A top Goldman dealmaker is jumping ship — Affirm gears up for an IPO — Hedge fund pay

A top Goldman dealmaker is jumping ship — Affirm gears up for an IPO — Hedge fund pay
Crystal Cox/Business Insider

Happy Saturday!

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:
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  • 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.
Keep reading for a look at hedge fund salaries; how Google is revamping its Pay app; and a key privacy challenge that earned-wage access providers are grappling with.

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

Workers may be too scared to tap early-paycheck cashouts if they think their employer is watching.

Earned wage access — giving employees access to their wages between paychecks — has become a growing trend in recent years.
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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.

Here's how players like DailyPay and ADP are making privacy a priority.

Meet 4 Goldman Sachs analysts who pitched top execs to win a $250,000 grant in the bank's annual charity competition

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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.
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You can read the full story here.

How much engineers, associates, and researchers are paid at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma

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For many Wall Street aspirants, a career at a top hedge fund is the holy grail. For those who succeed, compensation has the potential to eclipse nearly any other profession in the country — let alone finance.
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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.

See all the details here.
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Google is making a big push into banking

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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.
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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.

Here's why it's a huge step forward in blending Big Tech and Wall Street.

People moves

  • Nasdaq's Quandl just made a key hire in Europe to tap into the next big market for alternative data

Return to office

Careers

  • 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

Wealth management

Fintech

  • 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

Real estate

  • Seattle has become the battleground for tech giants Google, Facebook, Amazon, and Microsoft. Here's how that's keeping real-estate deals going.

Pitch decks

  • 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
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