After months of a slumping economy, layoffs are finally starting to hit finance firms
TGIF! It's Dan DeFrancesco checking in from NYC. Don't forget to turn your clocks back on Saturday night. If you have a young child you're trying to keep on a sleep schedule, Godspeed.
Today we've got stories on how the top hedge funds performed in October, one investment bank staying bullish on hiring, and perhaps the funniest job listing ever for a hedge fund.
But first, there are some tough times ahead.
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1. The layoffs are coming. It's starting to get really bad out there.
The economy has been trending downward for months, but it seems the shoe we've all been waiting to drop — layoffs — is starting to come down.
On Thursday, Stripe, one of the most valuable private fintechs in the world, announced that it was cutting roughly 14% of its staff, while Reuters reported that Morgan Stanley is expected to start conducting layoffs in the coming weeks.
That news followed reports earlier this week of cuts at Chime, another buzzy fintech with a sky-high valuation, and Galaxy Digital, the crypto shop run by former Goldman Sachs partner Michael Novogratz.
And that's just in finance.
Over on the tech side, Insider is covering the mass layoffs at Twitter, which started last night. Bloomberg reports that Twitter has been hit with a class action lawsuit, alleging staffers were not given enough notice before the cuts.
We've also reported about hiring freezes at Apple and Amazon Web Services, which was followed by Amazon announcing it would pause corporate hiring as well.
Click here to see all the companies across industries that have already conducted layoffs.
In other news:
2. Hedge fund results for October are in! We've got monthly returns for Citadel, Millennium, DE Shaw, Balyasny, Point72, and ExodusPoint. Check out how they all stacked up against each other.
3. Love them or hate them, Gen Z isn't going anywhere. And whether you think it is a generation full of entitled brats or inspired revolutionaries, you can't ignore the type of change they're trying to foster across corporate America.
4. Debt financing for dummies. I've written about how everyone, except possibly banks, seems to want to be a lender these days. Bloomberg gives an inside look at how Blackstone financed $5.5 billion for a unit of Emerson Electric.
5. UBS is emphasizing the South as part of a reorganization of its US wealth team. The unit is consolidating 34 markets into 20 as part of the efforts, Reuters reports. Read more about what else is changing.
6. At least one bank is taking an optimistic approach to hiring. Ken Moelis, chair and CEO of Moelis & Co., said the investment bank "will be aggressive and we are going to spend," when it comes to senior dealmakers, the Financial News reports.
7. If you want to help a very wealthy person figure out how to use Apple TV, boy, do I have a job for you. London-based hedge fund Rokos Capital Management has a job listing for someone to "own all home entertainment services" for a "senior member of our partnership board and their family," the Financial Times reports. No word yet on whether you will be required to share your Netflix password.
8. Here's how much you can get paid working at a creator-economy startup. From OnlyFans to Patreon to Cameo, we've got salary data on 20 different startups. Check them all out.
9. PE backs the GOP. With less than a week until US midterms, private equity's largest trade group has donated a majority of its funds to Republican candidates, Axios reports. Get inside the numbers.
10. If your kids ask you to pick out Listenbourg on a map, they're messing with you. Find more about the latest TikTok trend that's sweeping the internet. At least they're not eating Tide Pods anymore.
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Edited by Jeffrey Cane (tweet @jeffrey_cane) and Lisa Ryan (tweet @lisarya) in New York.