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Inside JPMorgan's startup banking strategy

May 20, 2021, 16:11 IST
Business Insider
In this Wednesday, Jan. 13, 2021 file photo, people walk by the New York Stock Exchange. Stocks are climbing Tuesday, Jan. 19 recovering some of last week’s losses to pull closer to their record highs. The S&P 500 was 0.6% higher in early trading and got back within 1% of its record set earlier this month.AP Photo/Mark Lennihan

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.

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Lone Pine's Mala Gaonkar, a longtime lieutenant to billionaire Stephen Mandel Jr., is one of the hedge-fund industry's most interesting characters

Adam Jeffery/CNBC/NBCU Photo Bank/NBCUniversal via Getty; Lone Pine/Youtube; Theater of the Mind; Shayanne Gal/Insider

Mala Gaonkar is one of three people running $30 billion Lone Pine Capital, alongside Kelly Granat and David Craver. We dove into what makes her a trailblazer, from her investing prowess to her passion projects away from the office.

Read our exclusive report.

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Minority-owned investment banks are proving they can lead bond deals like a bulge bracket. 7 bankers tell us how they're driving diversity on Wall Street.

Siebert Williams; Loop; Siebert Williams; Blaylock Van; Marianne Ayala/Insider

We spoke with seven bankers who shared their experiences creating greater equity on Wall Street. Here's what they told us.

Mastercard wants US employees back in the office at least 2 days a week starting in September. Here's CEO Michael Miebach's full memo on the card giant's return-to-office plans.

Mastercard

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Eventually, Mastercard will expect employees to work in-office at least three days per week, though policies will vary based on location. You can get all the details from the CEO's memo here.

Inside JPMorgan's strategy to hold on to more startup clients as they mature with a growing team of VC and 'disruptive commerce' bankers

JPMorgan

Melissa Smith, head of specialized industries for middle-market banking, and Pamela Aldsworth, who leads VC coverage, explain JPMorgan's next steps for retaining startup clients.

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Kirkland & Ellis has offered up to $250,000 signing bonuses to young lawyers amid nonstop M&A and capital markets work

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With M&A activity continuing to heat up, Big Law firms are scrambling to hire top legal talent. Here's how Kirkland & Ellis is trying to poach talent.

Bank of America's top tech exec Cathy Bessant just added a new direct report that hints at the increased focus the bank is putting on its infrastructure and cloud initiatives

Bank of America

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Tony Kerrison, BofA's CTO, will now report directly to Bessant, the bank's top tech exec and have a larger remit. Here's why that matters.

Key takeaways from Goldman-backed Marqeta's IPO paperwork, from how Square is a key part of its business to how the $4.3 billion fintech makes money

Marqeta

Marqeta's S-1 filing outlined the startup's business model and key risk factors - one of which is that 70% of Marqeta's 2020 revenue came from Square, including Cash App and seller cards. See other major points from the filing.

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How private-equity giant Blackstone turbocharged growth at Oatly, the plant-based milk producer targeting a valuation of more than $10 billion in its upcoming IPO

Hollis Johnson/INSIDER

Oatly's IPO signifies a watershed moment for private-equity firm Blackstone and its nascent growth-equity arm, which first invested $200 million in the Swedish company last summer. Get the full rundown here.

Wells Fargo CEO is looking to use wealth clients to drive growth in the consumer bank, taking a page from rivals' playbooks

Tom Williams/CQ-Roll Call/Reuters

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Wells Fargo's CEO said the bank can look to better link wealth and consumer units for growth. Here's why.

Goldman Sachs co-CIO Marco Argenti detailed the key tenets to be an engineer at the bank. Read the full internal memo here.

Stefano Guindani

The tenets, which include things like "Lead with Data" and "Inspire Trust," were the result of internal polling conducted among Goldman's engineers earlier this year. Read his full note to staff here.

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Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that just nabbed $50 million from Insight and Venrock

Altruist

Altruist's CEO and founder Jason Wenk told us how it's challenging incumbents like Fidelity and Schwab, and shared the pitch deck that landed it $50 million. Check it out here.

Nasdaq CEO Adena Friedman just highlighted the need to innovate post-trade tech and shorten the settlement cycle for US stocks

Adena Friedman, Nasdaq CEONasdaq

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Nasdaq's Friedman said the tech supporting trade settlement hasn't kept pace with the rest of the market. Find out why that could be a problem.

Odd lots:

UBS Starts Round of Job Cuts Across Investment Bank, Wealth (Bloomberg)

JPMorgan Gets Rid of Mask Mandate for Vaccinated U.S. Staff (Bloomberg)

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Blackstone REIT Plans to Appoint Katie Keenan as CEO (WSJ)

A SPAC Will Buy Back Its Own SPAC and Pay a Staggering Premium (Bloomberg)

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