JPMorgan and Morgan Stanley leadership shake-ups put CEO candidates in the spotlight
Hello readers,
Happy Saturday, and welcome to Insider Finance. Here's a rundown of our must-know stories from the past week:
- JPMorgan and Morgan Stanley leadership shake-ups put CEO candidates in the spotlight
- SVB Leerink poached a team of senior UBS tech bankers, including Jason Auerbach, the group head
- Kirkland & Ellis has offered up to $250,000 signing bonuses amid nonstop M&A and capital-markets work
- Lone Pine's Mala Gaonkar is one of the hedge-fund industry's most interesting characters
- Cathy Bessant, Bank of America's top tech exec, added a new direct report
- Restaurants and bars rejoice as New York's bankers return to the office
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SVB Leerink has poached a team of senior UBS tech bankers, including group head Jason Auerbach, as it continues splashy expansion
SVB Leerink has hired a team of technology, media, and telecommunications investment bankers from UBS, including Jason Auerbach, the group head, as the upstart dealmaking operation continues its rapid expansion.
Auerbach, who was promoted to global cohead of TMT in July, is among a team of four TMT bankers that joined UBS from Jefferies in 2015. Chris Montgomery, an MD who joined alongside Auerbach, is also leaving for SVB. Get the full rundown here.
Wall Street's appetite is returning, and New York City bars and restaurants are gearing up for a rush
A Goldman Sachs partner, at the encouragement of CEO David Solomon, has recently been busy entertaining groups of partners at cocktail outings. The idea is that the events could help bring people together and remind them of the fun and camaraderie that come with working side by side.
Meanwhile, one New York City steakhouse owner recently hosted their first IPO celebration dinner since last year. Read more here.
Succession in the spotlight at JPMorgan, Morgan Stanley
JPMorgan named consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak as coleads of the firm's massive consumer and community banking business. Among the executives who have been shortlisted as possible successors to CEO Jamie Dimon - including Lori Beer, the CIO, and Mary Callahan Erdoes, the head of asset and wealth management - Lake and Piepszak in recent years have emerged as top contenders.
And in the most sweeping leadership shuffle inside Morgan Stanley in years, the bank announced a slate of promotions across divisions that makes way for four men likely to succeed chief executive James Gorman.
Kirkland & Ellis has offered up to $250,000 signing bonuses to young lawyers amid nonstop M&A and capital-markets work
With M&A activity continuing to heat up, big law firms are scrambling to hire top legal talent. Kirkland & Ellis has offered junior lawyers signing bonuses of up to $250,000 to switch firms.
Industry experts said associate signing bonuses have never been this high. Get all the details here.
Bank of America's top tech exec, Cathy Bessant, adds a new direct report, which hints at increased focus on infrastructure and cloud initiatives
Tony Kerrison, Bank of America's CTO, is expected to now report directly to Cathy Bessant, the bank's top tech executive. Kerrison, who leads the bank's tech infrastructure, has also expanded his duties, and the promotion underscores the bank's commitment to cloud technology. Get the rundown here.
Lone Pine's Mala Gaonkar, a longtime lieutenant to billionaire Stephen Mandel Jr., is one of the hedge-fund industry's most interesting characters
Mala Gaonkar has led Lone Pine with Kelly Granat and David Craver since Stephen Mandel Jr. retired. She's also active outside of investing, working with the likes of David Byrne and Malcolm Gladwell.
Read our deep dive on one of the industry's more interesting characters.
JPMorgan is looking to grow its VC coverage team with hires in Miami, Salt Lake City, and Austin
JPMorgan is continuing to expand its team focusing on VCs and disruptive commerce. The firm hired five people last month from Silicon Valley Bank and Bank of America.
Execs leading specialized industries for middle-market banking and VC coverage walked us through the bank's next steps and hiring plans.
Return to office updates
- PJ Solomon's CEO breaks down how the firm is going to save $10 million by remodeling its New York headquarters and adopting a hybrid model
- Deutsche Bank gave incoming summer interns a choice between an in-person or remote program - 92% chose to head into the office
- Mastercard wants US employees back in the office at least two days a week starting in September. Read CEO Michael Miebach's full memo on the card giant's plans.
Wall Street people moves
- Wells Fargo poached a Merrill MD to help manage clients across its CIB
- Goldman Sachs hired an Uber engineering exec to head its consumer business
- Get the full rundown here.
Other stories readers loved this week
- How Blackstone turbocharged growth at oat-milk darling Oatly
- Check out the pitch deck for Altruist, a wealth tech that just nabbed $50 million from Vanguard and Insight
- Inside the massive WarnerMedia-Discovery media marriage: The bankers and lawyers who played key roles, and how it came together
- Security firms for the ultrarich are staffing up with vaccinated bodyguards and brushing up on clients' laundry list of demands as the wealthy fuel up their jets and superyachts
- Millennium, Citadel, and Blackstone have dumped shares in the Michael Klein-backed SPAC set to acquire Lucid Motors