Burnout bonuses - Who to know to launch a hedge fund - Wall Street confessions
Hello, readers.
Happy Saturday, and welcome to Insider Finance. Here's a rundown of the must-know stories from the past week:
- Some Wall Street firms are bumping salaries and giving special bonuses to keep young talent happy
- Former Goldman partner Sumit Rajpal is out raising money for a new fund to invest in banks and fintech
- 29 people to know when launching a hedge fund
- H&R Block CEO Jeff Jones has big fintech ambitions
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Wall Street is showering junior staff with special bonuses and perks as burnout mounts
As complaints grow louder about work conditions across Wall Street, some firms are starting to respond with special bonuses and raises.
Read more:
- 5 current and former analysts from firms like Goldman Sachs and Credit Suisse explain their daily schedules
- Credit Suisse is paying analysts, associates, and VPs special $20,000 bonuses and raising salaries for all but the most senior bankers
- Apollo is offering some associates retention bonuses of up to $200,000 to stay on until 2022
READY TO LAUNCH: 29 bankers, advisors, and lawyers to know if you're thinking about starting your own hedge fund
For those looking to hang their own shingle, Insider talked to more than a dozen industry insiders and compiled a list of bankers, advisors, consultants, and lawyers who are known for their ability to get a new manager up and running. You can see the full list here.
The former co-head of one of Goldman Sachs' most elite investing groups is making his own bets on banks and fintechs
Former Goldman Sachs partner Sumit Rajpal is starting his own investment firm. He's already identified a few investments and is raising money for the transactions. Rajpal has also poached people to join him from Goldman, angering some of his former colleagues. Read everything we know here.
H&R Block's CEO wants to expand beyond the company's tax-prep roots and take on fintechs
Jeff Jones took the helm of H&R Block in 2017 on a mission to jumpstart growth at the tax-prep giant. Part of his strategy includes expanding in financial services. Here's how the former president of Uber plans to do it.
Other Wall Street stories readers loved this week
- The boom in sustainable investing has reached the junk-bond market
- Revolut just officially filed for a bank charter and rolled out business accounts in the US
- Jonathan Soros' family office is spinning out a quant fund from portfolio manager John Holloway
- Inside JPMorgan's $30 billion push for racial equity in the economy - and within its own walls
- Wells Fargo's head of small business details lessons learned from the PPP rollout and the bank's digital-first approach to SMB lending going forward
- Goldman Sachs just vowed to improve conditions for junior bankers. But a newly leaked pitch deck shows analysts were pleading for changes since WFH started.