A top Goldman dealmaker is jumping ship — Affirm gears up for an IPO — Hedge fund pay
Bankers have been plenty busy as they work on big tie-ups and look to get IPOs across the line before the end of the year.
Here's a recap of some of the big news this week:
- PNC announced its planned purchase of BBVA US, the US-based arm of the Spanish lending giant BBVA, for $11.6 billion. Reed Alexander talked with insiders to learn more about how one of the biggest bank deals since the financial crisis came together. You can read the full story here.
- The buy now, pay later lender Affirm, which was founded in 2012 by PayPal cofounder Max Levchin, unveiled paperwork to go public. Among the disclosures: Affirm works with more than 6,500 merchants, but a big chunk of its revenue is tied to just one partner — Peloton.
- Boutique investment bank Perella Weinberg is reportedly seeking to go public via a SPAC at a valuation of more than $1 billion.
- Goldman Sachs' cohead of investment banking is jumping ship to be CEO of a Michael Dell-backed investment firm. Read the full memos the bank sent about the exit — and who's replacing him.
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Earned wage access — giving employees access to their wages between paychecks — has become a growing trend in recent years.
After the initial success of startups like Earnin and PayActiv, more established payroll providers like ADP and Gusto have begun to dip their toes in the EWA waters. But some employees are hesitant to use it due to concerns around privacy and sharing information about their financial situation with their employer.
Meet 4 Goldman Sachs analysts who pitched top execs to win a $250,000 grant in the bank's annual charity competition
Business Insider interviewed the four winners of Goldman Sachs' Analyst Impact Fund, a competition that enables young employees to compete for grants on behalf of nonprofit initiatives and causes.
Grants that the analysts can win range from $250,000 for the winner, followed by $100,000 for the runner-up, and $75,000 for the team that placed in third.
Julian Salisbury, the global head of Goldman's merchant banking division, also explained how analysts are challenged to bring an "analytical approach" to their pitches.
How much engineers, associates, and researchers are paid at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma
The hedge fund industry has transformed over the past 15 years. Whereas fundamental investment strategies once ruled the day, increasingly the flow of talent and capital is shifting toward firms with sophisticated quantitative strategies and data-mining operations.
Today, most of the largest and most successful funds have significant quant operations, if not a complete emphasis on quantitative investing. Firms like AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma vigorously compete for the most promising young financial minds — and they pay hefty sums to lure in top candidates.
Mobile wallets are a dime a dozen among players like Apple, Google, Samsung, and PayPal. They're all chasing "top of wallet" status, meaning they want to be the go-to app that consumers open at checkout. And Google is redesigning its Google Pay app to do just that.
Building on its existing peer-to-peer transfers, users can now split payments between groups. The app has money-management functionality where users can link bank accounts and credit cards to track spending.
In 2021, Google is also rolling out checking accounts that can be opened and managed in-app. Called Plex accounts, Google is offering users the ability to open and manage a new checking account through partnerships with 11 banks and credit unions, including Citi.
- Nasdaq's Quandl just made a key hire in Europe to tap into the next big market for alternative data
Return to office
- Employers are frantically calling labor lawyers to ask if they can make a coronavirus vaccine mandatory in the workplace. Here's the advice lawyers are giving clients.
- How to impress interviewers and land a job at elite global law firm Baker McKenzie, according to its recruitment director, hiring partner, and 2 industry recruiters
Deals and IPOs
- Legal-tech startups are catching the eye of Docusign and other big strategic investors. These 21 deals showcase how a huge consolidation wave is underway.
- Why Airbnb is pushing forward with its IPO during its roughest year yet
- Morgan Stanley is already playing matchmaker for E-Trade clients and financial advisors. Here's why a top wealth exec thinks it's a 'quick win.'
- A new competitor to Plaid and Yodlee backed by the major banks just nabbed its first client. Here's how it plans to disrupt how bank data is shared.
- A startup that pays consumers for their data is rolling out a way for their customers to earn monthly payments by passively sharing information
- The CEO of Quadpay lays out why the buy-now, pay-later fintech is pushing into the 'overlooked' world of browser extensions to get a leg up on the competition
- Seattle has become the battleground for
techgiants Google, Facebook, Amazon, and Microsoft. Here's how that's keeping real-estate deals going.
- Read the 18-page pitch deck a startup rewarding customers for staying fit used to nab a $5 million seed round from VCs, Northwestern Mutual, and a BlackRock exec
- Here's the 25-slide pitch deck a startup that helps companies like Kroger and Sweetgreen manage deliveries used to nab a $14 million Series A
- WhatsApp won’t work on these phones from November 1: Check the full list
- Shiba Inu hits another all-time-high — now more valuable than Adani Enterprises, Tata Steel and Tech Mahindra
- Shiba Inu is not only bigger than Dogecoin — it’s now bigger than XRP, Polkadot and USD Coin as the seventh-biggest player in the market
- IRCTC will lose a chunk of its revenue to the Indian government starting next month
- EaseMyTrip makes its first acquisition in 13 years to strengthen its hotel offerings
- Portugal''s political fate uncertain after govt budget defeat
- Battlegrounds Mobile India gets Dune-themed rewards in new crossover
- YouTube is the most-used social media platform by influencers in India: AnyTag report