Wall Street pay race continues - Citi nabs JPMorgan exec - BofA reimagines healthcare payments
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On the agenda today:
- Wells Fargo is raising base compensation for junior bankers.
- Citi just poached a JPMorgan exec to lead its new e-commerce sales team.
- BofA is looking to change the way Americans pay for healthcare.
Let's get started.
Wells Fargo is raising comp for junior investment bankers
Wells Fargo is the latest Wall Street bank to raise base compensation for junior bankers, bringing it in line with Goldman Sachs, Morgan Stanley, and JPMorgan Chase. First-year analysts' pay will be $100,000, now on par with the industry norm. What we know so far.
Citi just nabbed a JPMorgan exec
In October, Ron Karpovich will join Citi to lead a new e-commerce sales team focused on online payment offerings for its clients. While JPMorgan and Fiserv lead in processing payments for retailers, the space has gotten more crowded as e-commerce has exploded over the past year. Read the full memo Citi sent its employees.
Bank of America is reimagining the $3.8 trillion healthcare payments space
On the heels of its AxiaMed deal, Bank of America is looking to change the way Americans pay for healthcare. We spoke to Faiz Ahmad, Bank of America's global head of transaction services, about the deal.
Startups are helping Wall Street navigate the "Wild West" of crypto
Regulation is often cited as a reason mainstream institutions are watching crypto from the sidelines. Plus, privacy concerns and global regulatory gaps make compliance with current rules difficult - so startups like Chainalysis, Elliptic, and CipherTrace are offering solutions.
Moody's is on an acquisition spree
Moody's has been on a data and analytics acquisition spree. Now, it's eyeing more deals to bulk up in ESG and real estate, and just announced plans to acquire climate risk modeling provider RMS. We spoke with CEO Rob Fauber, who outlined other areas for future growth.
On our radar:
- Per Bloomberg, the head of Archegos is lying low in New Jersey after losing $20 billion in two days. Get the full rundown here.
- Jefferies has also raised junior pay, per the WSJ. Now, first-year analysts will make $110,000.
- Bill Gates transferred another $2 billion worth of stock to Melinda French Gates. The total transfers since they announced their divorce is now about $6 billion.
- This writer went clubbing in Vegas - and found that COVID-19 mandates put "performative masking" on full display. Here's what he saw.
- A Harvard deal is trying to break the circle of white wealth, Bloomberg reports. Read more here.
- Even after bumping base pay, Wall Street still can't hire talent fast enough, according to Bloomberg. Here's why the price for young talent keeps ticking up.
- A new legal filing claims Leon Black, former CEO of Apollo Global Management, flew a Russian model to meet Jeffrey Epstein, according to a report from Vanity Fair.