How fintech headhunters are turning into investors
Hello readers,
Happy Saturday, and welcome to Insider Finance. Here's a rundown of trending stories from the past week:
- Fintech headhunters are turning into fintech investors.
- How Goldman Sachs is automating more investment banking work.
- Centerview co-founder Blair Effron shares his views on RTO.
- JPMorgan hires Robinhood's former head of content in a wealth-management marketing push.
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Fintech headhunters are forgoing fees in lieu of equity in the red-hot startups they're staffing up
With talent, not capital, now the real scarce commodity due to labor shortages, founders have been happy to bring on investors with a direct pipeline to the best employees in the industry. One search firm invested more than $100 million in stablecoin issuer Circle.
"At many companies, and at companies like Circle, managerial leverage often matters more than capital leverage," Dante Disparte, Circle's chief strategy officer and head of global policy, told Insider.
JPMorgan is stepping up marketing for its wealth business and hired Robinhood's former head of content for a new role
The bank has hired David Moss as head of content for US wealth management as part of an effort to attract new clients who are "curious about investing," JPMorgan Wealth Management head of content and communications Jennifer Zuccarelli told employees on Tuesday in a memo that was viewed by Insider.
The move underlines how banks have gone all-in on content - newsletters, blogs, and podcasts - as marketing.
Goldman Sachs is using algos to help drum up new business for bankers as part of a bigger automation push
Akila Raman, chief operating officer of Goldman's investment bank division, and Miruna Stratan, who leads the IBD engineering team, walked Insider through three use cases the bank is eyeing for additional automation.
Centerview rainmaker Blair Effron says return to office is all about the 'quality of the experience' and that he doesn't expect people to be punching a clock
Centerview Partners is back to a "primarily in-office experience," co-founder and partner Blair Effron told Insider. It's embracing the benefits of in-person work after reopening on June 14 while still allowing for some flexibility.
Fintechs are using remote work as a lure to poach people from Wall Street banks that are pushing a return to the office
Many Wall Street workers are being called back into the office, with many banks expecting more "normal" in-office work schedules after Labor Day, if not sooner. That may be enough to prompt a job switch, and New York fintechs are waiting with open arms.
"It's a huge opportunity," Eric Glyman, cofounder and CEO of NYC-based Ramp, told Insider. Ramp has hired from major banks' risk, partnerships, and legal divisions, Glyman said.
Other stories readers loved this week
- A hot-headed VIX trader is out at JPMorgan, sources say. A series of late-night tweets may have been the breaking point.
- Gusto is buying tax company Symmetry, marking the $3.8 billion payroll fintech's second-ever acquisition.
- How to make the jump from Big Law to tech, from top feeder firms to the best time for making the switch.
- Financial-services firms are racing to show they're serious about hiring diverse talent. These 3 organizations are helping them shake up the status quo.
- Billionaire Philippe Laffont's Coatue trails the S&P 500 halfway through 2021.