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1. I'm leaving on an (old) jet plane.
If there is a senior Goldman Sachs' executive in your life, please keep them in your thoughts and prayers. Turns out the bank won't be getting a new private plane to traverse the globe.
You might be wondering why a bank not buying a private plane is a relevant story. Well, Goldman's private planes have been a bit of a lightning rod.
See, it's not so much owning the jets — JPMorgan and Morgan Stanley have them as well — as much as it's how they are used.
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As Dakin has previously reported, Solomon has caught some heat for using the company's jets for personal use, most notably to fly to DJ gigs. (To be sure, this is allowed as long as executives reimburse Goldman for it.)
Leading us to Dakin's story about the bank turning down the option to buy a third Gulfstream, which includes details about the decision. (This plane would have ultimately replaced one of the existing two.)
I will say, I think corporate jets have been unfairly labeled as the poster child for excessive spending at the corporate level. Personal use is one thing, but buying a jet to maximize your time while traveling for business seems like a no-brainer.
Meanwhile, there are plenty of other ways Wall Street wastes money. Corporate suites are perhaps the best example of this. I love sporting events and concerts as much as anybody, but you'd be hard pressed to find a real ROI on any boxes a company owns.
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I know these types of tickets are for entertaining clients, and often of part of a bigger sponsorship package, but how effective are they at actually getting more business in the door? Sure, a one-off game or event to bring a prospect too makes sense. But do you really need season tickets? I'm not sure a Knicks-Pistons game in mid-January is going to be the key to closing that big deal of yours.
Am I wrong? If you've actually landed a client or closed a deal specifically because you brought them to a game or show, let me know! I'd love to hear about it.
Perhaps we can discuss the finer details while sitting courtside.
2. Inside Goldman Sachs' AI ambitions. Marco Argenti, Goldman's CIO, details three use cases the bank is exploring for large language models, the AI behind ChatGPT. This isn't just for the engineers either, as one example impacts non-tech workers. Here's how Goldman wants to leverage the tech.
3. Miami's crypto carpetbaggers. Insider's Linette Lopez has a look at the city that embraced the 2021 crypto craze with open arms. Two years later, many of the transplants who came hoping to create a hub for digital currencies are long gone. Read more here.
4. So about that SVB deal... Still trying to make heads or tails of First Citizens' acquisition of SVB? We've got a full breakdown of the deal, along with what it means for SVB's customers and the wider market. Check it out here.
5. Stop me if you've heard this before: Regional banks are looking to work with crypto companies. The collapse of Signature Bank and Silvergate Capital, two favorites among the crypto community, has left a gap in the market. Now, regional banks are looking to serve the firms looking for a new banking home, per The Wall Street Journal. What could possibly go wrong?
7. What's going on at Charles Schwab? The brokerage saw its stock drop in the wake of SVB's downfall, eventually leading the firm to release a statement to clear the air and reassure clients, employees, and shareholders. But Bloomberg has a report on losses tied to long-dated bonds and other risks from rising interest rates. Read more here.
10. If inflation has got you (and your money) feeling down, check these spots out. We've got the latest rankings from review site Niche on the 15 places in the US with the lowest cost of living. Check them out. But be careful before you move. Remote job options are starting to dwindle. Here's why you might be forced back into the office.
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