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Wells Fargo is experiencing an exodus of mortgage bankers. Insiders explain why.

May 13, 2021, 16:05 IST
Business Insider
Inside a trading floor on the New York Stock ExchangeBrendan McDermid/Reuters

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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Micromanagement, surprise employee investigations, and email surveillance: Why top mortgage bankers are quitting Wells Fargo in the middle of a red-hot housing market

Wells Fargo; Samantha Lee

More than 20 of the bank's top mortgage lenders have left in the past year, while four members of the elite President's Club have left since December. Insiders described a culture of heavy oversight and clunky technology that limited their ability to do business.

Why Wells Fargo is bleeding talent.

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Inside the crazy world of whistleblower lawsuits, where anonymous tipsters make millions

Samantha Lee/Insider

The CFTC's whistleblower program could go bust thanks to a high-dollar payout. Here's why a $100 million payout to a former Deutsche Bank executive could put it in jeopardy.

The SEC has proposed cracking down on blank-check companies. Why the 'SPAC Mafia' hedge funds aren't worried about regulation.

Brian Snyder/Reuters

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Despite the SEC's proposed new regulations on special-purpose acquisition companies, hedge-fund managers say the rule changes won't affect their outlook on the blank-check vehicles. Here's why.

SEC commissioner Hester Peirce says the agency created an 'investor protection problem' by not approving a Bitcoin ETF - a day after chairman Gary Gensler dashed hopes of that happening this year

SEC commissioner, Hester Peirce.Chris Maddaloni/CQ Roll Call

Hester Peirce said US crypto investors are now going through "less direct routes to get the same result." Here's what else she said.

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D1 founder Dan Sundheim, whose hedge fund was rocked by the WallStreetBets frenzy, says shorting isn't 'evil' but that he's changing up his approach

Daniel Sundheim, Founder and Chief Investment Officer of D1 Capital Partners speaks during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS/Brendan McDermidBrendan McDermid/Reuters

D1 lost 20% in January after retail investors pumped up the value of AMC, which Sundheim was short. Here's more on Sundheim's new approach.

A rising star at $8.8 billion Perceptive Advisors breaks down why the biotech hedge fund is so bullish on BridgeBio

From left: Perceptive Advisors Chief Investment Officer Adam Stone, Portfolio Manager Chris Garabedian and CEO Joseph Edelman.Perceptive Advisors

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Perceptive Advisors' Ellen Hukkelhoven explained why the $8.8 billion manager is a fan of BridgeBio. Here's why he's a believer in its drug testing process.

Hedge fund Tiger Global is beating out Silicon Valley VCs and averaging more than 1 startup investment per business day so far this year. Here's 110 of them.

Getty Images/MirageC

Tiger Global has made a ton of startup investments in 2021, according to Pitchbook data. We compiled a list of 110 of them.

Odd lots:

Inside Pictet, the Secretive Swiss Bank for the World's Richest People (Bloomberg)

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Wall Street Will Keep Gorging on SPAC Fees Long After Boom Fades (Bloomberg)

JPMorgan To Use Algos To Help Allocate Staff In Hybrid Model (Markets Media)

Wall Street's Grip on Secret Harassment Hearings Starts to Crack (Bloomberg)

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Barclays Adds Credit Suisse's MacGown for Financials Banking (Bloomberg)

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