What life after Larry looks like at BlackRock
Welcome back! Dan DeFrancesco in NYC, but I might need to get on the road soon to check out the best breweries in each state, per Yelp.
Today, we've got stories on a startup specifically serving the formerly incarcerated's financial needs, high-paying jobs that aren't pressure cookers, and how to go to Europe (sort of) without going to Europe.
But first, the times they are a-changing.
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1. Who's next at BlackRock?
The world's largest asset manager is considering life without its leader and cofounder.
On Wall Street, you'd be tough to find a founder and their company more synonymous with each other than Larry Fink and BlackRock. The two seemingly go hand in hand.
But Fink, who is now 70, has been dropping breadcrumbs for years about plans to eventually step down. And while it's clear he doesn't want to remain at BlackRock forever, what's not clear is who would step in to fill the void.
Fortunately, Insider's Rebecca Ungarino has done some digging of her own to uncover some scoopy details that point toward some likely successors, including a candidate who could be slotted in if an obvious choice doesn't arise.
If that isn't enough for you, Rebecca also mapped out how BlackRock organizes its top leadership, identifying the 150 most powerful people and their reporting lines. It's a fascinating peek inside the structure of one of the most powerful firms on the Street.
We've previously covered how difficult succession plans can be on Wall Street, but it's especially hard in BlackRock's situation where Fink is the brand, to a degree.
Add in the fact that Fink has been willing to stick his neck out, albeit not so much recently, on the controversial topic of ESG, and you start to see how complicated replacing him is.
Click here to learn more about BlackRock's succession plans for Larry Fink.
And check out our org chart of the 150 most powerful people at the firm.
In other news:
2. A fresh start for an overlooked group. For all the talk from the fintech community of serving the underbanked, one group has remain largely ignored: the formerly incarcerated. Meet the startup looking to change that.
3. The bill is due for the SVB crisis, and big banks are likely footing most of it. The proposed plan by the FDIC for filling the $16 billion hole left in its insurance fund is falling largely on big banks' shoulders. More on the proposed fee on big banks that they definitely won't just trickle down to us.
4. It's like LinkedIn, but cooler. A startup pitching itself as an "AI-powered LinkedIn on steroids" was just spun out of Goldman Sachs' internal incubator, CNBC reports. Here's how the social-media startup works.
5. How one professional investor is getting the most out of ChatGPT. When it comes to using the buzzy chatbot, figuring out the right prompts are key. We've got you covered with seven prompts this investor uses to get the best market insight. Read more here.
6. Credit Suisse bankers are headed to... Santander. As dealmakers for the Swiss bank continue to head for the exits, the Spanish bank is proving to be, perhaps surprisingly, a popular landing spot, Bloomberg reports. Here's who's headed over, including one senior exec.
7. How to make over $100,000 and not be stressed. A Reddit thread looking for high-paying, low-stress jobs led to a lively discussion. Users detailed how they make a solid salary without burning themselves out. More here.
8. What happens when your startup gets shut down. Kristen Anderson, founder of fintech Catch, wrote a fascinating personal essay for Workweek about winding down her startup and the toll it took on her this year. This honest, open accounting of the experience is worth the read.
9. European vibes without going across the pond. With flights to Europe set to be incredibly high this summer — more on that here — perhaps you want to holiday a bit closer to home. These 12 North American locations will make you feel like you're in Europe, without having to actually go there. Check out the list.
10. Who needs Starbucks when you can brew it at home? As the temperatures keep rising, you might be opting for a cold brew over a hot coffee. But save yourself some cash, and a trip outside, by doing some home brewing. These four cold-brew makers are your best bet.
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.