Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go – click here for iOS and here for Android.
On the agenda today:
- After a year-long hiatus, the private-equity recruiting cycle for 2022 associates is about to kick off.
- Deutsche Bank will require vaccinations for anyone entering its NYC headquarters.
- Morgan Stanley is hiking junior pay – again.
Let's get started.
PE recruiting set to begin for 2022 associates
Brace yourself, junior bankers: at least eight headhunters have begun contacting investment-banking candidates for 2022 private-equity associate roles. The recruiters intend to set up meetings with private-equity hopefuls starting after Labor Day - here's what that means for potential candidates.
Deutsche Bank mandates vaccines at NYC headquarters
Anyone who enters the new Deutsche Bank NYC headquarters will be required to be vaccinated - including vendors and clients. The bank joins a growing list of firms requiring COVID-19 vaccines for anyone entering their buildings. Here's everything we know about the mandate so far.
Morgan Stanley is hiking junior pay - again
Morgan Stanley announced raises in its institutional securities division, marking the second round of pay hikes so far this year. Trading and investment banker salaries will jump to $110,000, effective January 2022. The increases are just the latest in a months-long pay-raise frenzy - here's a rundown of salaries at different levels across investment banking.
Allbirds wants to pioneer the "sustainable public equity offering"
Allbirds, the direct-to-consumer sneaker company, took its first steps to go public on Tuesday with its S-1 filing. In the filing, the company assured investors it's committed to establishing "rigorous, objective, and clearly defined ESG criteria" and detailed its commitment to sustainability. Here's what else we learned from its S-1 filing.
Goldman Sachs nabbed a Schwab exec
Goldman Sachs hired Cynthia Loh, an exec who pioneered Charles Schwab's Netflix-style pricing. The hire signals the bank's aggressive push into the wealth-management space, which it's been focusing on for the past two years. More on Goldman's recent hire.
The most successful teams swear and gossip
Managers, take note: a recent survey found that the most high-performing teams act more like friends than coworkers - joking, using GIFs and emojis, and discussing non-work matters. The findings, which show that successful teams gossip and go out for coffee or drinks, offer a look at how managers can get the best out of their teams.
Legal tech Onit just snapped up a billing-analytics startup
Onit, an enterprise legal-management platform, has acquired the billing-analytics startup Bodhala in a move that some say could be fuel for Onit's eventual IPO. What the deal could mean for Onit's IPO ambitions.
On our radar:
- Major law firms are turning away clients and partners are taking on grunt work amid a talent crunch. Take a look inside the Big Law labor shortage.
- Financial Times reports that Bank of America has been retraining its own employees as a solution to the shortage of tech talent.
- Per Bloomberg, Wells Fargo could face regulatory action over its progress in compensating victims.
- Fidelity is looking to hire 9,000 US employees by the end of the year to meet soaring demand from retail investors.
- DJ D-Sol - or as you may know him, Goldman Sachs CEO David Solomon - just dropped another EDM track. Listen to his single, "Dreaming," here.