Wall Street titan Apollo has a new class of dealmakers. Here's how 3 rose to partner while in their 30s.
▼ + stars: | 2022-11-17 | by ( Casey Sullivan | Hayley Cuccinello | ) www.businessinsider.com time to read: +23 min

He persevered through the brutal all-nighters, the perplexing spreadsheets, and the temperamental bosses who walked the halls of the midtown Manhattan investment firm. At Apollo, executives tend to grow up quickly. Some of their former colleagues have tried to make more money elsewhere, such as the hedge funds run by billionaire personalities that Apollo's executives quietly root against. Associates sometimes dealt with burnout from heavy workloads and demanding bosses by escaping for a walk through Central Park to let off steam, according to the former firm associates. We're Rayman Apollo!'"

☆ Billionaire Marc Lasry details the opportunities he sees right now from buying up stocks to debt financing: 'If you need any money, call'
▼ + stars: | 2022-11-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

A depressed market is good for firms like Avenue Capital that make distressed investments. Billionaire CEO Marc Lasry breaks down the potential opportunities at a Forbes conference in NYC. Lasry sees demand booming for high interest rates loans of up to 15%. Lasry is the CEO and co-founder of Avenue Capital Group, which makes money in tough times, including through high-interest rate loans to distressed borrowers. He also sees buying opportunities in stocks.

☆ Elon Musk says sleeping on factory floors was important so Tesla employees would 'give it their all,' days after a Twitter boss was pictured sleeping in the office
▼ + stars: | 2022-11-04 | by ( Aaron Mok | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Elon Musk talked about his sleeping habits, including past nights spent on Tesla's factory floor. Musk's comments come after a Twitter employee shared a photo of his boss sleeping in the office. Musk said that sleeping on the floor was "damn uncomfortable" and made him "smell like dust." Musk's comments come days after a Twitter employee shared a photo early Wednesday morning of his boss Esther Crawford, the director of product management at Twitter, sleeping on the office floor. Musk has publicly talked about his sleeping habits in the past.

☆ Elon Musk: A lot of people 'don't want to work' once they become wealthy
▼ + stars: | 2022-11-04 | by ( Bethany Biron | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

Elon Musk made a surprise appearance at the Baron Investment Conference in NYC on Friday. "A lot of people once they become independently wealthy, they just can't bring themselves to work," the billionaire said. His remarks come on the same day that Twitter announced it is laying off up to 50% of its staff. "So as a company has prosperity and then people become wealthy, then for a lot of people once they become independently wealthy they just can't bring themselves to work or they just don't want to work," Musk said, speaking to a crowd of mainly affluent clients at the annual Baron Investment Conference. "I remember a good friend of mine saying starting a company is like eating glass, and staring into the abyss," Musk said.

☆ Elon Musk jokes about overpaying for Twitter and reiterates plan to charge $8 a month at confab for wealthy investors as the company enacts mass layoffs
▼ + stars: | 2022-11-04 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Musk said the layoffs will save the company $400 million a year, and presented his turnaround plan. Musk's appearance comes as he gears up to lay off as much as 50% of Twitter's 7,500 staff — one week after purchasing the struggling social media company. Musk also gave his pitch for turning the troubled social media company around, including plans to start charging verified user $8 a month. Twitter emailed staff on Thursday, warning of impending layoffs "in an effort to place Twitter on a healthy path." Former Twitter employees are flocking to social media to share their experiences.

☆ Billionaire Marc Lasry breaks down where he sees opportunities in the current economy, and why rising rates mean he's no longer getting laughed off the phone
▼ + stars: | 2022-11-03 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

☆ JPMorgan's new affordable advice service lets investors call advisors as often as they want. Here's how it fits into exec Kristin Lemkau's plan to turbocharge the wealth business.
▼ + stars: | 2022-11-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

JPMorgan's new program lets clients get financial advice via phone or video as often as they want. The Personal Advisors unit is part of US wealth head Kristin Lemkau's digital ambitions. This new Personal Advisors channel is part of US wealth management CEO Kristin Lemkau's plan to expand digital offerings. It launches with more than 200 licensed financial advisors in seven metropolitan hubs, including Atlanta, Chicago, Jersey City, and San Antonio. The new remote advisory business was the "last white space" for JPMorgan, said Lahovitsky, head of Personal Advisors.

☆ Inside ex-Goldman Sachs banker Gregg Lemkau's big bet on himself
▼ + stars: | 2022-10-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Gregg Lemkau (center) led MSD Partners, the investment firm financed by Michael Dell (right) to a merger with merchant bank BDT & Company, founded by Byron Trott (left). Gregg Lemkau seemingly had it all, which is why many were surprised at his decision to end his 28-year tenure at Goldman Sachs to run MSD Partners, Michael Dell's investment firm, in late 2020. Nearly two years later, Lemkau has silenced any doubters by orchestrating a merger between MSD and merchant bank BDT & Company. Lemkau will serve as co-CEO with BDT founder and CEO Byron Trott of the new firm, which will target rich families and founders. Click here to read more about Gregg Lemkau's ascension at Goldman Sachs and his decision to leave.

☆ How Gregg Lemkau went from Goldman CEO contender to building a hybrid investment bank catering to billionaires
▼ + stars: | 2022-10-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Gregg Lemkau was in the running for CEO before he left Goldman Sachs in 2020. Now he runs Michael Dell's investment firm, which is merging with billionaire advisory BDT. When Gregg Lemkau left Goldman Sachs in late 2020 to run Michael Dell's investment firm, many within and outside the bank were surprised. Cardinale, who had left Goldman a decade ago to start his own investment firm, knew it had to be a massive opportunity to pull away Lemkau. Oldest sibling Kristin runs JPMorgan's US wealth management business and Lemkau's younger brother Chip is a managing director at Goldman Sachs in private wealth management.

☆ Overwhelming workloads, back-to-office complaints, and frustrations over pay: Why Merrill Lynch's support staff is leaving
▼ + stars: | 2022-10-26 | by ( Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +13 min

Less visible, though just as much the lifeblood of the firm, are Merrill's client associates. But we're not treated that way, and we're not stupid," an associate who recently left the firm said. "Our client associates are essential to the fabric of the firm, how we serve clients and grow," a company representative said. Yagyaev said client associates were "grossly underpaid" across the industry and their base should really be in the area of $80,000 to $90,000. An advisor who recently left Merrill and worked with CAs said some were leaving for raises of about $30,000 to work at other banks.

Wall Street banks committed to helping Elon Musk finance his $44 billion takeover of Twitter stand to $500 million in the process, by some estimates. One of Musk's banks has even told its staff to expect a borrowing notice from Musk by today, Bloomberg reported. But don't feel sorry for the banks just yet — a group that comprises Morgan Stanley, Bank of America, Barclays, MUFG, BNP Paribas, Mizuho, and SocGen. The group consists of Morgan Stanley, Bank of America, Barclays, MUFG, BNP Paribas, Mizuho, and SocGen. Birchall's eldest son Benjamin even interned at Morgan Stanley for his ex-colleagues Frank Malone and Jon Neuhaus in the summer of 2021.

☆ Wall Street's rising stars admit their biggest career mistakes — from missing out on lucrative bets to taking too much on — and what they learned from them
▼ + stars: | 2022-10-24 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +17 min

Vinay Trivedi, a vice president at General Atlantic focusing on the technology sector. I don't think we necessarily transitioned fast enough to how people learn if we're only doing audio from home. - David Israel, 27, vice president at Credit SuisseAngel Pu Shum is a principal within Warburg Pincus's technology group. -Allison Boxer, 29, senior vice president and economist at PIMCONoah Zerance, a vice president with Bank of America's global sustainable-finance group. and the response would be, 'Well, we don't know how we do it yet.

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