Klarman pumps SPACs – Citi’s $500 mln blunder – Goldman launches DIY investing

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

• Billionaire Seth Klarman has placed big bets on SPACs – here’s the rundown. 
• Goldman execs Sonali Divilek and Andrea Finan take us inside the bank’s newly launched robo-advisor.
• Citi can’t claw back the $500 million it mistakenly wired to Revlon’s lenders.

We are also looking for nominations for upcoming list of top equity research analysts under 35. Find out more about the list, and how to nominate someone here. 

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco. 

Billionaire Seth Klarman’s Baupost pumped nearly $200 million into 6 new SPAC bets in the fourth quarter

SPACs are hot right now, and billionaire Seth Klarman has been a big backer of the blank-check companies. The founder of the Baupost Group has put hundreds of millions into SPACs, including ones run by Dan Och and Dragoneer CEO Marc Stad.

Click here for the full story.

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Goldman Sachs execs lay out plans for its new robo-advisor as it takes on fintechs like Wealthfront and Betterment in a fiercely competitive space

Goldman Sachs' Marcus officially launched its robo-advisor, marking the next step in the bank's attempt to appeal to Main Street. Sonali Divilek and Andrea Finan, executives overseeing the roll-out, laid out the product's plans. Click here to get the rundown.

Longtime Goldman Sachs trading exec Michael Daffey is out, joining a stream of partners heading for the exit. Read the full memo from CEO David Solomon on the departure.

Another Goldman Sachs' veteran is departing the prestigious Wall Street firm. Read more here.

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Morgan Stanley's diversity accelerator is doubling in size and increasing its investments in the startups. An exec explains why the program has been so successful.

Morgan Stanley is expanding the number of participants and size of investments for its Multicultural Innovation Lab. Read more here.

Fintech startup Marqeta, valued at $4.3 billion, has confidentially filed paperwork to go public

Get the scoop on the latest fintech to eye the public markets. See more here. 

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