Citi's next CEO — Wall Street's return to office — Banking bootcamp
It may have been a short workweek, but there was no shortage of big Wall Street news.
Citi announced that CEO Michael Corbat will be retiring next year and Jane Fraser, currently the firm's president and head of consumer banking, will be taking the helm. Fraser's elevation to CEO marks the first time a woman will lead a major US bank — a watershed moment for women in finance. You can read all the details from Reed Alexander here:
Wall Street shatters a glass ceiling as Jane Fraser is announced as Citigroup's new CEO
There was also plenty to follow in terms of Wall Street's return-to-office plans. With the afterglow of Labor Day in the rearview mirror, and six months of remote work having reshaped much of how Wall Street does business, industry executives are laying the groundwork for plans and timelines to get back to work the old fashioned way.
Reed rounded up the latest on what banks are telling workers. You can read the full story here:
Wall Street is starting to get back to work. Here are the latest return-to-office plans for 5 firms, including Goldman Sachs and Bank of America.
Keep reading for a look inside an MBA investment-banking immersion course; the latest hire by a cloud provider from the banking world; and a roundup of how much Fidelity is paying people in tech-focused roles.
Enjoy the rest of the weekend!
-Meredith
Inside Cornell's investment-banking immersion course for first-year MBA students
Bradley Saacks took a look inside an investment-banking bootcamp at Cornell's SC Johnson's College of Business. The immersion course is taught by former Citi banker Drew Pascarella, the school's current associate dean of MBA programs, and is held in the spring semester for first-years before they head off for summer gigs.
One of the top alt-data buyers at $26 billion Coatue is out
Coatue — the long-running hedge fund of billionaire Philippe Laffont that manages $25.8 billion in assets — has lost one of its top people in charge of buying the data many consider to be the lifeblood of equity-focused hedge funds.
Coatue's data-science team is well-regarded in the industry, with more than two dozen people on it. But it ran into some speed bumps this year when the team's young quant fund was unable to keep up with the market volatility caused by the coronavirus in the spring.
You can read the full story from Bradley Saacks and Alex Morrell here.
Inside a Carlyle-led $175 million investment in digital-healthcare firm Grand Rounds
Carlyle's healthcare portfolio has invested more than $15 billion into companies since its inception, from full-control deals to minority stakes. Sinking growth equity into companies is less common for Carlyle, and while it doesn't have a whole division devoted to the asset class like some of its competitors, it has often considered smaller non control deals.
Google Cloud just hired another former bank exec
Derek White, who most recently served as chief digital officer at US Bank, has joined Google Cloud as vice president of global financial services. That marks the latest hire in Google Cloud's efforts to woo Wall Street clients.
Bringing in former bank executives to make inroads with financial firms has proved to be a successful strategy. The cloud provider has had several big client wins in financial services over the past 12 months, including Deutsche Bank, CME, and PayPal.
Amazon just leased a new space in Brooklyn to house recording studios for its music-streaming service
Dan Geiger broke the news this week that Amazon Music has signed on for a space in Brooklyn. It's the latest example of a major technology firm scooping up offices even as most tenants have remained hesitant to return to the workplace and leasing activity in New York City has come to a near halt.
Careers
- Fidelity salaries revealed: What the money management behemoth pays for tech-focused roles, from software engineers to data scientists
- Some of Wall Street's most prestigious banks no longer screen applicants for marijuana use. Here's where 7 of the largest firms stand on drug testing.
- Big 4 firms are hiring fewer MBA candidates. 2 business school career counselors share their advice for grads looking for accounting and consulting jobs.
- Meet the startup that's finding a new way to recruit young bankers and lawyers by reducing hiring bias
Fintech roundup
- PayPal's buy now, pay later launch is kicking off the next wave of adoption. Here's what it means for startups and banks competing in the space.
- Top asset-management execs are gearing up for big tech revamps. Here's how they're thinking about budgets, hiring, and high-priority projects.
Legal
- Being the top lawyer at a corporate company can mean big salaries. Here's a breakdown of which industries pay general counsel the most.
- The lawyer who sued Proskauer for $50 million over gender discrimination is launching her own firm. She lays out her vision for shaking up the legal industry by hiring women and minorities and abolishing billable hour targets.
- A former PwC partner who sued the firm for $15 million just had a major setback in his case, pushing the pay spat behind closed doors
- There's a 'fundamental shift' happening at Big Law firms, which are laying off workers even as they're raising pay