Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:
- BlackRock is the latest Wall Street firm to bump base comp for its younger talent.
- Bank of America's top tech executive named a new right-hand man.
- The 16 people leading money managers push into alternative investments.
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Money managers from Apollo to BlackRock are scrambling to capitalize on investors' demand for private markets. Here are 16 people leading that push.
These are the key leaders pushing asset-management firms to ramp up alternative-investment distribution efforts. Check out our list here.
BlackRock is raising pay for director-level and more junior employees, following Wall Street banks
BlackRock employees at the director level and below will see a bump in their base pay starting Sept. 1. The internal announcement followed months of Wall Street banks raising junior pay (we've been keeping tally of the firms that are raising pay - check out our list here).
Bank of America's top tech leader Cathy Bessant named a new right-hand exec to help oversee more than 95,000 employees
Sumeet Chabria, Bank of America's head of global business services, is now also COO of global tech and ops. Here's what we know about his expanded role.
Morgan Stanley's CEO wants employees back to the office by Labor Day, but the bank just told its newest crop of juniors they can head in as early as this month
New juniors in investment banking and capital markets are eligible to head in as early as July 27, employees learned during an internal Zoom call. More details from the meeting.
Hedge funder Kyle Bass's $34 million real-estate short could cost him $1 billion
United Development Funding sued Bass, saying his "short-and-distort" strategy devastated its business. Get the full rundown here.
JPMorgan and Goldman Sachs are snapping up hedge fund clients from Credit Suisse's hobbled prime-brokerage business
Mike Blake/Reuters
Goldman Sachs and JPMorgan this week reported records in their prime brokerage businesses. Read more here.
Why the global supply-chain crisis is also terrible for Wall Street lenders
Niels Wenstedt/BSR Agency/Getty Images
Global shipping delays and supply-chain disruptions are playing a role in lower commercial lending. Here's what's going wrong.
Odd lots:
Startups Turn to Wall Street to Broker VC Deals (The Information)
U.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry -sources (Reuters)
AllianceBernstein CEO Sees Strength in Its Private Wealth Business (Barron's)
McKinsey: Hybrid work will be messier than anyone realizes (Insider)
Kate Hudson-Backed Apparel Brand Fabletics Taps Banks for IPO (WSJ)
Blackstone Enters Deal to Manage AIG Life and Retirement Assets (WSJ)
Morgan Stanley's New CFO Nears Her Debut in Wall Street's Glare (Bloomberg)