Credit exec resurfaces post-Blackstone feud - State Street is slashing 1,200 jobs - Inside the biggest SPAC deal ever

Credit exec resurfaces post-Blackstone feud - State Street is slashing 1,200 jobs - Inside the biggest SPAC deal ever
Fox

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

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 ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
Advertisement

A former Blackstone exec has resurfaced at General Atlantic's credit-investing venture after an unprecedented non-compete spat

Credit exec resurfaces post-Blackstone feud - State Street is slashing 1,200 jobs - Inside the biggest SPAC deal ever
Alex Wong/Getty
Michael Whitman has finally found a home.

The former Blackstone credit executive had initially departed the firm in the summer of 2020 for a job at General Capital. Whitman was planning on looking for debt investment opportunities via a joint-venture with Iron Park Capital.

But Blackstone had different plans, citing a non-compete against Whitman.
Advertisement

However, it appears the dust has finally settled on the dispute, for now.

Read the full story here.

United Wholesale Mortgage is about to go public via the largest blank-check deal to date. CEO Mat Ishbia explains how he went from knowing zero about SPACs to a $16 billion valuation in just 9 months.

Credit exec resurfaces post-Blackstone feud - State Street is slashing 1,200 jobs - Inside the biggest SPAC deal ever
Mat Ishbia
Mat Ishbia, CEO of United Wholesale Mortgage, wasn't familiar with what a SPAC was just nine months ago. On Friday, his company will go public at a $16.1 billion valuation via a SPAC deal. See more here.
Advertisement

EXCLUSIVE: Plaid is on a hiring spree and plans to double its tech staff in 2021 now that its sale to Visa is off, insiders say

Credit exec resurfaces post-Blackstone feud - State Street is slashing 1,200 jobs - Inside the biggest SPAC deal ever
Plaid; Brittany McLaren/Plaid; Samantha Lee/Business Insider

Fintech Plaid, which recently broke off its planned acquisition by Visa, is aggressively on the hunt for new talent. See more here.

Sixth Street just inked its second insurance deal of 2021, showcasing private equity's gold rush into the space

Credit exec resurfaces post-Blackstone feud - State Street is slashing 1,200 jobs - Inside the biggest SPAC deal ever
Pete Sannizzaro, CEO of TalcottSixth Street

Sixth Street just agreed to buy insurance company Talcott Resolution for $2 billion in another sign of private equity looking to make deals in the insurance space. Read more here.

State Street plans to cut the jobs of 1,200 employees this year, after pledging to avoid layoffs during the pandemic

Credit exec resurfaces post-Blackstone feud - State Street is slashing 1,200 jobs - Inside the biggest SPAC deal ever
The ticker and logo for State Street Corporation is displayed on a screen at the post where it's traded on the floor of the NYSEThomson Reuters
State Street announced durings its fourth-quarter earnings call it plans to cut 1,200 jobs to its global workforce, citing automation as a major reason why. Read more here.
Advertisement

Odd lots:

Another tech titan heads to Miami. Peter Thiel buys $18 million island estate that was featured on MTV's 'The Real World' (BI)

Texas and Florida could become the next business hubs as employers look to flee San Francisco and New York City (BI)

Top-earning New Yorkers could pay 14.7% income tax, the highest in the US, under new proposals from Cuomo (BI)
Advertisement
From Rolex to Audemars Piguet: The 11 best watch investments for aspiring collectors (BI)
{{}}