Citi bumps pay for junior bankers
Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:
- Citi is the latest Wall Street firm to bump pay for junior bankers.
- Robinhood's customer acquisition costs have dropped by as much as 72% since 2019.
- Retail banks have been hit hard by the labor shortage, causing them to rethink everything.
Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
Citigroup is bumping base comp for first-year investment-banking analysts up to $100,000, and giving associates and VPs raises up to $25,000
Tyler Dickson, cohead of Citi's banking, capital markets, and advisory division, told Insider the announcement comes at a time of "an extraordinary set of demands" on bankers.
Here's everything you need to know about the raises.
And check out our running list of the banks raising pay, and the ones holding out.
The SEC's probe into Charles Schwab's robo-advisor is an early glimpse of the regulator's fintech crackdown
The probe, which appears to be the largest for a robo-advisor, underscores the SEC's priorities. Here's why that matters.
Robinhood's top lawyer made $30 million in eight months, more than anybody else at the company
Daniel Gallagher, who joined Robinhood in May 2020, made $30 million last year. More on his impressive salary.
Robinhood slashed how much it spends to nab each new customer. Here's how it did it.
Robinhood's customer acquisition costs have fallen as much as 72% since 2019 as it refocuses marketing. This is how it did it.
Torrid's Liz Muñoz started as a patternmaker. Now she's one of the only Latina CEOs leading a publicly traded US company.
Muñoz told Insider what's next for Torrid and what it means to be one of few Latina CEOs. Here's what else she said.
The labor shortage has come for bank branches, forcing America's banking giants to rethink how to stay competitive
From branches to tech departments, some banks are adapting to attract new talent. Executives share what they are doing.
Finance firms have pledged to improve diversity. Meet 3 groups helping the industry hire tens of thousands of underrepresented young people.
Trey Pruitt of Ares Management; founder of 10,000 Black Interns Dawid Konotey-Ahulu; Hive Diversity founder Byron Slosar
Ares Management; Getty Images; Michael Jurick
Financial-services firms are racing to show they're serious about hiring underrepresented talent. These three organizations are looking to help them.
IBM's Wall Street-focused cloud is helping banks onboard vendors in as quick as 1 week. Here's how it's doing it.
Howard Boville, IBM's top cloud exec, explained how IBM helps customers reduce vendor onboarding times. Here's how the tech giant does it.
Must-know promotions, exits, and hires at firms like KKR, Morgan Stanley, and BlackRock
SVB Leerink hired Whit Mayo to the firm's research team from UBS. The Securities and Exchange Commission appointed Gurbir S. Grewal as director of the division of enforcement. Here are the people moves across the Street you need to know.
Odd lots:
He Convinced the Elite He Invested for Good. Then the Money Vanished. (WSJ)
BlackRock Settles Discrimination Lawsuit With Former Employee (Bloomberg)
Older Americans Stockpiled a Record $35 Trillion. The Time Has Come to Give It Away. (WSJ)
Wall Street Wants Bankers Back in the Office. Especially Gen Zers. (WSJ)