Harvey Schwartz has his work cut out for him at Carlyle. Here's why.
Hiya! Dan DeFrancesco in NYC.
It's the most wonderful time of the year: Rising stars of equity research! We're pulling together nominations of the best up-and-comers in the world of sell-side equity research. Click here to learn how to nominate someone. And check out last year's list here.
On tap, we've got stories on Kim Kardashian winning over Wall Street, drama over the DJ decks at Goldman, and how to get better sleep.
But first, a Wall Street firm finally finds its CEO.
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1. The bridemaids become the brides.
In many ways, Carlyle and Harvey Schwartz are perfectly imperfect for each other.
In Carlyle, you have an investment firm that has struggled to find a CEO after Kewsong Lee abruptly left the firm in August.
In Schwartz, you have a former Goldman Sachs president who essentially left Wall Street altogether in March 2018 after it became clear he'd lost his shot at the top spot to David Solomon.
And even though Carlyle seemingly asked anyone on Wall Street with a C in their title if they'd take the job before landing on Schwartz — per The New York Times — that didn't stop the firm from lauding the hire on Tuesday's earnings call with analysts.
As Insider's Rebecca Ungarino reports, interim CEO and firm cofounder Bill Conway said Schwartz was actually the firm's first choice and is already a fan favorite among employees.
"We went on all the floors. We were talking to people, and he was happy to see them, and they were happy to see him," Conway said on the call. "And it was really not so much they want to get rid of me, but rather they were excited to see him there."
So. Many. Happy. People. Might as well call it "Carefree Carlyle," because that's the vibes I'm getting under the soon-to-be Schwartz era.
That's not to say it's going to be ALL fun and games for Schwartz when he officially starts next week. As Rebecca details, Conway made it clear that the new CEO will have his work cut out for him as he looks to improve the firm's stock price.
Click here to read more about what'll be expected of Harvey Schwartz as CEO of Carlyle.
In other news:
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4. Kim, you're doing amazing, sweetie. Kim Kardashian was reportedly paid $1 million to speak about her private-equity firm, SKKY Partners, at a Miami conference. That comes after she was asked to speak to a class at Harvard Business School about her shapewear line, SKIMs. Jealous? Well maybe you should just "get your fucking ass up and work."
5. Another partner exits Goldman. Joe Duran, head of Goldman Sachs' personal financial management, is stepping down from his role and the partnership, InvestmentNews reported. More on Duran's exit here.
6. A Zillow rival just cut a deal with Royal Bank of Canada and Vista Equity Partners. Home-listings site Ojo sold its Canadian operations to RBC while also raising funds from Vista. Read more about both deals, which totaled nearly $200 million, here.
7. Pls fix these dope tracks, thx. Working at Goldman Sachs means a front-row seat to some of the biggest deals in the industry... or maybe a front-row seat to the CEO's next DJ gig. According to a recent report, "sometimes" Goldman employees helped David Solomon manage his DJ schedule. A Goldman spokesperson, however, outright denied the claims. More on DJ D-Sol-Gate.
8. The AI wars rage on. It's all hands on deck as Alphabet CEO Sundar Pichai has asked all his employees to test Bard, the company's answer to ChatGPT. Meanwhile, Microsoft is overhauling its search engine in collaboration with ChatGPT's OpenAI. And if you're still scared about losing your job to this robot, here are the 4 white-collar roles most at risk.
9. The ultimate WFH. Turns out one of the best places for digital nomads to work from is Bali, where you can live for as little as $520 a month. Everything you need to know about setting up camp there.
10. Get some sleep! We've got a rundown of 12 of the best activities you can do before bedtime to get the best sleep possible. Pro tip: what you're actually sleeping on matters! So here are some of the best mattress deals for Presidents Day.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.