Hello, readers!
Happy Saturday, and welcome to Insider
- A running list of big Goldman Sachs names that have jumped ship recently
- Inside the big SPAC play that's printing money for hedge funds
- Young bankers are fed up with long hours WFH - and that's setting up a big
Wall Street talent crunch - Here's what Morgan Stanley and Wells Fargo are telling summer interns about remote work plans
- Hedge funds run by Ken Griffin's former lieutenants had big February performances, including one major bounce back
Plus: UBS
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Big exits at Goldman Sachs
Goldman Sachs has seen a wave of high-profile departures across the firm in recent days. Insider has been tracking all the moves.
Here's a rundown of big names that have jumped ship - plus where they're heading. We've also been updating our org chart of 100-plus top Goldman execs to keep up. Take a look to see the latest on who's consolidating power as people leave.
And check out who's left running the show at Marcus, the retail-banking division that's a key part of a multi-year transformation strategy at Goldman. Read more.
What hedge funds really think about SPACs
Hedge funds have been big winners in the blank-check-company mania that's gripped
"The greedy part of me would love" to launch a SPAC, said Adam Cohen, who runs the credit-focused hedge fund Caspian Capital. "The moral and ethical part of me doesn't want to play into this nonsense. It's going to end in tears."
Insider spoke with a dozen people to understand what's driving the SPAC boom and how it'll end. Read the full story here.
Burnout hits young bankers WFH on nonstop deals
A year of nonstop work from home has Wall Street's junior investment bankers burnt out. Now, Wall Street bosses are worried about the long-term effects of remote work and recruiters say it's getting hard to make junior hires.
"The things that ease the blow that assuage that pain of you losing the best years of your life - you couldn't have, so you're just working and you're putting money into your current account every month," said Logan Naidu, the London-based founder and CEO of the search firm Dartmouth Partners.
While there's hope for an end in sight, WFH will persist at many firms through at least this summer. Read more.
Wall Street people moves
Bank of America has promoted Laura Chepucavage to help lead the firm's sales and trading division under new head Jim DeMare. DeMare, who was promoted to president of the firm's global markets division last July, added Chepucavage to his leadership team as head of global financing and futures, according to an internal memo seen by Insider.
MUFG has filled another senior role in its junk-bond finance roster as it continues its quest to win more of the US market. The bank has hired Ryan Munro as its head of leveraged finance syndicate in the Americas, according to a memo seen by Insider.
Read our full rundown of this week's people moves here.
Other Wall Street stories readers loved this week
- Suzanne Shank, one of few Black CEOs on Wall Street, details how she built a women- and minority-owned investment bank from the ground up
- Morgan Stanley's internships will start remote, but it's not ruling out in-person work. Here's what the bank's HR head is telling incoming summer analysts and associates.
- UBS doubles down on the workplace wealth business as it leads a $10 million investment round in student loan fintech FutureFuel.io
- PayPal and Amex back a startup streamlining how small businesses connect with banking and accounting tools like Quickbooks and Zettle
- Hedge funds run by Ken Griffin's former lieutenants had big February performances, including one major bounce back
- PR firm Bevel hired a Goldman Sachs alum to cash in on the SPAC craze and win market share from financial communications heavyweights
- Betterment is buying rival Wealthsimple's $190 million US customer base as its new CEO sets the robo-advisor on IPO path