Banking

BlackRock bumps junior comp

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

Insider.com update: Newsletters are now coming from our new domain, @insider.com. Also, a friendly reminder to add [email protected] to your address book.

If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco


Money managers from Apollo to BlackRock are scrambling to capitalize on investors’ demand for private markets. Here are 16 people leading that push.

private markets



Ruobing Su/Insider; Samantha Lee/Insider


These are the key leaders pushing asset-management firms to ramp up alternative-investment distribution efforts. Check out our list here.


BlackRock is raising pay for director-level and more junior employees, following Wall Street banks

Larry Fink gesturing to his right in front of a black background.




Toru Hanai/Reuters



BlackRock employees at the director level and below will see a bump in their base pay starting Sept. 1. The internal announcement followed months of Wall Street banks raising junior pay (we’ve been keeping tally of the firms that are raising pay — check out our list here).

Get the details on BlackRock’s pay increase.


Bank of America’s top tech leader Cathy Bessant named a new right-hand exec to help oversee more than 95,000 employees

Sumeet Chabria, Bank of America



Bank of America


Sumeet Chabria, Bank of America’s head of global business services, is now also COO of global tech and ops. Here’s what we know about his expanded role.


Morgan Stanley’s CEO wants employees back to the office by Labor Day, but the bank just told its newest crop of juniors they can head in as early as this month

morgan stanlety big year james gorman 4x3



Andrew Burton/Getty Images; Samantha Lee/Insider


New juniors in investment banking and capital markets are eligible to head in as early as July 27, employees learned during an internal

Zoom
call. More details from the meeting.


Hedge funder Kyle Bass’s $34 million real-estate short could cost him $1 billion

Kyle Bass




Bloomberg.com



United Development Funding sued Bass, saying his “short-and-distort” strategy devastated its business. Get the full rundown here.


JPMorgan and Goldman Sachs are snapping up hedge fund clients from Credit Suisse’s hobbled prime-brokerage business

jamie dimon jpmorgan



Mike Blake/Reuters


Goldman Sachs and JPMorgan this week reported records in their prime brokerage businesses. Read more here


Why the global supply-chain crisis is also terrible for Wall Street lenders

shipping containers

A container cargo ship in Rotterdam Harbour on April 4, 2021 in the Netherlands. Rotterdam is the largest shipping port outside of Asia.

Niels Wenstedt/BSR Agency/Getty Images


Global shipping delays and supply-chain disruptions are playing a role in lower commercial lending. Here’s what’s going wrong.


Odd lots:

Startups Turn to Wall Street to Broker VC Deals (The Information)

U.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry -sources (Reuters)

Adtech company Captify just sold a majority stake in its business to a private-equity firm as it vies to become advertisers’ ‘search intelligence’ alternative to Google (Insider)

AllianceBernstein CEO Sees Strength in Its Private Wealth Business (Barron’s)

McKinsey: Hybrid work will be messier than anyone realizes (Insider)

Kate Hudson-Backed Apparel Brand Fabletics Taps Banks for IPO (WSJ)

Blackstone Enters Deal to Manage AIG Life and Retirement Assets (WSJ)

Morgan Stanley’s New CFO Nears Her Debut in Wall Street’s Glare (Bloomberg)



 Source link

Back to top button