Wall Street CEOs map out the future — Goldman snaps up a fintech — PE recruiting

Welcome to Wall Street Insider, where we take you behind the scenes of the finance team's biggest scoops and deep dives from the past week.

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Business Insider asked 34 top execs across investing, trading, and consumer finance how their business, their industry, and their world would transform as a result of the coronavirus. The big takeaways? More remote work, less travel, and a new appreciation for work-life balance.

You can read the full survey here:

Here's how CEOs are thinking about the future of investing, trading, and banking

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!

Meredith

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.

Read the full story here:

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 virtual

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.

Read the full story here:

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 deals

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.

Read the full story here:

UBS is rolling out the red carpet for ultra-rich people and family offices that want to invest in private-market deals

On the move

Bank 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.

Careers

• A financial-adviser retirement wave that could put trillions of assets in play is kicking into high gear thanks to the pandemic. Here's how firms are tackling the handover crisis.
• Top consultancy BCG is letting students pursue a side hustle for their summer internship as it salvages programs for young consultants amid the lockdown
• Goldman Sachs' summer internship is going virtual, joining the likes of Bank of America and Morgan Stanley who are running remote programs

Real estate

• Leaked data shows the WeWork stakes that 10 big investors are stuck with — and how JPMorgan wanted to cash out $356 million from the struggling coworking giant
• Here's which real-estate tech startups will soar and which will flop in the new normal of how we occupy space, according to 7 top proptech VCs
• Airbnb-backed Zeus Living slashes almost half of its remaining staff less than two months after a round of layoffs

Investing and trading

• Ben Axler, founder of $330 million short-seller Spruce Point Capital, lays out the sectors he's bet against to take advantage of a huge market disconnect
• Retailers and apparel companies are facing a reckoning amid coronavirus. Here's who could be most at risk.
• Startup exchange MEMX nabbed buy-in from BlackRock and Wells Fargo — adding to the list of Wall Street titans helping it take on NYSE and Nasdaq
• Citadel Securities has handled 4 IPOs without setting foot on the NYSE floor. Here's an inside look at how the firm went remote.
• 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

• The CEO of $1.9 billion Marqeta says it's looking to boost its headcount by 20% and is eyeing smaller startups to buy
• 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

Read the original article on Business Insider