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1. The layoffs are coming. It's starting to get really bad out there.
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The economy has been trending downward for months, but it seems the shoe we've all been waiting to drop — layoffs — is starting to come down.
On Thursday, Stripe, one of the most valuable private fintechs in the world, announced that it was cutting roughly 14% of its staff, while Reuters reported that Morgan Stanley is expected to start conducting layoffs in the coming weeks.
That news followed reports earlier this week of cuts at Chime, another buzzy fintech with a sky-high valuation, and Galaxy Digital, the crypto shop run by former Goldman Sachs partner Michael Novogratz.
5. UBS is emphasizing the South as part of a reorganization of its US wealth team. The unit is consolidating 34 markets into 20 as part of the efforts, Reuters reports. Read more about what else is changing.
6. At least one bank is taking an optimistic approach to hiring. Ken Moelis, chair and CEO of Moelis & Co., said the investment bank "will be aggressive and we are going to spend," when it comes to senior dealmakers, the Financial News reports.
7. If you want to help a very wealthy person figure out how to use Apple TV, boy, do I have a job for you. London-based hedge fund Rokos Capital Management has a job listing for someone to "own all home entertainment services" for a "senior member of our partnership board and their family," the Financial Times reports. No word yet on whether you will be required to share your Netflix password.
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8. Here's how much you can get paid working at a creator-economy startup. From OnlyFans to Patreon to Cameo, we've got salary data on 20 different startups. Check them all out.
9. PE backs the GOP. With less than a week until US midterms, private equity's largest trade group has donated a majority of its funds to Republican candidates, Axios reports. Get inside the numbers.
Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.
Edited by Jeffrey Cane (tweet @jeffrey_cane) and Lisa Ryan (tweet @lisarya) in New York.
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