BofA bankers get a raise - Big LBOs are back - SoFi wants to underwrite IPOs

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

• Wall Street is in an arms race to hold on to young talent, with Bank of America and Warburg Pincus the latest to bump comp.
• SoFi and Robinhood are looking to upend access to IPOs, something typically left to Wall Street's elite.
• From Lone Pine to Holocene, a look at the big-name hedge funds hit hard in March.

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.

Fintech darlings Robinhood and SoFi want to democratize IPOs next. Here's how they're trying to beat Wall Street at its own game.

Retail brokerages like Schwab, TD Ameritrade, and E-Trade offering their customers shares from IPOs is nothing new. But now, two of the largest startup brokerages are looking to open up the IPO market to much smaller investors.

Here's how they're planning to do it.

Bank of America is bumping US investment banker salaries by $25,000 for associates and VPs and $10,000 for analysts, as Wall Street fights to retain junior talent amid massive deal flow

BofA is the latest Wall Street firm to bump pay for young workers, as Wall Street fights to hold onto its junior talent. Here's what you need to know about the raises.

Warburg Pincus is bumping pay by up to 30% for junior workers as private-equity firms and banks spend big to hang onto talent

The private-equity firm is bumping pay for its analysts and associates, who can already bring home north of $330,000 in base salary and bonus. Get the full rundown.

And we've got a full recap of what 8 banks and PE shops are doing to entice young talent to stay.

Lone Pine, Candlestick, and Holocene among the big-name hedge funds hit hard in March

March was not pleasant for many hedge funds, thanks in part to the implosion of Bill Hwang's family office Archegos. See which managers were hit hardest.

Ramp just raised $115 million at a $1.6 billion valuation in a Series B co-led by Stripe as investors pour money into the red-hot market for corporate cards

Competition is heating up in the corporate card space, and Ramp is leading the charge with a fresh round of funding led by Stripe. We spoke with the startup's cofounder and CEO, who shared details about the company's latest raise. Here's what he told us.

Mega LBOs are back with Apollo, Stone Point raising billions this week. Here's why buyout shops are loading up on fresh debt as valuations soar.

CoreLogic and Michaels are raising almost $9 billion to fund private-equity buyouts this week. Leveraged buyouts are expected to pick up this year after companies stayed on the sidelines in 2020. Read more here.

BlackRock hires longtime Goldman executive in a top strategy role to help drive growth in its $276 billion alternatives business

BlackRock named Stephanie Smith chief operating officer of its alternatives business. Read more about the hire here.

Odd lots:

Credit Suisse CEO Faces Anger in the Ranks on Archegos Mess (Bloomberg)

Citi, other banks set to ink 'Octopus' deal for new multi-bank CLO platform (WatersTechnology)

Exclusive: Robinhood failed to disclose certain trade executions to public feed (Reuters)

Experts say the CEO of BlackRock's shareholder letter was a masterclass in corporate communication. Here's what it did well, and how it could have been even better. (Insider)

Inside Klarna's influencer council, which the $31 billion fintech giant hopes will create a blueprint for responsible influencer marketing (Insider)