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On the agenda today:
- Goldman Sachs is raising base pay for junior investment bankers.
- We're introducing you to the people who report to BoA's top tech exec.
- Wealthy execs are taking out loans to pay taxes.
Let's get started.
Goldman Sachs is raising salaries for some junior investment bankers
Second-year analysts will now make $125,000 in base comp before a bonus, and first-year associates will now make $150,000. Here's what we know so far.
Meet the seven people reporting to Bank of America's top tech exec
Cathy Bessant is the chief operations and technology officer at Bank of America, overseeing a $14 billion annual tech budget and 95,000 employees globally. These are the seven key leaders reporting to Bessant.
Hedge funds are taking on venture capitalists in the battle to back the best startups
Hedge funds are turning to private markets to boost returns - and using quant strategies, data science, and partnerships to gain an edge in investing. We spoke with investors at Two Sigma, D.E. Shaw, and Point72, who told us how they source the best startups.
Wealthy execs are taking out loans to pay taxes on stock market windfalls
Rather than dipping into their portfolios, executives are borrowing against their portfolios to pay taxes - and it's been a boost to Morgan Stanley's lending business. The head of Morgan Stanley's executive-services unit explains why these loans make sense even for the rich.
These 21 people are powering huge growth in family offices
As global wealth surges, more people are looking to start family offices to take control of their finances. We spoke with more than a dozen industry insiders to compile a list of advisors, accountants, lawyers, and more to start a new family office. Get to know them here.
Wall Street's return to work is saving NYC
The coasts' diverging responses to economic reopening have exposed a sharp contrast: in New York City, finance giants' urges to return to offices are reinvigorating neighborhoods that shut down for much of 2020, while Big Tech is letting Silicon Valley empty out. More on the coasts' differing economic comebacks.
The pandemic has destroyed formal dress codes. Now, Wall Street workers are turning to Lululemon, Untuckit, and other athleisure brands for their return-to-office outfits. Take a look at the new Wall Street garb.
On our radar:
- Symphony has acquired StreetLinx. Here's a look at that acquisition.
- Bloomberg reports that Carlyle will award $2 million to staff for focusing on diversity. More on that here.
- One of NYC's most expensive apartments just hit the market - see inside a $169 million penthouse.
- The housing market may be cooling, but the US is still in a housing crisis.
- People are moving back to NYC, but not to San Francisco - and the migration to the Sun Belt looks permanent. More on post-pandemic migration.
- Wide, open spaces and conservative politics lured herds of homebuyers to Wyoming's rugged capital. See what's luring them to the Cowboy State.
- Wells Fargo hired a fintech exec to lead the bank's independent advisor business.