Wall Street is empowering its employees to build their own tech tools. But who is keeping track of all this stuff?
Welcome back! Dan DeFrancesco in NYC, and we might have some new nominees for the world's dumbest criminal.
Today, we've got stories on a trendy way rich people skirt taxes, some drama at an adtech-focused investment bank, and how to improve your green drink.
But first, can you code?
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1. Everybody's a technologist.
A story about training non-tech workers that has nothing to do with ChatGPT? What a concept!
Man Group, a $144 billion investment firm, has a popular training program to get non-tech workers up to speed on coding and data-science. The two-year-old program, known as <develop>, was launched to address the tight labor market for tech talent, Insider's Bianca Chan reports
And while <develop> isn't meant to turn Man's front-office employees into full-blown technologists, it is hoping to take some of the pressure off Man's tech team by empowering employees to do a bit of their own coding.
Bianca's got the full rundown on the program, and details on its impact. In short, employees who enrolled in <develop> are saving a lot of time thanks to their new skills. Click here for more on the benefits.
Programs like <develop>, along with the rise of ChatGPT, speak to a wider trend across Wall Street of enabling employees to build their own tools despite not having a background in tech. Goldman's top technologist, Marco Argenti, even highlighted it as a main priority of the firm.
But that begs the question: Who is keeping track of all this stuff?
Empowering people to build their own tools and apps to streamline their work seems great on paper. However, it's easy to see how things could get out of hand.
For example: A non-tech person builds a tool to automate a task. Another person in the department finds it, makes a small tweak, and starts using it for their own purposes. And on and on it goes until you have a Frankenstein-type tool that everyone seems to be using but no one knows how it was built.
That type of stuff has occurred for years and even has a name: shadow IT. The only difference this time around is you're giving a lot more people with less experience the tools to do it.
Perhaps I'm overstating things. Maybe firms have better guardrails in place to manage this type of innovation.
But it's still worth some consideration. Because once you open Pandora's box, there's no going back.
Read more about how Man Group teaches non-tech workers programming skills that help them save time.
In other news:
2. More ways for rich people to skirt on their taxes. The wealthy have figured out a way how to give homes to their kids before they die to save on gift and estate taxes. Here's how it works.
3. All the best bits from Berkshire Hathaway's shareholder meeting. Famed investor Warren Buffett shared thoughts on everything from the US economy to the debt ceiling at his company's annual gathering. See the 18 best quotes from Buffett and Charlie Munger from the annual meeting.
4. An adtech-focused investment bank is facing some major exits. Three partners are planning on leaving Luma Partners following a disagreement with founder and CEO Terence Kawaja. More on the drama here.
5. UBS is sizing up how it's going to absorb Credit Suisse. UBS has tasked roughly 100 people with examining Credit Suisse's employees, clients, and business lines, Bloomberg reports. Here's what they are looking for.
6. LeBron James' company is eyeing Complex. The NBA superstar's SpringHill is considering acquiring the media company from beleaguered BuzzFeed. This is what a potential deal could look like.
7. Nobody trusts banks anymore ... not that they ever did. Almost half of Americans said they are concerned about the safety of their money in banks, which is a pretty critical part of the whole banking thing. More thoughts from Americans on the banking system, according to a recent survey.
8. Find out if TurboTax owes you some money. Payments from a $141 million settlement involving Intuit's TurboTax are set to go out this month to 4.4 million Americans. Find out if you're getting a check.
9. You're making your green drink all wrong. We've got some tips for those green smoothies you're trying to choke down as you do your best impersonation of a tech billionaire. More here.
10. Take some lifting advice from Arnold. The legendary bodybuilder has two total-body exercises he recommends for a quick 15-minute workout, leaving you more time to rewatch "Jingle All the Way." Read up and then hit the gym.
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.