New-look UBS
Hi! Dan DeFrancesco in NYC, and we've got a candidate for perhaps the weirdest thief in the world.
Today, we've got stories on a big Nasdaq deal to further diversify its business, startups that are falling stars, and how to work out even as temperatures rise.
But first, I'd like to introduce you to someone.
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1. What's old is new again.
The deal that nobody wanted is finally done.
Monday marked the official closing of UBS' acquisition of Swiss rival Credit Suisse, a deal both sides weren't exactly thrilled about.
Since news first broke of the tie up, plenty of Credit Suisse bankers have considered heading for the exits, as concerns grew about what UBS would do with the beleaguered bank.
As Insider's Michelle Abrego and Kaja Whitehouse report, the closing of the deal has provided a bit of clarity on where things stand. Specifically, the bank identified the Credit Suisse execs sitting in positions of power within its investment bank and wealth management division.
Now, whether these executives will actually hold significant power or are meant to simply ensure a smooth transition remains to be seen. UBS has not been bashful in hinting at what it is, and is not, interested in integrating from Credit Suisse.
Still, it would seem foolish to simply let all that talent continue to walk away. Credit Suisse was in rough shape by the time it got acquired, but that's not to say there weren't talented bankers there. Wall Street is peppered with Lehman Brothers alumni who worked there up until the bank's demise in 2008.
In other news:
2. JPMorgan settles class-action lawsuit tied to Jeffrey Epstein. The lawsuit, which was filed by one of Epstein's victims, alleged the bank was "knowingly and intentionally" involved in Epstein's sex-trafficking venture. More here.
3. Nasdaq continues to branch out with a $10.5 billion deal. The exchange operator announced plans to acquire Adenza, a Thoma Bravo-owned tech provider for finance firms. Why the deal is about Nasdaq's continued push to do a lot more than trading.
4. Second time is the charm for investors wanting in on the AI craze. The secondary market is proving fruitful for investors who want to back buzzy startups in the space. All about the investing spree in secondaries.
5. Everyone's making fun of Morgan Stanley for putting their new interns on blast. The bank broadcast summer analysts names and faces in Times Square, much to the amusement of the rest of the internet. Here's why no good deed goes unpunished.
6. All the ways the ultra-rich avoid paying Uncle Sam. Here's a breakdown of the creative tools some of the wealthiest families leverage to pay the lowest amount of taxes. This is how they do it.
7. Tough times in startup land. We checked the secondary markets on 20 startups that had previously eclipsed a $1 billion valuation to see how much they're worth these days. In short, it ain't pretty. More here.
8. The new leader of the Soros empire. Alex Soros, the 37-year-old son of billionaire investor George Soros, has been tapped to run the Open Society Foundation, the Soros nonprofit, in a somewhat shocking move. Here's what you need to know about the former playboy.
9. The importance of having someone in your corner. Mentors can prove crucial in helping you make the right career choices. But it's not always easy to find one. These 4 tips could help you find the perfect fit.
10. Don't let the heat slow you down. The summer heat doesn't have to kill your exercises plans. We've got five tips from a sports scientist on how to work out in extreme temperatures. Read about it here.
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.