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Goldman Sachs, known for being a top Wall Street money maker, is gearing up to invite a select group of employees to join its most exclusive club. Goldman partners are considered the most powerful people at Wall Street's most successful bank for M&A and IPOs. In 2020, Financial News quoted an anonymous former Goldman Sachs executive who described it as an exclusive club that opens doors both inside and outside the bank. "Random people will infer characteristics about you — integrity, commercial acumen, intelligence, teamwork — simply based on the fact that you are, or were, a Goldman Sachs partner," this person was quoted as saying. Do you work at Goldman Sachs or do you have additional details about who will make partner this year?
Laura Hayward started her Wall Street career at Morgan Stanley during the financial crisis. Hayward, who rose ranks at Bank of America, shares what she learned to be both successful and happy on Wall Street. "I'd always been a finance person at work and a spiritual person and hippie outside of work," Hayward told Insider. After seven years at BofA, and more than a decade on Wall Street, she left this summer. Wall Street work life is stereotypically perceived as draconian — leaving little room for individuality.
Blackstone is doubling down on private credit investments in a volatile market. While its corporate private equity investment performance fell in the quarter, private credit rose. As stock markets plunge, private equity investments' values sour, and central banks hike interest rates, the growing private credit market is heating up — and benefitting private investors stepping in to make loans as banks pull back. Take Blackstone, the world's largest alternative asset manager known for its powerful private equity and real estate businesses. Risks and opportunitiesBlackstone is hardly alone as it doubles down on private credit investments.
PayPal is combining cash-back rewards earned through Honey, PayPal's debit and credit cards, and the PayPal app. PayPal acquired Honey in 2019 for $4 billion, and this is its latest strategy to "leverage" the browser extension product. The payments giant will announce on Monday plans to combine the cash-back perks of several of its offerings into one system, called PayPal Rewards. The new tool will allow customers to pool cash-back rewards earned from their various products: the PayPal app, PayPal Honey, and, in the future, PayPal's Cashback Mastercard and PayPal's debit card. The expansion of PayPal's rewards offering also comes as established competitors like JPMorgan Chase,Wells Fargo, and CashApp continue to leave an impression on the market.
JPMorgan CEO Jamie Dimon sounded the recession alarm earlier this week, saying he sees one in 6 to 9 months. But on Friday, the bank said it's growing headcount and moving forward with aggressive spending plans. But notable among JPMorgan's financial figures was headcount growth. This quarter, headcount overall at the bank was 9% higher than the same time last year, at roughly 288,000 employees worldwide. The growth in employees at JPMorgan came in contrast to Wells Fargo, which also reported earnings Friday.
Step, a banking app designed for teens, said Tuesday it raised $300 million in debt. Step has now raised $500 million in equity and debt from a bevy of venture and celebrity backers. On Tuesday, financial-technology startup Step announced $300 million in debt funding led by venture-debt specialist TriplePoint Capital, with participation from Step's banking partner, Evolve Bank & Trust. The startup has previously raised $200 million in equity funding since launching in 2018. "In a matter of just the last couple of years, there's been a lot of volatility" in crypto, MacDonald said.
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