Wall Street CEOs map out the future — Goldman snaps up a fintech — PE recruiting
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Goldman Sachs is diving deeper into the world of independent financial advice with its deal to buy Folio Financial, a custody, financial-technology, and clearing company primarily serving registered investment advisers. Rebecca Ungarino laid out the reasoning for why Goldman, which has a $509 billion wealth business geared towards ultra-rich clients, is buying the small Virginia fintech— and why there's likely more consolidation and structural change in the broader wealth industry to come.It was another tough week for retail, capped with JCPenney filing for Chapter 11 bankruptcy on Friday. Meanwhile, as Dan Geiger reports, Macy's is seeking to dramatically slash the size of its new corporate headquarters in Long Island City, Queens, as it grapples with the coronavirus and the devastating impacts the pandemic has had on the nation's retail business.
Keep reading for a look at how PE recruiting is quickly evolving, how Wall Street internships will work this summer, and details about a new push at UBS to help family offices get access to private markets.Thanks for reading, and have a great weekend! MeredithAdvertisement
PE recruiting is getting upended
Casey Sullivan laid out how recruiters are gearing up for a massive reshuffling of private-equity talent as the coronavirus hits some funds' portfolios. Here are the hottest hiring areas right now — and how the PE employment picture for both senior and junior roles is being transformed.
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6 PE recruiters lay out the biggest trends they're seeing, from senior execs jumping ship to new timelines for scouting junior hires
How internships will go virtualAdvertisement
Bank of America is running its summer internship fully virtually this year. Shannen Balogh spoke with Ebony Thomas, an executive in the bank's global human resources division, who laid out how exactly the summer programs will work, and how the firm plans to go about replicating key in-person aspects of the job.
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Bank of America's summer internship will be entirely virtual. A talent exec runs through how the bank's 2,000 global interns will learn, network, and volunteer without stepping into an office.
Family offices want in on private-market dealsAdvertisement
UBS is expanding an internal group focused on better serving rich clients interested in private investments. Rebecca Ungarino laid out the details, and explained how the new effort underlines sophisticated investors' growing appetite for access to asset classes like private equity, private debt, and private investments into public entities.
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UBS is rolling out the red carpet for ultra-rich people and family offices that want to invest in private-market deals
On the moveBank of America has hired Diane Daley — who spent over two decades at Citigroup — to lead its enterprise data governance function. The newly-created role will be focused on data and artificial-intelligence policies, standards, and oversight.Advertisement
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Investing and trading
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- Sequoia Capital is betting zero commissions will transform wealth management — and it's placing a big bet on an AI-based stock-picking startup for financial advisers
Fintech and payments
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- From giants like Shopify to seed-stage startups, these 8 companies are getting a massive boost as shops and restaurants embrace curbside pickup
- Deloitte just laid off 200 people in Toronto, with cuts to AI, consulting, and auditing — showing the knock-on effects as clients reassess their budgets for big projects
- One-click checkout startup Fast used this pitch deck to nab $20 million from investors like fintech giant Stripe. Here's a look at how it laid out its vision for taking on Apple Pay.
- Bloomberg just slashed the time it takes for customers to get data from months to hours and it shows Wall Street's insatiable demand for information to trade on
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