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Insider finance: JPMorgan's tech overhaul plans

Apr 26, 2021, 15:55 IST
Business Insider
US stock markets hit new all-time highs this week, but were set to fall on Wall Street on FridayShannon Stapleton/Reuters

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

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If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.

Powerful gatekeepers tell the $70 trillion institutional-investor community what to do when their money managers make headlines for the wrong reasons. They could be holding the industry back.

Samantha Lee/Insider

When drama breaks out at the world's largest asset managers, big clients have to make tough choices. A group of quiet but powerful advisors helps decide what to do when controversies arise.‌ Find out more about the group, and how it could be holding the industry back.

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What Wall Street bankers really thought about JPMorgan's $4.2 billion European Super League deal

Soccer fans protest plans for a European Super LeagueRob Pinney: Getty Images

Bankers weigh in on JPMorgan's involvement in the controversial European Super League. Read more here.

JPMorgan Chase is hiring engineers to overhaul its $2.2 trillion deposit system with a new cloud-based approach

AP Photo/Mark Lennihan, File
JPMorgan Chase, the largest bank by assets in the US, has its eyes set on a wholesale upgrade of its deposit system, and is searching for engineers who can work on it. Everything you need to know about its deposit system upgrade.

Rising star Adam Parker lost his top two analysts after a rough start to 2021 for $650 million Center Lake Capital

Center Lake Capital
The firm's main hedge fund is down roughly 2% for the year after a big 2020, leaving just Parker and one other analyst. More on the firm's tumultuous month.

Citi just poached a 20-year veteran of the firm back from Barclays to run its commercial bank as it looks to 'refresh' its strategy

Citi

Citi has rehired Tasnim Ghiawadwala, a longtime former exec, to lead its commercial bank. Ghiawadwala was most recently the head of Barclays' corporate bank in the UK. Get the full rundown here.

Blackstone's Jon Gray is preparing for higher inflation. One way he's considering tackling it is by raising rents on the thousands of apartments the private-equity giant owns.

Jonathan Gray, Blackstone president and COOMike Segar/Reuters

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Blackstone President Jon Gray said a "reset" in rents could be a tool to counter higher inflation. Get the full rundown here.

Must-know promotions, exits, and hires at firms like Wells Fargo, Credit Suisse, and Citi

Lisa McGeough, head of international banking at Wells Fargo.Connie Ledgerwood

Wells Fargo's private wealth head Julia Wellborn departs. Goldman Sachs' Kim Posnett gets promoted. JPMorgan nabs former Lyft engineering exec Eisar Lipkovitz. Find out about all the biggest people moves.

Odd lots:

JPMorgan apologizes for backing breakaway football Super League (Financial Times)

SPAC Surge Pumps Up Junk-Bond Market (WSJ)

Schwab says needs regulatory clarity on crypto before any offerings (Reuters)

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Look at Bain & Co.'s new socially distanced Austin office, the first that the firm will open since the pandemic started, complete with 'hot desks' and sanitation stations (Insider)

Warby Parker is staffing up its corporate team with an eye towards 'public company readiness' (Insider)

Wall Street's Trillion-Dollar ESG Club Comes With Huge Tax Perks (Bloomberg)

One judge turned Waco, Texas into the go-to city for Big Tech patent lawsuits, with nearly 800 cases in the past year, and no end in sight (Insider)

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