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On the agenda today:
- Take a look inside an exclusive undergrad internship with a 2% acceptance rate.
- UBS staff who don't want to get vaccinated will be allowed to work from home.
- Wall Street's pay raises have some employees feeling left out.
A quick programming note: there will be no newsletter on Monday in observance of Labor Day. We'll be back in your inbox Tuesday morning.
Now, let's get started.
Inside General Atlantic's undergrad internship
Each year, more than 500 students apply for an internship with General Atlantic - and typically only six to eight interns are selected. Those who are tapped for the coveted program help the $65 billion growth-equity investor source new deals. More on the program with a 2% acceptance rate.
Unvaccinated UBS staff can work remotely
UBS CEO Ralph Hamers said employees who don't want to get the COVID-19 vaccine can apply to work from home, adding that two-thirds of UBS jobs can be done remotely. Get the latest on the firm's hybrid approach.
Wall Street's pay raises have some employees feeling left out
Pay raises are making Wall Street junior bankers richer - well, some of them. As banks announce pay hikes for incoming junior analysts, some current analysts are still waiting to hear if they'll get a bump, too. Why the silence is irking existing staffers.
Hum Capital used this pitch deck to raise a $9 million Series A
Hum Capital, a fintech that uses AI to match investors and private companies looking to fundraise, raised its $9 million Series A on Tuesday. The New York-based startup used this 11-page pitch deck to captivate investors.
Plus, check out our database of pitch decks that fintech founders have used to sell their vision.
How much do hedge funds pay their staff?
Hedge funds like AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma are constantly competing for top talent in the industry, and dole out hefty salaries to lure in the best candidates (base salaries at nearly all of the firms break six figures). We analyzed data from major hedge funds to find out how much they pay their engineers, associates, and researchers.
Catalant Technologies raised more than $100 million with these slides
By pitching itself as an alternative to consulting giants like McKinsey, staffing platform Catalant Technologies has raised millions from investors like Morningside CEO Gerald Chan and Mark Cuban. See the slides Catalant used to win over investors.
People are turning their backs on SPACs
As interest in blank-check deals dwindles, a SPAC sell-off has destroyed $75 billion in value over the past six months. Per WSJ, some 75% of the 137 deals that closed by mid-February have fallen below their initial listing price. Get the full rundown here.
On our radar:
- Many insiders are saying Yale missed an opportunity to add diversity to its iconic $31 billion endowment.
- Ray Dalio's hedge fund is at risk of being dropped by a California employee pension fund after more than a decade of weak returns. A look at what we know so far.
- The FTC just fined Richard Fairbank, CEO of Capital One, for violating antitrust laws.
- Bloomberg reports that while banks are pushing for vaccinations, they haven't gone so far as to adopt policies that would clash with states like Texas.