Election whale trade — Bank of America equities shakeup — Charles Schwab layoffs

Good morning!

Investors have been spooked all week. Amid another uptick in coronavirus cases and stalled efforts at economic stimulus, US stock indexes notched their biggest weekly drop since March.

But as Alex Morrell reported yesterday, monster derivatives trades executed as stocks tanked could see a big payoff depending on how markets react to US election results.

"They're as specific as you can get for a definitive election trade," Henry Schwartz, head of product intelligence at Cboe Global Markets, told Business Insider.

You can read the full story here:

Traders are buzzing about a mysterious market whale that's placing massive bets on stocks skyrocketing post-election

There was also plenty of fresh news on people moves in Bank of America's equity-trading division this week. Here's a recap:

• Fab Gallo, Wall Street's longest-tenured equities chief, is leaving months after having his power checked
• Bank of America named a former fixed-income executive to fill one of the most senior positions in its stock-trading business

More below on Charles Schwab layoffs and branch consolidation; WeWork's rent demands; a new twist on paychecks that's being piloted by payroll giant ADP; and a look at Kristin Lemkau's big plans for JPMorgan's wealth-management business.

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Leaked memo sheds more light on 'difficult' day as Charles Schwab slashes 1,000 jobs

Charles Schwab told staff it would cut 3% of its combined workforce with TD Ameritrade. And Schwab has "moved aggressively" to start streamlining branch networks now that its tie-up with TD Ameritrade is complete.

From Rebecca Ungarino, here's a look at a memo that circulated on Monday for one team. And here's a map showing the existing branch footprint for Schwab and TD-Ameritrade.

How JPMorgan's Kristin Lemkau is planning to turbocharge a $500 billion wealth business

JPMorgan's vision for building out a bigger, better wealth-management business is in Kristin Lemkau's hands.

In her first press interview as chief executive of what has been renamed JPMorgan Wealth Management, Lemkau shared new details about the strategy for growing her division.

WeWork is demanding overdue rent from hundreds of small businesses

WeWork has taken a more aggressive stance toward nonpaying members than at the start of the pandemic, Alex Nicoll, Paige Leskin, Dan Geiger, and Meghan Morris reported this week.

Since WeWork sells memberships and not leases, the company can skirt local eviction moratoriums, like New York state's measure halting COVID-19-related commercial evictions until Jan. 1.

You can read all the details here.

Payroll giant ADP is getting in on the paycheck-on-demand frenzy

ADP, one of the world's largest payroll providers, is piloting an earned wage access option. Belinda Reany, who heads up ADP's new products and innovation, says the pilot will help the company determine the best version of the now-prolific on-demand pay feature.

"It's very clear that employees are looking for more flexibility compared to what I call the traditional pay cycle," Reany told Business Insider's Shannen Balogh.

The exam software company law grads say botched the online October bar is raking in $2 million in fees

ExamSoft, the software company used by states to run online versions of the bar exam, will be paid upwards of $2 million in test-taking fees, an analysis by Business Insider's Yoonji Han and Jack Newsham found.

Here's the full rundown.

Pitch decks

• See the 13-page pitch deck that DriveWealth, a fintech that powers trading and investing apps, used to nab $57 million

Deals

• Franklin, Invesco, Janus, and other money managers are prepping for the next wave of M&A — keeping balance sheets clean and options open

Real estate

• Flex-workspace firm Industrious is eyeing a big expansion in Asia and just inked its first deal outside the US
• Knotel just slashed headcount again, with the flex-space provider's CEO telling staff he expected more of a bounceback in office demand by now
• BlackRock's former real estate head is joining a crowdfunding startup's investment committee with hopes to help smaller investors access private bets
• ByteDance quietly leased 'massive' US data centers in 2020, a sign it may have planned to shift TikTok operations to the US

Billable hours

• Government-focused consulting firm Booz Allen doubles acquisition war chest as it readies for possible deals
• Ivanka Trump and Jared Kushner are threatening to sue an anti-Trump PAC that put up scathing billboard of them. Meet the litigators behind the spat
• The majority of law firms and in-house legal departments may not extend bonuses to employees this year. A new survey reveals how they're rethinking hiring and pay.
• An inside look at how Big Law firm Perkins Coie built up a diverse attorney base, winning major clients like Microsoft and Intel
• Mega law firm Dentons has poached another FTI crisis communications pro as it looks to create a one-stop shop for clients

Alt data

• How one alt-data company that rates CEO performance aims to be the S&P or Moody's of tracking management teams — and expects a surge of interest from data-starved ESG investors