A disappointing 2022 has led some Goldman Sachs partners to ask: Is it time for a change at the top?
Almost Friday! Dan DeFrancesco in NYC, but you certainly won't catch me in these ridiculous boots that are selling for as much as $1,000.
On tap, we've got stories on why not-so-flashy land is actually the hottest investment on Wall Street, the firms minting money by navigating FTX's bankruptcy, and the coolest houses on Airbnb.
But first, whispers of a potential coup at Goldman.
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1. Trouble in paradise the partnership.
It's only February, but the Ides of March might be coming to Goldman Sachs.
Some members of the bank's partnership are so unhappy with CEO David Solomon's leadership in the wake of Goldman Sachs' no-good-very-bad 2022 that they're considering raising their ire with the bank's board of directors, Insider's Dakin Campbell reports.
We've talked at length over how people are looking to pin the blame on Solomon as things have soured at Goldman. Certain issues have been easier to overlook than others, but the bank recently broke a cardinal rule of Wall Street: Don't mess with bankers' compensation.
Some cuts to bonuses were deserved — *cough* investment banking *cough* — but a smaller bonus pool for those on the trading side of the business, which had a fantastic year, hit particularly hard.
Dakin's got all the details on the potential coup.
And while it's not quite the Theatre of Pompey, the rumblings of dissent come as Goldman's top leadership descended upon Miami for the bank's annual partner meeting on Wednesday.
The meeting, which is a gathering of Goldman's entire partnership that numbers some 400 members, comes at a critical juncture. Later this month the bank will hold its second-ever investor day, a highly-anticipated event that will serve as an opportunity for Solomon to try and quell concerns about the direction of the bank among its biggest shareholders.
Dakin and Emmalyse Brownstein have on-the-ground details on what the scene was like in the area around where the meeting was held.
In many ways, Wednesday's meeting could end up being a critical point in Solomon's Goldman tenure. In time, it might be viewed as the moment when Solomon got his house in order, a jumping-off point for a big year for the bank. Otherwise, it could be the opportunity Goldman's top leaders needed to strategize on how to move on from him.
After all, sometimes it's the closest ones that'll be quick to turn on you.
Et tu, Brute?
Click here to read more on the potential coup brewing at Goldman Sachs.
And read more about Goldman's partner meeting in Miami.
In other news:
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3. More like Credit Swiss Cheese, amirite?! The Swiss bank is aiming to recover from an especially difficult 2022 by embarking on a massive restructuring plan headlined, in part, by Wall Street vet Michael Klein (more on him here). The Financial Times reports on why 2023 is "a make-or-break moment" for the bank, which includes a healthy bonus plan if successful. (P.S. - It's not all bad news for Credit Suisse, as the bank was one of the lead advisors on CVS's $10.6 billion bid for Oak Street Health.)
4. This fintech helps the rich invest in private equity. Berlin-based Moonfare added another $15 million in new funding after raising a $125 million Series C in November. Check out the deck it used to raise the round. Also, here is our library of more than 50 pitch decks used by fintechs to raise millions in funding.
5. A former Silicon Valley Bank VP faked character-reference letters ahead of his sentencing for fraud, because of course he did. Mounir Gad, who was convicted of securities fraud, faked a letter from his ex-fiancée describing him as the "greatest man I will ever know" in a bid to get a lighter sentence. In completely unrelated news, I wanted to share that every bank CEO on Wall Street has personally told me this newsletter is "the greatest newsletter in the history of newsletters."
6. One firm's bankruptcy is another's windfall. The first bill has come due from firms working on FTX's bankruptcy case, and boy is it a doozy. Two firms in particular, a law firm and a management consultant, are looking to get paid $13 million for less than three weeks of work. Here's a rundown of the expenses, which include nearly $20,000 for food.
7. Adam Neumann is back, and he'd like you to plunge your own toilet. The WeWork cofounder detailed the vision for Flow, a rental-housing company that has already attracted some big-time investors. What could possibly go wrong?
8. A former stockbroker was just convicted of leaving the US to join ISIS. Ruslan Maratovich Asainov left his family and job as a stockbroker in Brooklyn to fight on behalf of the Islamic State in Syria. Read more about the conviction here.
9. Check out Airbnb's coolest looking houses. The company recently shared a list of the most wish-listed properties that are new to the site, including an ancient mill in France and a modern retreat in Joshua Tree. Check out all 14 properties, which I am sure will soon be booked until 2025.
10. A dozen eggs! In this economy? If you're looking for a more affordable way to get your daily protein intake, we've got you covered. Here are six dietitian-approved alternatives to eggs.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.