Some Wednesday afternoon news from and me as a top Marcus exec heads to Barclays.
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Carter Johnson
@hcarterjohnson
Reporter covering Wall Street. Feel free to reach out: cjohnson@insider.com / 646-376-6028 / Also on Signal
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This was a fun one riffing on , , + ’s piece on where due diligence is headed this year.
Also, what is SBF’s code word for his attack dog??
Read the full newsletter here:
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Due diligence is top of mind for Wall Street in the wake of blowups at Frank and FTX. Here's what it means for the state of M&A. businessinsider.com/future-of-due-
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Interviews after midnight, exploding offers in closed rooms -- yes, there's a new recruiting drive in private equity. via
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New in , , , and I have the rundown on Goldman's fourth-quarter earnings today.
In short: Higher-than-expected expenses means more cost-cutting could be yet to come — just weeks after sweeping layoffs.
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Nearly half of Goldman's 3,000 layoffs hit employees in the Americas, an operations staffer said. But some have been left in the dark about their severance, and they're panicking. Here's what axed workers can expect to get.
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On Friday, Javice's attorney told Insider that Jamie Dimon was "personally involved" in the Frank acquisition. A spokesperson for JPMorgan declined to comment on the claim. via and businessinsider.com/jpmorgan-ceo-j via
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NEW: Frank, the college loan start-up JPMorgan is suing for fraud, was warned by the FTC for misleading students about Covid relief money.
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Wells Fargo analyst Mike Mayo came in hot on today's earnings call with JPM chief Jamie Dimon, asking tough questions about the bank's troubled acquisition of college aid website Frank.
and I have the details of the call here:
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Also wanted to add and who’ve been all over this story as well! If you’re a former or current Goldman employee, feel free to reach out to us anytime via phone, text, email or Signal if you want to chat.
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‼️ Join markets reporter for a AMA this Friday, January 13th at 11:30am ET. Get all your #FTX questions in ahead of time below. 👇
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ICYMI: and I had the rundown on the layoffs sweeping Goldman Sachs yesterday in .
Read more on what one former employee said was a "doomsday" that they were warily expecting.
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As a quick note: In the new year I've started a new role covering Wall Street and investment banking.
Please feel free to DM or reach out (details in my bio) with info you want to share on companies like JPMorgan Chase, Goldman Sachs, and more — I'm always all ears!
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Top M&A bankers expect deals to pick up in 2023 — but not without some bumps along the way as sellers come to grips with low valuations, investors pour more scrutiny on transactions, and the debt market stays...complicated.
Read more :
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NEW : Despite their billions in capital and attempts to raise armies of technologists, big banks have been stymied in their war on fintechs. & I spoke to more than a dozen experts who identified one major reason—their culture.
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What do AC Milan, the Yankees, and Ben Affleck have in common? Goldman alum Gerry Cardinale.
His PE firm RedBird is a power player in sports & media. Jeff Zucker just joined to run a $1B venture.
Here's his winning playbook and what's next for RedBird:
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If you're looking to get caught up quick, like I was, this was a very helpful post. From my stellar colleague,
The charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds businessinsider.com/caroline-ellis via
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A year ago, and I explored a new data tool Blackstone spun up to supercharge its real estate business.
Now, the financial giant is expanding Data Direct across its private equity portfolio.
Read more in :
In , and I explore the new and unique ways in which the world's biggest financial firms — from to — are managing costs in the cloud.
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This sums up the challenging state of a lot of later-stage fintech companies pretty well.
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what if you discovered that your whole personality depended on low interest rates
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For years, recruiting firm Odyssey Search Partners has been polling first-year junior bankers on their current work experience and future goals. See what their latest survey results show on .
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New: Walmart is reportedly (per the great ) planning to offer buy now, pay later loans through a fintech venture it backs as soon as next year.
This comes 1 year after customers were *not happy* about Walmart canceling layaways in favor of BNPL.
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Plaid is the latest fintech to get hit with layoffs. CEO Zach Perret announces firm is laying off 260 people.
"The simple reality is that due to these macroeconomic changes, our pace of cost growth outstripped our pace of revenue growth."
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Please remember this source’s quote and thinking behind SBF’s embarrassing behavior when the next toxic boy-wonder executive who enchants investors fucks up businessinsider.com/sam-bankman-fr
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News: Larry Fink said this morning that BlackRock's FTX investment was $24 million, a sum not previously publicly known, and that he sees a sea change ahead in the types of ventures that get funded: "I don't believe we need another food-delivery company."
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New: Heightened scrutiny on crypto deals, rethinking hiring plans, growing calls for regulation (yes, even from the industry): How Wall Street is preparing for a post-FTX world
w/ the amazing , , , :
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Even as layoffs sweep across tech, Wall Street firms have expressed a desire to keep hiring this year.
For engineers looking to move to a new industry, and I broke down the top coding skills in demand across finance in .
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After the collapse, enter the lawyers. Here are 3 to know:
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Here's a piece from a few weeks ago about speculation regarding Elon going the 'super app' route
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Walmart begins pitching banking services to some of its 1.6 million employees. Scoop via and for
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SCOOP with :
Walmart has begun rolling out banking services through ONE, a neobank it acquired earlier this year, to at least some workers, per a memo posted in late October on Walmart's internal network that was seen by .
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Great inside look at how Vanguard is rolling out its public cloud strategy and branching out from AWS.
More from +
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New: Ahead of the midterms, Walmart's PAC pretty evenly donated ~$1 million to D and R candidates.
Among those donations were to 41 candidates who voted to overturn the results of the 2020 presidential election.
With for :
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Elon Musk made a surprise appearance at NYC conference for rich investors during Twitter mass layoffs
He joked he tried to get out of the deal: “it was like that scene from The Godfather.”
More here:
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Read this thread from us if you want to understand what happened in our newsroom this week. Insider is seeking to make sweeping changes to a whole swath of the newsroom without bringing them to the union first. We're meeting with management this afternoon:
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This is NOT bargaining. During status quo, Insider management is legally obligated to bring any proposed changes to our working conditions to the bargaining table. Insider management DID NOT reach an agreement with us on these proposals.
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Yesterday, our colleagues marched on global editor-in-chief to demand he and other members of management bargain with us about massive proposed changes to the newsroom.
How did we get here?
🧵A thread…
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What do junior bankers really think of their Wall Street employers? reporter
got her hands on an internal industry survey that polled over 1K first-year analysts across 36 firms.
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Insider obtained a survey of more than 1,000 first-year analysts conducted by recruitment firm Odyssey Search Partners. Results show that "top tier" boutiques — not bulge brackets — provide the best work experience and attract grads with the highest GPAs.
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New🚨: Change was inevitable when Walmart's nascent fintech startup bought the neobank ONE.
But in , ONE customers told and me it has removed many of the budgeting and credit features that made it valuable in the first place.
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