Hi, Aaron Weinman here. It was quite the Thursday with JPMorgan Chase and Morgan Stanley's earnings both missing forecasts. As expected, investment-banking revenues took a hit.
Today, however, I want to talk about BlackRock. The world's largest money manager is slowing down hiring for some roles, Insider's incomparable Rebecca Ungarino reported.
And let's not forget, our Banker of the Week! We're back after a one-week break with one of Bank of America's most sought-after private client advisors.
Let's get into it.
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1. BlackRock told staff it's pulling back on some hiring due to economic uncertainty. The decision to curb hiring comes as Wall Street navigates choppy markets and a slowdown in dealmaking.
Leadership at the world's largest asset-management firm told employees during town-hall-style meetings of its decision, Insider has learned. One person who interviewed with BlackRock said they were informed by a recruiter of a pause in their interview process.
To be sure, BlackRock's leadership did tell staff that the company isn't conducting layoffs. There's also been no firmwide hiring restrictions, a spokesperson said.
The slowdown in welcoming newbies, however, shines a light on how financial services firms and tech companies are moving to combat wobbly economic conditions that have been gobsmacked by soaring inflation.
Big tech firms like Google and Salesforce have also cooled their hiring ambitions, while JPMorgan and a number of venture capital-backed startups have slowed hiring and conducted layoffs.
BlackRock, which had almost $10 trillion in assets under management in March, will provide further insight to investors when it reports second-quarter earnings on Friday.
Read the full story on BlackRock's hiring here.
In other news:
2. Insider's 2022 rising stars of equity research broke down the biggest challenges in their sectors. Sixteen standout analysts, covering everything from Bumble to Beyond Meat, unpack how inflation and uncertainty is impacting their spaces.
3. Morgan Stanley's misuse of personal devices cost the bank $200 million, according to Bloomberg. Morgan Stanley is part of a broader probe by the Securities and Exchange Commission into bankers' use of unauthorized messaging platforms like Whatsapp.
4. Staying on the SEC, it said Elon Musk ghosted its request for more information about his Twitter buy. Lawyers for the billionaire responded a month later.
5. Elon Musk's lawsuit with Twitter adds to his woes at other firms Tesla and SpaceX. Musk built his reputation on being able to juggle different businesses, but that skill is being tested like never before as he embarks on a fiery legal battle with Twitter, the Wall Street Journal reported.
6. The price of paper has more than doubled this year. Publishers are freaking out that print magazines and newspapers are in jeopardy.
7. Stripe has cut its internal valuation by 28%, according to the Wall Street Journal. The payments company told employees that its internal share price was about $29, compared with $40 from its previous valuation.
8. Here's how to land a gig at N26, one of Europe's largest digital banks. Chris Hunter is the firm's head of talent acquisition and employer branding, and he shared his best interview tips.
9. Super Bowl champion Steve Young is now a force in private equity. Young's firm HGGC — which made a healthy bet on Planet Fitness last November — now manages $7 billion in assets, and he told Bloomberg that he's intent on writing a new playbook for former athletes and private equity.
10. And here's our Friday Banker of the Week. Meet Dega Nalayeh, a managing director and private-client advisor at Bank of America's private bank.
She's currently climbing Mount Kilimanjaro in honor of her sister, Somali-Canadian journalist Hodan Nalayeh, who was killed during a terrorist attack at a hotel in Somalia in July 2019.
Nalayeh, alongside 14 other climbers, have raised more than $230,000 for the nonprofit Give to Learn to Grow Foundation, which helps underserved communities in Somaliland.
Here's how Nalayeh became one of BofA's top advisors to private clients and built a book that's swelled to $6.4 billion in client assets.
If you know of any bankers we should feature in our Banker of the Week series, please email me at [email protected].
Curated by Aaron Weinman in New York. Tips? Email [email protected] or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.