Home
finance
news
Insider Finance: All-expenses-paid vacations for bankers; JPMorgan Chase poaches Marcus exec

Insider Finance: All-expenses-paid vacations for bankers; JPMorgan Chase poaches Marcus exec

Meredith Mazzilli

Hello readers,

Happy Saturday, and welcome to Insider Finance. Here's a rundown of the must-know stories from the past week:

Houlihan Lokey is sending workers on all-expenses-paid vacations.
JPMorgan Chase poached a top Marcus exec.
Symphony's CEO is stepping down as the Wall Street messaging startup eyes an acquisition push.
Carlyle is integrating its buyout and growth teams to turbocharge its investment strategy.
Merrill Lynch's advisor-training program is on month nine of a ban on reaching out to prospective clients.
"What was so complex about this one?": Morgan Stanley execs got grilled over a $911 million Archegos hit.

If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Houlihan Lokey is sending bankers on all-expenses-paid vacations and bumping base comp and bonuses for some junior employees

Houlihan Lokey is sending its corporate-finance bankers on all-expenses-paid vacations. It's the latest Wall Street firm to hike pay as workers battle burnout after a grueling year of working from home. Here's more on the internal announcement.

JPMorgan Chase poaches a top Marcus exec

JPMorgan announced three new hires to support its consumer- and community-banking team. One of the hires is Sonali Divilek, a key executive at Goldman Sachs' Marcus in charge of products. Executives from Wells Fargo and Google are also joining. Keep reading here.

Merrill Lynch's advisor-training program is on month 9 of a ban on reaching out to prospective clients. Insiders say morale is taking a big hit.

Issues in Merrill Lynch's massive pipeline for financial advisors are weighing on trainees' morale. Advisors in training have faced months of mixed messaging about prospecting, people said. The firm has also hired Ernst & Young to examine trainees' phone-call records. Find out what insiders are saying here.

More on Merrill:

Merrill Lynch's advisor force is shrinking and junior hiring has slowed.

Symphony's CEO is stepping down as the $1.4 billion Wall Street messaging startup gears up for an acquisition push

Symphony's David Gurle is stepping down from his role as CEO of the startup at the end of May. Brad Levy, Symphony's current president and chief commercial officer, will take the helm.

Gurle and Levy spoke with Insider about the $1.4 billion Wall Street messaging startup's future plans. Find out all the details here.

Morgan Stanley execs defend how the bank navigated the Archegos disaster as analysts grill them on a surprise $911 million hit

Morgan Stanley took a nearly $1 billion hit from its exposure to the Archegos collapse, which caught Wall Street analysts who expected a smaller loss off guard and led to tough questions. Get the full rundown here.

Carlyle is integrating its buyout and growth teams to turbocharge its investment strategy

The Carlyle Group is integrating its buyout and growth-investing strategies in the US. Brian Bernasek is also set to become a cohead of US buyout and growth. The integrated approach goes into effect the same day Bernasek takes on his new role: June 1.

Read more:

Carlyle just appointed a new cohead of its US buyout and growth team.
Meet 13 of the top investors leading the $43 billion vision.

Wall Street people moves roundup

Jake Siewert, Goldman Sachs' head of corporate communications and a key architect behind the firm's rebrand, is exiting to join Warburg Pincus.
Carlson Capital is losing its chief risk officer and top lawyer as exits mount at the $4.8 billion hedge fund.
Brevan Howard hires ex-Point72 chief technology officer as it ramps up its "Alpha Strategies" systematic-trading fund.
Get the full rundown of the past week's big moves here.