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PayPal, which is among world's leading payment platforms, has appointed <keyword id="2587447" type="PERSON" weightage="100" keywordseo="Anupam-Pahuja">Anupam Pahuja</keyword> as the MD and Country Manager for its India operations. 
 
Pahuja, who has been associated with the company for six years now, served as its head, technology in the APAC region. In his new role, he will be responsible for all aspects of PayPal's India business, while also strengthening the company's operations. 
 
"India continues to be a key part of PayPal's growth strategy. In India's fast-growing e-commerce and payments market, we have enabled hundreds of thousands of small and medium businesses and entrepreneurs participate in the global economy. With Anupam's appointment as the business leader of this market, we will continue to bring our global scale, experience and risk management platforms for safe and frictionless experiences to our customers," said Rohan Mahadevan, APAC CEO, PayPal. 
 
Before joining PayPal, Pahuja served as the India MD for SumTotal Systems, which is amongst world's largest eLearning companies. 
 
<a href="http://bsmedia.business-standard.com/_media/bs/img/article/2016-06/22/full/1466589479-4827.jpg">Image source</a>

Anupam Pahuja is the new MD of PayPal India

Hi, and welcome to <keyword id="11907098" type="UNKNOWN" weightage="60" keywordseo="insider-finance" source="Orion">Insider Finance</keyword>. This is deputy editor Meredith Mazzilli. Some news before we dive in: This is the second-to-last edition before our <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> goes on hiatus. Thank you so much for reading. You can keep up with the latest scoops and inside stories in the meantime by following the team on Twitter <a href="https://twitter.com/FinanceInsider">@FinanceInsider.</a> And check out "Insider Exclusives," our email alerts that deliver must-know intel to your inbox - you can <a href="https://www.businessinsider.com/subscription/newsletter">sign up here by topic</a>.Insider will be in touch soon with some newsletter updates. In the meantime, <a href="https://docs.google.com/forms/d/e/1FAIpQLScFRaR7yEq3nToQKgnKGftBsqQ2_JXG9LT75-hQQNQfXmjRCQ/viewform">please take this brief survey to help us improve our newsletters.</a>Now, let's get started.<a href="https://www.businessinsider.com/apollo-apo-ceo-marc-rowan-discusses-culture-talent-hiring-growth-2021-10">Apollo CEO: "it's ultimately about having fun at this job"</a><a href="https://www.businessinsider.com/apollo-apo-ceo-marc-rowan-discusses-culture-talent-hiring-growth-2021-10"></a>Apollo's culture was brought into the spotlight during its investor-day presentations yesterday, when CEO Marc Rowan said the job "is just too hard not to have a good time." As it aims for a big growth push, the firm is changing compensation, with investment professionals getting a bigger slice of profits. <a href="https://www.businessinsider.com/apollo-apo-ceo-marc-rowan-discusses-culture-talent-hiring-growth-2021-10">Read more of Rowan's comments on Apollo's culture.</a><a href="https://www.businessinsider.com/credit-suisse-healthcare-banking-loses-9-directors-investment-bankers-archegos-2021-10">Credit Suisse's healthcare banking team is hollowed out</a><a href="https://www.businessinsider.com/credit-suisse-healthcare-banking-loses-9-directors-investment-bankers-archegos-2021-10"><div type="image" title="An illustration of a headshot of Credit Suisse CEO Thomas Gottstein" height="1875" width="2501" msid="87184278" hostid="261"></div></a>At least 11 mid- and junior-level employees - including nine directors and a number of MDs and vice presidents - have left Credit Suisse's healthcare banking team. Plus, a life sciences M&amp;A <a href="https://www.businessinsider.com/credit-suisse-healthcare-mergers-acquisitions-managing-director-maneet-singh-resigned-2021-10">managing director just left</a>, marking the latest in a series of losses after the bank's Archegos scandal. <a href="https://www.businessinsider.com/credit-suisse-healthcare-banking-loses-9-directors-investment-bankers-archegos-2021-10">More on how MD defections are creating ripple effects across the bank.</a><a href="https://markets.businessinsider.com/news/stocks/pinterest-stock-price-paypal-acquisition-reports-39-billion-social-media-2021-10">PayPal is reportedly exploring an acquisition of Pinterest </a><a href="https://markets.businessinsider.com/news/stocks/pinterest-stock-price-paypal-acquisition-reports-39-billion-social-media-2021-10"><div type="image" title="A headshot of Pinterest CEO Ben Silbermann on the stock exchange floor in front of a sign with the pinterest logo" height="2879" width="3838" msid="87184281" hostid="261"></div></a>Pinterest soared as much as 19% on Wednesday after reports surfaced that PayPal is exploring an acquisition of the social-media company for around $39 billion. <a href="https://markets.businessinsider.com/news/stocks/pinterest-stock-price-paypal-acquisition-reports-39-billion-social-media-2021-10">Everything we know about the potential deal.</a><a href="https://www.businessinsider.com/american-express-goldman-sachs-transaction-banking-b2b-payments-2021-10">Amex and Goldman Sachs are teaming up on a new business-payments feature</a><a href="https://www.businessinsider.com/american-express-goldman-sachs-transaction-banking-b2b-payments-2021-10"><div type="image" title="Headshot of Hari Moorthy, global head of transaction banking at Goldman Sachs" height="696" width="928" msid="87184282" hostid="261"></div></a>American Express and Goldman Sachs are partnering up to simplify how the world's largest companies make payments: The companies' corporate clients will now be able to pay via Amex' card network and through bank and wire payments offered by Goldman all in one place. <a href="https://www.businessinsider.com/american-express-goldman-sachs-transaction-banking-b2b-payments-2021-10">What that means for their corporate clients.</a><a href="https://www.businessinsider.com/big-law-attorneys-take-on-deals-amid-chapter-11-slump-2021-10">Big Law bankruptcy lawyers are switching gears to M&amp;A</a><a href="https://www.businessinsider.com/big-law-attorneys-take-on-deals-amid-chapter-11-slump-2021-10"><div type="image" title="Stock photo of two men in business suits shaking hands on the steps to a courthouse." height="2676" width="3569" msid="87184285" hostid="261"></div></a>Advising on corporate Chapter 11 cases has always required expertise in financing negotiations, asset sales, and other dealmaking. This year, as Chapter 11 filings evaporate, Big Law restructuring attorneys are banking on <a href="https://www.businessinsider.com/big-law-attorneys-take-on-deals-amid-chapter-11-slump-2021-10">those finance skills to keep their practice groups busy.</a>On our radar:<ul><li>According to Bloomberg, Jamie Dimon just boosted JPMorgan wealth advisors' pay. <a href="https://www.bloomberg.com/news/articles/2021-10-19/dimon-boosts-jpmorgan-wealth-advisers-pay-from-windsor-castle">What you need to know.</a></li><li>Blackstone is buying a majority stake in Spanx, a deal that values the brand at $1.2 billion, WSJ reports. <a href="https://www.wsj.com/articles/blackstone-buying-majority-stake-in-spanx-11634738417">More on that here.</a></li><li>Credit Suisse has been fined over a corruption scandal involving <a href="https://www.bbc.com/news/business-58974089">Mozambique's tuna-fishing industry. </a></li></ul>

Apollo CEO talks culture - Credit Suisse’s talent exodus - PayPal considers Pinterest purchase

Five new financial technology <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> –Finbox, Neoeyed, Paymatrix, Scalend and <keyword id="4966455" type="ORGANIZATION" weightage="20" keywordseo="tybo">Tybo</keyword> are new entrants into <keyword id="3979043" type="ORGANIZATION" weightage="20" keywordseo="paypal-incubator">PayPal Incubator</keyword> in Chennai. They have been selected by the company for its year-long incubation program, after the final round of pitching during <keyword id="6357940" type="UNKNOWN" weightage="100" keywordseo="PayPal">Paypal</keyword>'s 5th Incubation Challenge which concluded recently. Initially, 10 startups were shortlisted from among 250 applicants who presented to a panel of judges including Guru Bhat, GM Technology &amp; Head of Engineering – PayPal, Anupam Pahuja, MD – <keyword id="284992" type="ORGANIZATION" weightage="20" keywordseo="paypal-india">PayPal India</keyword> and Rama Bethmangalkar, Venture Capitalist, formerly with Ventureast. "In its 5th year, the PayPal Incubator has received an overwhelming response with over 250 applications from early stage FinTech startups – a 150% growth from last year, reflecting both the need for an incubation program, as well as the FinTech industry’s potential," says Guru Bhat, GM Technology &amp; Head of Engineering – PayPal. During the one year of incubation, the winning startups will get technology counsel and mentorship, infrastructure support and networking opportunities with both investors and customers. PayPal will also be picking up an undisclosed stake in each of the selected startups this year. "Our incubation program is designed to help our newly incubated startups script their own success stories by facilitating access to PayPal’s expertise in cutting-edge technology and by enabling them to leverage PayPal’s market leadership around the world,” says Mr Bhat. As of now, PayPal's India incubator is aiming to drive innovation across the FinTech industry with a focus on startups in financial technology as well as adjacencies like loyalty, machine learning, big data and logistics among others. Here's are the services being offered by PayPal's 5th Incubation Challenge winners: FinBox - A software-as-a-service lending platform that enables lenders to digitise the user’s journey and underwrite. The startup’s application programming interface enables lenders to validate identity, underwrite using data from traditional and non-traditional sources, and cross-sell financial products to their customers. NeoEYED - A US-headquartered startup that helps businesses simplify the login and registration processes on mobile applications, enabling them to generate more revenues and improve user security. Paymatrix - An analytics-driven property rental management platform that streamlines rent payments and collections. The platform’s dashboard provides solutions for end-to-end rent management including tenant screening, credit facilitation for rent deposits, rent documentation, rent automation, renters and landlords insurance, and also facilitates interaction between tenants and landlords. Scalend - A ready-to-use, artificial intelligence-enabled customer insights platform for financial services companies. The platform combines proprietary AI models with big data Hadoop’s unlimited storage and computes power to help BFSI and fin-tech companies generate actionable insights around omni-channel customer journeys and back-office optimisation. TYBO - A cloud-based omni-channel e-commerce platform designed for home-based and small-sized businesses. It provides the merchant with a single view of their evolving business across multiple sales channels. The platform also enables end-to-end integration with the supplier system and saves time by importing products directly into their store. Only last month, PayPal had set up two innovation labs at its Chennai and Bangalore tech centres - both its first such facilities in India and third globally after the US and Singapore. In a bid to strengthen its position in the Indian market, it is believed PayPal has reportedly sought a wallet (prepaid payment instrument) licence from the Reserve Bank of India.

Meet the top 5 Indian Fintech startups which will be incubated at PayPal's Chennai Lab

More and more companies in India, be it multinational corporations or domestic startups, are <a href="http://www.businessinsider.in/cheap-employee-training-will-cost-you/articleshow/56599339.cms">training </a>their staff with techniques to prevent crime and combat terror. 
 
This is the new trend in <a href="http://www.businessinsider.in/india-inc-spent-more-on-csr-in-2016-exceeds-the-threshold/articleshow/57142735.cms">India Inc</a>, going by which several companies have started to arrange special training for prevention of crime and techniques to deal with terror. 
 
Also read: <a href="http://www.businessinsider.in/latest/bjps-landslidevictory-will-push-for-better-reform-believes-india-inc/articleshow/57603622.cms">BJP’s landslide victory will push for better reform, believes India Inc</a> 
 "We have trained at least 100 firms, including the likes of Flipkart and Reliance Securities on crime prevention and our specialised course, Certified Anti <keyword id="6358165" type="COMPANY" weightage="100" keywordseo="terrorism">Terrorism</keyword> Specialist (CATS), has picked up pace with even institutions like RBI having opted for it," Sanjay Kaushik, MD, <keyword id="4400685" type="UNKNOWN" weightage="100" keywordseo="netrika">Netrika</keyword> Consulting, told TNN. 
 These companies are choosing customised courses with focus on specialised areas like <keyword id="2519337" type="ORGANIZATION" weightage="100" keywordseo="criminal-investigations">criminal investigations</keyword>, <keyword id="4400683" type="UNKNOWN" weightage="100" keywordseo="suspicious-behaviour-assessment">suspicious behaviour assessment</keyword>, <keyword id="4400684" type="UNKNOWN" weightage="100" keywordseo="criminal-profiling">criminal profiling</keyword>, terrorism, and <keyword id="6401088" type="UNKNOWN" weightage="100" keywordseo="Political-violence">political violence</keyword>, for which they get theoretical and practical classes. 
 
Also read: <a href="http://www.businessinsider.in/markets/economy/make-india-incs-foreign-debt-cheaper-rbi-suggests-government/articleshow/56494907.cms">Make India Inc's foreign debt cheaper, RBI suggests government</a> 
 
Netrika’s clientele now includes Oracle, Capgemini, CA Technologies, IBM, Hero MotorCorp, <a href="http://www.businessinsider.in/paypals-recharge-programme-wants-women-technologists-on-a-break-to-get-back-to-work/articleshow/57512575.cms">PayPal</a>, Godrej, Vodafone, Bosch, MYLAN and Bajaj Automobiles. 
 
(Image source Inman News)

India Inc teaching employees techniques to prevent crime and combat terror

<ul class="summary-list"><li>Peter Thiel has invested in an effort to create an Olympic Games that welcomes doping.</li><li>The <a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">PayPal cofounder</a> was one of several investors named Wednesday in the Enhanced Games.</li></ul><a target="_blank" href="https://www.businessinsider.com/peter-thiel-fbi-informant-charles-johnson-johnathan-buma-chs-genius-2023-10">Peter Thiel</a> is backing an effort to create an Olympic Games that welcomes using performance-enhancing drugs.<a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">The PayPal and Palantir cofounder</a> was named as one of several VCs investing in The Enhanced Games in a <a target="_blank" href="https://www.prnewswire.com/news-releases/venture-capitalists-christian-angermayer-peter-thiel-and-balaji-srinivasan-join-funding-for-the-enhanced-games-the-21st-century-olympics-without-drug-testing-302049164.html">press release</a> Wednesday. Also named were Christian Angermayer's Apeiron Investment Group and former Coinbase CTO Balaji Srinivasan."Just as the ancient Olympics were revived and renovated in 1896 for the Victorian world, the Enhanced Games is once again renovating the Olympic model for the twenty-first century," said Aron D'Souza, president of the Enhanced Games, in a <a target="_blank" href="https://www.prnewswire.com/news-releases/venture-capitalists-christian-angermayer-peter-thiel-and-balaji-srinivasan-join-funding-for-the-enhanced-games-the-21st-century-olympics-without-drug-testing-302049164.html">press release</a> Wednesday. "In the era of accelerating technological and scientific change, the world needs a sporting event that embraces the future, particularly advances in medical science."The Enhanced Games plans to have "health checks before and after competitions" as well as "advanced screening to check for pre-existing conditions, for example, cardiac risk," said Dr. Michael Sagner, MD, of King's College London, who is a member of the Enhanced Games' Scientific and Medical Advisory Commission, in the press release.Medical professionals warn that <a target="_blank" href="https://www.businessinsider.com/guides/health/side-effects-of-steroids">steroid use can have harmful side effects</a>, including mood changes, loss of bone density, and increased risk of serious infection.The <a target="_blank" href="https://www.businessinsider.com/olympics-drugs-banned-affect-athletic-performance-kamila-valieva-shacarri-richardson-2022-2">Olympic Games bans the use of hundreds of medications and drugs</a>, including categories like stimulants, anabolic agents, and hormone and metabolic modulators. Many of these can affect athletes' performance by accelerating muscle gains, improving blood flow, or boosting energy or focus.Just this week, <a target="_blank" href="https://www.businessinsider.com/olympian-slams-ioc-response-valieva-russian-doping-medal-ceremony-cancellation-2022-2">Russian figure skater Kamila Valieva</a> was retroactively disqualified from the 2022 Beijing Olympic Games after the Court of Arbitration for Sport ruled she'd violated anti-doping rules.

Peter Thiel invests in group to recreate the Olympics on steroids — literally

<a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Start your day off with this delightful story from Katie Notopoulos — a new addition to Insider — poking fun at how X CEO Linda Yaccarino "<a href="https://www.businessinsider.com/twitter-ceo-x-linda-yaccarino-posts-mariah-carey-elon-musk-2023-11">tweets like your aunt texts</a>."In today's big story, we're looking at <a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10">Sam Bankman-Fried's conviction</a> and what it means for the future of crypto.What's on deck: <ul><li>Markets: Two Wall Street titans have <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-market-outlook-inflation-rates-fed-economy-recession-2023-11">disappointing outlooks</a> on the <a href="https://www.businessinsider.com/layoffs-unemployment-recession-economy-crash-jobs-bond-investor-jeff-gundlach-2023-11">state of the economy</a>.</li><li>Tech: We've got details from Amazon's <a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11">massive cloud deal with Microsoft</a>.</li><li>Business: The definitive account of the <a href="https://www.businessinsider.com/weworks-nightmare-ipo">beginning of the end for WeWork</a>.</li></ul>But first, the verdict is in.<h3>The big story</h3><h2>Guilty<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a></h2><a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10"></a><div type="image" title="Sam Bankman-Fried" height="750" width="1000" msid="104948350" hostid="261" sizebytes="74776"></div>Down goes Mr. Crypto. Sam Bankman-Fried, the crypto industry's most recognizable face (and head of hair), was <a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10">found guilty of seven counts of fraud and conspiracy</a> on Thursday night.Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering.It took the jurors less than a day to reach a decision. Bankman-Fried, nicknamed SBF, now awaits sentencing, which is tentatively scheduled for March 28. He faces up to 110 years in prison for the charges.The conviction came, perhaps fittingly, on the first anniversary of the <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" target="_blank" rel="noopener">CoinDesk scoop</a> that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. Reporting on a leaked balance sheet, CoinDesk detailed how SBF's hedge fund, Alameda Research, had its assets tied up in FTX's in-house token. The rest is history.The <a href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">downfall was swift</a>, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report. Insider's <a href="https://www.businessinsider.com/author/katie-balevic" target="_blank" rel="noopener">Katie Balevic</a> and <a href="https://www.businessinsider.com/author/jacob-shamsian">Jacob Shamsian</a>, who have done a fantastic job covering the entire trial, have a recap of the <a href="https://www.businessinsider.com/biggest-bombshells-sam-bankman-frieds-ftx-fraud-trial-2023-10">biggest bombshells from the case</a>.Bankman-Fried's inner circle played a crucial role in the proceedings. SBF's former executives' testimonies proved vital to the prosecution's case, <a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11">ultimately sealing his fate</a>, Katie writes.<a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11"></a><div type="image" title="Caroline Ellison, Sam Bankman-Fried, Gary Wang, and Nishad Singh" height="750" width="1000" msid="104948353" hostid="261" sizebytes="241892"></div>SBF's conviction signifies the end of a chapter the crypto community will happily close. From <a href="https://www.businessinsider.com/wall-street-crypto-partnerships-digital-asset-teams-shaky-ground-ftx-2022-11">courting Wall Street firms</a> and <a href="https://www.businessinsider.com/ftx-bankruptcy-vcs-venture-capital-investments-crypto-startups-failure-2022-11" target="_blank" rel="noopener">venture investors</a> to <a href="https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12">schmoozing politicians</a>, the crypto industry was working hard to legitimize itself. FTX's downfall was the exact type of situation skeptics of the space had long warned about.Crypto is now in a much different place. Startups with skyrocketing valuations and high-flying tokens and NFTs are all but extinct. Even the city that embraced the crypto boon — Miami — <a href="https://www.businessinsider.com/miami-florida-stock-market-crash-crypto-bubble-parties-real-estate-2023-3">feels like a much different place</a> these days. That's not to say crypto is a complete wasteland. There are signs of life, most notably a bitcoin ETF that seems <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-grayscale-trust-gbtc-crypto-etf-conversion-sec-lawsuit-2023-8">on the cusp of getting approved</a>. But it's unclear what the post-SBF crypto landscape will look like. Big players like <a href="https://www.businessinsider.com/blackrock-crypto-bitcoin-strategy-finance-plans-digital-currency-2023-6">BlackRock</a> and <a href="https://markets.businessinsider.com/news/currencies/paypal-crypto-launches-first-us-dollar-pegged-stablecoin-2023-8">PayPal</a> are pushing deeper into the space. The entrance of these financial titans raises questions about the role native crypto firms will have in <a href="https://www.businessinsider.com/sam-bankman-fried-trial-crypto-industry-issues-2023-10">the industry's future</a>.So, while crypto will undoubtedly live on after SBF, it will also never be the same.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-fed-interest-rate-hike-us-economy-prices-2023-11"></a><div type="image" title="Jamie Dimon" height="1440" width="1920" msid="104948355" hostid="261" sizebytes="54278"></div><ol><li>Jamie Dimon says the Fed isn't done hiking rates. The JPMorgan boss suspects another rate hike — by 0.25 percentage point to 0.75 percentage point — <a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-fed-interest-rate-hike-us-economy-prices-2023-11">could still be in the cards</a>. He also said the <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-market-outlook-inflation-rates-fed-economy-recession-2023-11">markets could see more turmoil</a> amid the Fed's fight against inflation. </li><li>The Bond King's bummer of an economic outlook. Veteran bond investor Jeff Gundlach is adamant <a href="https://www.businessinsider.com/layoffs-unemployment-recession-economy-crash-jobs-bond-investor-jeff-gundlach-2023-11">the US economy is headed toward a recession</a>. The yield curve is "extremely unstable," and Gundlach believes "layoffs are coming" next. </li><li>Betting against the grain. The founder of an independent investment research firm shared 10 stocks with low average analyst recommendations but rising earnings expectations. The disconnect between the two could present <a href="https://www.businessinsider.com/top-stock-picks-analyst-earnings-season-expectations-investing-advice-contrarian-2023-11">prime contrarian investing opportunities</a>. </li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11"></a><div type="image" title="Andy Jassy" height="714" width="951" msid="104948358" hostid="261" sizebytes="27586"></div><ol><li>Inside Amazon's cloud deal with Microsoft. Amazon's commitment to use Microsoft 365 <a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11" target="_blank" rel="noopener">includes more than 1.5 million license seats</a>, according to a person with direct knowledge of the deal. The five-year deal involves Amazon spending more than $1 billion, according to an internal Microsoft document viewed by Insider. </li><li> Block signals cuts are coming. Jack Dorsey, the CEO and founder of the fintech, said the <a href="https://www.businessinsider.com/jack-dorsey-warns-block-employees-job-cuts-internal-memo" target="_blank" rel="noopener">company's growth has not matched its headcount</a>, according to a note sent to staff seen by Insider. A separate internal company announcement informed employees there would be a 10% cut to the workforce in the coming months, according to a person familiar with the company.</li><li>Tech on the Street. Financial firms are hiring loads of technologists to help them deploy AI across their orgs. Recruiters, hiring managers, and executives detailed <a href="https://www.businessinsider.com/ai-shaping-future-tech-jobs-wall-street-2023-10" target="_blank" rel="noopener">the tech skills that are most in demand on Wall Street</a>.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/weworks-nightmare-ipo"></a><div type="image" title="a graphic of WeWork with &quot;work&quot; scratched out in red" height="750" width="1000" msid="104948361" hostid="261" sizebytes="17398"></div><ol><li>WeDidn'tWork. The company is reportedly on the cusp of filing for bankruptcy. We've got the <a href="https://www.businessinsider.com/weworks-nightmare-ipo" target="_blank" rel="noopener">definitive account of the start of its downfall</a> as a $47 billion startup eyeing an IPO back in 2019. </li><li>The state of the housing market. <a href="https://markets.businessinsider.com/news/commodities/housing-market-mortgage-rates-bubble-shortage-supply-affordability-2023-11" target="_blank" rel="noopener">These four charts</a> — covering rates, prices, inventory, and sales — give a good overview of the state of play. On a more granular level, <a href="https://www.businessinsider.com/real-estate-housing-market-home-price-outlook-mortgage-rates-affordability-2023-11">home sellers in these 13 cities</a>, including St. Louis and San Antonio, are slashing prices. And here's a rundown of the cities <a href="https://www.businessinsider.com/where-to-buy-a-house-affordable-cities-home-prices-appreciation-2023-11" target="_blank" rel="noopener">where home values are rising and falling the most</a>. </li><li>Meet Goldman Sachs' newest managing directors. The bank gave 608 employees the coveted title, a slightly smaller class than the previous cohort. <a href="https://www.businessinsider.com/goldman-sachs-2023-managing-directors-class-new-promotes-list-names-2023-11" target="_blank" rel="noopener">Check out all the names here</a>. And for a rundown on what it takes to reach MD status, <a href="https://www.businessinsider.com/how-to-become-a-managing-director-promotion-goldman-sachs-citi-2021-10" target="_blank" rel="noopener">we've got you covered</a>. </li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/wholesale-startup-faire-lays-off-another-250-employees-2023-11">Wholesale marketplace Faire, which raised $416 million 18 months ago, laid off 250 workers in a company-wide restructuring</a></li><li><a href="https://www.businessinsider.com/jeff-bezos-miami-billionaire-bunker-seattle-amazon-blue-origins-2023-11" target="_blank" rel="noopener">Jeff Bezos is moving to Miami after 29 years in Seattle</a></li><li><a href="https://www.businessinsider.com/calibrate-deal-madryn-asset-management-bankruptcy-2023-11" target="_blank" rel="noopener">Exclusive: How Calibrate stumbled from hot weight-loss startup to $20 million sale under threat of bankruptcy</a></li><li><a href="https://www.insider.com/daylight-savings-negative-effects-2018-3">10 reasons why daylight savings is the worst</a></li><li><a href="https://www.businessinsider.com/how-to-deal-narcissistic-boss-signs-should-quit-career-coach-2023-11" target="_blank" rel="noopener">How to deal with a narcissistic boss, including whether you should consider quitting, according to 4 career coaches</a></li><li><a href="https://www.businessinsider.com/bill-ackman-says-its-pathetic-law-firms-are-policing-campus-antisemitism-2023-11" target="_blank" rel="noopener">Bill Ackman says it's 'pathetic' that law firms and other corporations feel they have to 'police' antisemitism on university campuses</a></li><li><a href="https://www.businessinsider.com/linkedin-open-to-work-tag-red-flag-desperation-recruiter-says-2023-11" target="_blank" rel="noopener">LinkedIn's 'Open to Work' tag is the 'biggest red flag' for hiring managers and screams 'desperation,' says ex-Google recruiter</a></li><li><a href="https://www.businessinsider.com/boomer-millennials-debt-financial-security-interest-rates-recession-savings-2023-11" target="_blank" rel="noopener">It's a terrible time to be a millennial</a></li><li><a href="https://www.businessinsider.com/tjmaxx-marshalls-closing-stores-2023-11" target="_blank" rel="noopener">TJ Maxx is quietly closing stores in New York and Chicago. Here are the confirmed locations.</a></li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-bottom-outlook-bullish-seasonal-chart-of-the-day-2023-11" target="_blank" rel="noopener">CHART OF THE DAY: The stock market may have just bottomed</a></li></ul><h2>What's happening today</h2><ul><li>The jobs report is in. The Bureau of Labor Statistics will publish data on unemployment, new labor force participation data, and other US labor market figures.</li><li>Financial Stability Oversight Council meeting. Treasury Secretary Janet Yallen is leading the meeting meant to give an overview of the stability of the US financial system.</li><li>I love rock &amp; roll! The 38th Annual Rock and Roll Hall of Fame Induction Ceremony honors new inductees Sheryl Crow, Missy Elliott, and Rage Against the Machine, among others.</li></ul><h3>News Quiz</h3><h2>How well do you know the news? </h2>Test your knowledge of the week's top stories with Insider's news quiz<ul><li>From Monday: This billionaire sports owner shared thoughts on crypto, an NFT comeback, and taxes. </li><li>From Tuesday: The checkout survey at this retail giant has confused and annoyed customers and workers.</li><li>From Wednesday: This billionaire investor isn't a fan of venture capital.</li><li>From Thursday: What did the Fed decide to do with interest rates?</li><li>From Friday: This prestigious investment bank recently announced its newest crop of managing directors.</li></ul>Check Saturday's edition of Insider Today for the answers.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Sam Bankman-Fried was just convicted. Where does crypto go from here?

Hey there! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC. I don't care what TikTok says, <a href="https://www.insider.com/raw-oyster-safety-according-to-experts-vibrio-2023-5">I'm not going to to stop eating raw oysters.</a> (If I die from a raw oyster, please delete this newsletter from the internet so they can't mock me for it.)Today, we've got stories on <a href="https://www.businessinsider.com/blackrock-artificial-intelligence-larry-fink-2023-5">BlackRock's AI ambitions</a>, <a href="https://www.businessinsider.com/rockefeller-dealmaking-franklin-templeton-desmarais-5-2023">an under-the-radar firm that's nabbing deals amid the M&amp;A drought</a>, and <a href="https://www.businessinsider.com/most-expensive-cities-for-childcare-daycare-us-affordable-care-cost-2023-5">why childcare costs so much in certain cities.</a>The <a href="https://www.businessinsider.com/house-pass-mccarthy-biden-debt-ceiling-agreement-fiscal-responsibility-2023-5">US is one step closer to avoiding a default in a matter of days</a>. The House passed President Joe Biden's and Speaker of the House Kevin McCarthy's bill.But first, can I count on your vote?If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-considers-politics-bill-ackman-president-election-2023-6"></a>1. <a href="https://www.youtube.com/watch?v=24Be_O9cHVQ">If I was president ...</a>Jamie Dimon for president?There has long been speculation that <a href="https://www.businessinsider.com/jamie-dimon-jp-morgan-ceo-first-republic-bank-rescue-2023-3">America's most-famous banker</a> has plans to run for some sort of public office. The JPMorgan CEO hasn't shied away from the idea either.Wednesday marked another opportunity for Dimon to sprinkle breadcrumbs."I love my country, and maybe one day I'll serve my country in one capacity or another," <a href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-considers-politics-bill-ackman-president-election-2023-6">Dimon told Bloomberg</a>.Dimon's already got one vote, it seems. Billionaire hedge-fund manager Bill Ackman offered a soliloquy of sorts on Twitter about how Dimon <a href="https://twitter.com/BillAckman/status/1663959113703751720" target="_blank" rel="noopener">would be an ideal presidential candidate.</a>The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. That got me thinking ... who else might make a good politician? And what role would suit them?Kenneth Chenault — Governor of New YorkNo disrespect to Gov. Kathy Hochul, but she's had a tough go of it in recent months. Her plan to address New York's <a href="https://www.businessinsider.com/rich-new-york-suburbs-losing-minds-hochul-plan-increase-housing-2023-4">housing shortage went over like a lead balloon</a>. The former American Express CEO and current chairman and MD at General Catalyst might be exactly what the state needs.Chenault has a history of taking up civic causes, including <a href="https://www.businessinsider.com/restrictive-voting-laws-companies-ceos-ad-organized-by-black-executives-2021-4">encouraging CEOs to oppose restrictive voting laws.</a> He's also not shy about taking a position on things. He recently <a href="https://www.washingtonpost.com/opinions/2023/05/26/diversity-education-business/" target="_blank" rel="noopener">co-penned an op-ed in The Washington Post</a> criticizing Florida's new law <a href="https://www.washingtonpost.com/education/2023/05/15/desantis-defunds-dei-programs-florida-colleges/" target="_blank" rel="noopener">defunding DEI programs at public colleges.</a>Larry Fink — White House National Climate AdvisorWe've already covered how <a href="https://www.businessinsider.com/blackrock-larry-fink-succession-plans-ceo-2023-5">BlackRock is considering life without Larry.</a> A move into the public sector seems like a natural fit.Fink would make for a good Treasury Secretary candidate, but why not let him take charge of something he's clearly passionate about: climate change. Adena Friedman — Commissioner of Fintech I'm bending the rules by creating a made-up position, but stick with me. Fintechs are leveling up from adolescence to adulthood — or at least trying to — and becoming a bigger part of the world of finance. Yet we don't have a dedicated regulatory body to oversee them. The combination of agencies claiming oversight of fintechs is a game of alphabet soup: SEC, CFTC, OCC, CFPB, etc. That's where Friedman comes in. The president and CEO of Nasdaq is well-versed in technology. When most Wall Street executives were still afraid of the public cloud, <a href="https://www.businessinsider.com/nasdaqs-ceo-said-exchanges-should-move-to-the-cloud-2019-3">she was ready to embrace it with open arms.</a> Someone with that type of foresight is an ideal candidate to oversee the space at a critical juncture.Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. <a href="https://www.politico.com/blogs/donald-trump-administration/2016/11/jonathan-gray-wont-serve-as-treasury-secretary-231799">Gray met with then-President-elect Donald Trump</a> about serving as his Treasury Secretary back in 2016. The fact that Gray, a Democrat, was even considered for a cabinet position for a Republican president speaks to the strength of his résumé. Gray's left-leaning beliefs juxtaposed with his private-equity background would make him an interesting jousting partner for Wall Street's biggest nemesis in Washington: Sen. Elizabeth Warren. Ken Griffin — Governor of FloridaThe billionaire hedge-fund manager has used his considerable wealth to influence politics <a href="https://www.businessinsider.com/ken-griffin-citadel-florida-desantis-politics-hedge-fund-2022-12">as a mega donor for the GOP in recent years.</a> Griffin also hasn't been bashful about his love for the state of Florida, relocating his company from Chicago to Miami.And while Griffin hasn't agreed with <a href="https://www.thecrimson.com/article/2023/5/30/ken-griffin-florida-law/">all of Florida Gov. Ron DeSantis' politics</a>, it seems as if he'll eventually back him. If DeSantis were to win the US presidency in 2024, that would leave an opening for a new governor in the state.Brian Moynihan — Vice PresidentThis is a tricky position. You can't be too flashy to take the shine away from the POTUS, but you need to be capable enough to step into their shoes. Moynihan's mantra — <a href="https://www.bloomberg.com/news/articles/2022-12-22/bank-of-america-s-focus-on-responsible-growth-shapes-its-strategy?sref=5xrDvJna">"responsible growth"</a> — is exactly the type of mindset you want. Bonus points for Moynihan being from a swing state (Ohio), which is always a plus for a running mate. Dan Schulman — Secretary of CommerceSchulman's days at PayPal are numbered, as the company's CEO and president has <a href="https://www.businessinsider.com/paypal-potential-ceo-candidates-to-succeed-dan-schulman-2023-2">said he will retire by the end of the year.</a> The idea of him holding public office doesn't seem far-fetched.As someone who has held executive positions across a number of businesses — American Express, AT&amp;T, Virgin Mobile, PayPal — he's got boots-on-the-ground experience of what does, and doesn't, work at companies. That makes him a nice pick to lead commerce. In other news:<a href="https://www.insider.com/taylor-swift-fans-say-theyll-wear-adult-diapers-to-concert-2023-5"></a><div type="image" title="taylor swift eras tour" height="3993" width="5342" msid="100681679" hostid="261"></div>2. BlackRock &lt;3 AI. CEO Larry Fink said the massive asset manager was spending "a huge amount of time" on the tech to boost productivity. <a href="https://www.businessinsider.com/blackrock-artificial-intelligence-larry-fink-2023-5">Here's how Fink and co. are thinking about the cutting-edge tech.</a>3. Even amid a dealmaking drought, the rich get richer. Rockefeller Capital Management advised Canadian insurer Great-West Lifeco on the sale of its asset-management subsidiary Putnam Investments to Franklin Templeton. It's a deal that could be worth up to nearly $1.4 billion. <a href="https://www.businessinsider.com/rockefeller-dealmaking-franklin-templeton-desmarais-5-2023">More on how Rockefeller nabbed the deal here.</a>4. The curious case of Blackstone's position on office-space investments. CEO Stephen Schwarzman has warned of the challenges that US offices are facing. Meanwhile, a real-estate-finance company managed by Blackstone still holds a sizeable chunk of loans tied to office properties. <a href="https://www.businessinsider.com/blackstone-cooled-on-office-related-company-leaves-it-exposed-2023-5">The office-space conundrum at Blackstone.</a>5. Nobody seems to want to stay at Credit Suisse. The Swiss bank, which is in the process of being acquired by rival UBS, is losing employees by the hundreds, Reuters reported. <a href="https://www.reuters.com/business/finance/credit-suisse-bankers-leaving-by-hundreds-every-week-sources-2023-05-31/">The full story.</a>6. Warren Buffett is basically a quant, you guys. At least, that's according to AQR cofounder Cliff Asness, who said the famed investor has some commonalities with those who take a quantitative approach. <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-quant-trader-berkshire-hathaway-stocks-analysis-cliff-asness-2023-5?_gl=1*1mwrf5h*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4NTU2MDAzMS4xMC4xLjE2ODU1NjQ2NDcuMjUuMC4w">Here's more on Asness' thinking.</a>7. Some good news for a neobank. It's tough sledding for fintechs nowadays, but UK-based Monzo more than doubled its revenue last year. The digital bank also cut its losses to only $143 million. (These days, that's a win.) <a href="https://www.businessinsider.com/monzo-uk-fintech-bank-increases-revenues-and-narrows-losses-2023-5">Here's what's on tap for 2023, per the CEO.</a>8. Kids are really expensive. (Yes, I can confirm.) Childcare can be wildly expensive, depending on where you live. <a href="https://www.businessinsider.com/most-expensive-cities-for-childcare-daycare-us-affordable-care-cost-2023-5">Here's a breakdown of the cheapest, and most expensive, places for getting childcare.</a>9. If you're looking to buy a home, start in these cities. These 10 cities have home prices that are affordable when considering income and the rise of property values. <a href="https://www.businessinsider.com/10-best-us-cities-to-become-homeowner-in-2023-2023-5">Check them out.</a>10. Taylor Swift fans are wearing diapers to her concerts so they don't miss any of her songs. More on how Swifties <a href="https://www.insider.com/taylor-swift-fans-say-theyll-wear-adult-diapers-to-concert-2023-5">know no limits to their fandom.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=6477543d8c8a4f267d10dfe0&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Nathan Rennolds (tweet <a href="https://twitter.com/ncrennolds?lang=en">@ncrennolds</a>) in London.

From Wall Street to Washington: Which finance execs would make the best public servants?

Merchant commerce platform <keyword id="1552189" type="General" weightage="20" keywordseo="pine-labs" source="Orion">Pine Labs</keyword> on Tuesday announced it has acquired Mumbai-based online payments startup <keyword id="13130057" type="General" weightage="20" keywordseo="qfix" source="Orion">Qfix</keyword>, for an undisclosed sum. More than 5,000 merchants are presently on the Qfix platform including educational institutions, governments and clubs. "Qfix's innovations through their smart invoicing and workflow management and billing tools would help offer a complete merchant payments and commerce platform through Plural," said Amrish Rau, CEO, Pine Labs. In October 2021, Pine Labs announced its foray in the online payments space with the launch of Plural. "This acquisition will help us serve to the needs of multiple sectors requiring curated and innovative online payment solutions and commerce solutions that are secure, seamless, and speedier when it comes to execution," said Venugopal Choudhary, MD, Qfix Infocomm Pvt Ltd. Qfix focuses on identifying and creating communities with common needs and enabling large-scale commerce within those communities on a single platform. Its education platform is used by over 5,000 education institutes ranging from K12 to large professional colleges and institutes spread across India. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-wilmar-tvs-motor-bharti-airtel-irctc-and-other-hot-stocks-on-february-8/slidelist/89418927.cms">Adani Wilmar, TVS Motor, Bharti Airtel, IRCTC and other hot stocks on February 8</a> <a href="https://www.businessinsider.in/business/startups/news/interview-indias-latest-software-unicorn-is-wetting-its-feet-in-america-after-holding-its-horses-for-seven-years/articleshow/89409491.cms">INTERVIEW: India’s latest software unicorn is wetting its feet in America after holding its horses for seven years</a> <a href="https://www.businessinsider.in/business/startups/news/future-groups-kishore-biyani-mohandas-pai-and-68-others-invest-in-former-twitter-india-heads-latest-startup/articleshow/89403045.cms">Future Group’s Kishore Biyani, Mohandas Pai and 68 others invest in former Twitter India head’s latest startup</a>

Pine Labs acquires online payments startup Qfix

Good morning and welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>Erika Najarian resigned from her role as <a href="https://www.businessinsider.com/erika-najarian-leaving-bank-of-america-as-head-of-reserach-2021-6">Bank of America's top bank researcher</a>.</li><li>We mapped out the list of <a href="https://www.businessinsider.com/public-cloud-wall-street-partnerships-aws-google-cloud-microsoft-ibm-2021-6">all the key cloud partnerships</a> across <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword>. </li><li>Blackstone's Steve Schwarzman celebrated the <a href="https://www.businessinsider.com/blackstone-group-memo-stock-bx-steve-schwarzman-jon-gray-2021-6">PE giant's stock hitting $100</a> with a memo. </li><li>Evercore is taking big steps to <a href="https://www.businessinsider.com/evercore-poached-healthcare-bankers-bradley-wolff-hank-yeh-citi-goldman-2021-6">staff up its healthcare team</a>. </li></ul>You're invited: Join us Tuesday at 12 p.m ET for a virtual event presented by PwC, spotlighting the biggest trends CEOs will focus on in the next 12 months. <a href="https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg30.jsp&amp;partnerref=editorial_newsletter&amp;eventid=3133937&amp;sessionid=1&amp;key=7A1B1FC73859D6F335A5645AA0F68725&amp;regTag=&amp;V2=false&amp;sourcepage=registeralse&amp;sourcepage=register" target="_blank" rel="noopener noreferrer">Register here</a>.<a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">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.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/evercore-poached-healthcare-bankers-bradley-wolff-hank-yeh-citi-goldman-2021-6">Evercore just snagged a team of bankers from Citi to cash in on a busy healthcare market</a></h3><a href="https://www.businessinsider.com/evercore-poached-healthcare-bankers-bradley-wolff-hank-yeh-citi-goldman-2021-6"><div type="image" title="Ralph Schlosstein" height="1125" width="1500" msid="83837377" hostid="261"></div></a>Evercore has snagged 4 healthcare bankers from Citi, including an MD, and a Goldman Sachs banker. <a href="https://www.businessinsider.com/evercore-poached-healthcare-bankers-bradley-wolff-hank-yeh-citi-goldman-2021-6">Here's what we know about the hires</a>.<h3><a href="https://www.businessinsider.com/erika-najarian-leaving-bank-of-america-as-head-of-reserach-2021-6">Top bank research analyst Erika Najarian is leaving Bank of America</a></h3><a href="https://www.businessinsider.com/erika-najarian-leaving-bank-of-america-as-head-of-reserach-2021-6"><div type="image" title="Bank researcher Erika Najarian" height="632" width="843" msid="83837379" hostid="261"></div></a>Top equity researcher Erika Najarian resigned this week, sources told Insider. <a href="https://www.businessinsider.com/erika-najarian-leaving-bank-of-america-as-head-of-reserach-2021-6">This is what we know so far about her departure.</a><h3><a href="https://www.businessinsider.com/public-cloud-wall-street-partnerships-aws-google-cloud-microsoft-ibm-2021-6">Firms like Morgan Stanley, Bank of America, and BlackRock are picking favorites to partner with in their cloud journey. Here's whom providers are winning over on Wall Street.</a></h3><a href="https://www.businessinsider.com/public-cloud-wall-street-partnerships-aws-google-cloud-microsoft-ibm-2021-6"><div type="image" title="Andy Jassy" height="3456" width="4608" msid="83837380" hostid="261"></div></a>The major public cloud providers - AWS, Google Cloud, IBM, and Microsoft Azure - are battling it out to win over financial institutions. <a href="https://www.businessinsider.com/public-cloud-wall-street-partnerships-aws-google-cloud-microsoft-ibm-2021-6">Here's our running list of key cloud partnerships announced so far.</a><h3><a href="https://www.businessinsider.com/jpmorgan-chase-licensed-relationship-bankers-all-branches-hiring-2021-6">JPMorgan Chase is aiming to staff all US branches with licensed bankers who can offer investment advice by the end of the year</a></h3><a href="https://www.businessinsider.com/jpmorgan-chase-licensed-relationship-bankers-all-branches-hiring-2021-6"><div type="image" title="Chase" height="2298" width="3064" msid="83837386" hostid="261"></div></a>JPMorgan Chase is also training associate bankers to handle less transactional and more advice-based work. <a href="https://www.businessinsider.com/jpmorgan-chase-licensed-relationship-bankers-all-branches-hiring-2021-6">Here's what we know about the plans</a>.<h3><a href="https://www.businessinsider.com/blackstone-group-memo-stock-bx-steve-schwarzman-jon-gray-2021-6">Blackstone's Steve Schwarzman just celebrated the PE giant's stock hitting $100 with a congratulatory memo to staff calling out big wins</a></h3><a href="https://www.businessinsider.com/blackstone-group-memo-stock-bx-steve-schwarzman-jon-gray-2021-6"><div type="image" title="Steve Schwarzman" height="1434" width="1912" msid="83837387" hostid="261"></div></a>In his celebratory memo, Schwarzman said "we're seeing the public markets start to recognize the specialness of our business." <a href="https://www.businessinsider.com/blackstone-group-memo-stock-bx-steve-schwarzman-jon-gray-2021-6">Read the full memo here.</a><h3><a href="https://www.businessinsider.com/biden-tax-hike-sell-business-goldman-sachs-private-wealth-interview-2021-6">A Goldman Sachs private wealth exec explains how rich founders are thinking of ways to avoid a tax-hike hit when cashing out of their companies</a></h3><a href="https://www.businessinsider.com/biden-tax-hike-sell-business-goldman-sachs-private-wealth-interview-2021-6"><div type="image" title="Headshot of Goldman Sachs executive Katie Hyde." height="500" width="667" msid="83837389" hostid="261"></div></a>Managing Director Katie Hyde urged anyone considering transferring assets or selling their business to act now. <a href="https://www.businessinsider.com/biden-tax-hike-sell-business-goldman-sachs-private-wealth-interview-2021-6">Here's what else she said.</a><h3><a href="https://www.businessinsider.com/big-law-firms-talent-war-hiring-canadian-lawyers-raises-immigration-2021-6">US law firms are so hungry for talent they're poaching young Canadian lawyers, who are getting 30% pay bumps</a></h3><a href="https://www.businessinsider.com/big-law-firms-talent-war-hiring-canadian-lawyers-raises-immigration-2021-6"><div type="image" title="A small Canadian flag in front of a blurred picture of the New York City skyline, including the Empire State Building." height="1414" width="1885" msid="83837390" hostid="261"></div></a>In the first half of 2021, more Canadian lawyers joined US firms than in all of 2020. <a href="https://www.businessinsider.com/big-law-firms-talent-war-hiring-canadian-lawyers-raises-immigration-2021-6">More on law firms' international search for talent.</a><h3><a href="https://www.businessinsider.com/crypto-exchanges-are-preparing-for-advertising-blitz-2021-6">Top crypto exchanges are about to launch a marketing blitz in a race to win over mainstream consumers</a></h3><a href="https://www.businessinsider.com/crypto-exchanges-are-preparing-for-advertising-blitz-2021-6"><div type="image" title="GettyImages 1028811312" height="2524" width="3365" msid="83837391" hostid="261"></div></a>Exchanges like Coinbase, eToro, and Blockfolio have hired ad agencies in recent months. <a href="https://www.businessinsider.com/crypto-exchanges-are-preparing-for-advertising-blitz-2021-6">Read more here</a>.<h3><a href="https://www.businessinsider.com/goldman-sachs-hires-internet-research-analyst-eric-sheridan-ubs-2021-6">Goldman Sachs just hired a top internet research analyst away from UBS</a></h3><a href="https://www.businessinsider.com/goldman-sachs-hires-internet-research-analyst-eric-sheridan-ubs-2021-6"><div type="image" title="Goldman Sachs" height="2348" width="3130" msid="83837393" hostid="261"></div></a>Internet research analyst Eric Sheridan is moving from UBS to Goldman Sachs. <a href="https://www.businessinsider.com/goldman-sachs-hires-internet-research-analyst-eric-sheridan-ubs-2021-6">More on that here</a>.<h3><a href="https://www.businessinsider.com/citigroup-names-hal-behzadi-head-of-north-america-private-bank-2021-6">Citi named Halé Behzadi the new head of its private bank in North America as the bank targets the ultra-rich</a></h3><a href="https://www.businessinsider.com/citigroup-names-hal-behzadi-head-of-north-america-private-bank-2021-6"><div type="image" title="jane fraser" height="750" width="1000" msid="83837396" hostid="261"></div></a>Halé Behzadi previously served as MD and global market manager of the western region within the firm's private-banking division. <a href="https://www.businessinsider.com/citigroup-names-hal-behzadi-head-of-north-america-private-bank-2021-6">Here's what we know about the promotion</a>. <h2>Odd lots:</h2><a href="https://www.businessinsider.com/gti-trulieve-ceos-discuss-future-of-cannabis-at-robin-hood-conference-2021-6">The CEOs of two of the biggest US cannabis companies break down the future of the industry to an exclusive audience of Wall Street's most powerful investors (Insider)</a><a href="https://www.forbes.com/sites/jasonbisnoff/2021/06/23/how-a-21-year-old-built-the-popular-instagram-account-wall-street-confessions-to-shine-a-light-on-life-in-finance/?sh=5d917b1d41a2">How A 21-Year-Old Built The Popular Instagram Account "Wall Street Confessions" To Shine A Light On Life In Finance (Forbes)</a><a href="https://www.institutionalinvestor.com/article/b1sdkrmqfplfkj/After-a-Record-Quarter-Asset-Managers-Are-Hiring-and-Increasing-Compensation?utm_source=Twitter&amp;utm_medium=organic%20social%20media&amp;utm_content=5036699762&amp;utm_campaign=Editorialgn=Editorial">After a Record Quarter, Asset Managers Are Hiring and Increasing Compensation (Institutional Investor)</a><a href="https://www.businessinsider.com/early-paypal-employee-sold-stock-too-soon-millionaire-2021-6">I was an early PayPal employee who joined the company even before Elon Musk. I missed out on becoming a millionaire because I sold my stock too soon after I left. (Insider)</a><a href="https://www.nytimes.com/2021/06/24/business/economy/fed-blackrock-pandemic-crisis.html">Top U.S. Officials Consulted With BlackRock as Markets Melted Down (The New York Times)</a><a href="https://www.wsj.com/articles/visa-buys-swedish-fintech-tink-for-more-than-2-billion-11624528687">Visa Buys Swedish Fintech Tink for More Than $2 Billion (WSJ)</a><a href="https://www.theblockcrypto.com/post/109526/citigroup-digital-asset-unit">Citigroup launches a digital asset unit within its wealth management division (The Block)</a><a href="https://www.vanityfair.com/news/2021/06/how-billionaire-rebekah-neumann-put-the-woo-woo-in-wework">How Billionaire Rebeka Neumann Put the Woo-Woo in WeWork (Vanity Fair)</a><a href="https://www.businessinsider.com/how-much-gen-z-vc-gets-paid-small-fund-venture-2021-6">A Gen Z VC dishes that he gets paid $60,000/year at a small fund. He also gets an apartment, car and other rare perks. (Insider)</a><a href="https://www.bloomberg.com/news/articles/2021-06-24/blackrock-changes-internal-processes-after-discrimination-issues?sref=5xrDvJna">BlackRock Revamps Bias, Harassment Policies After Review (Insider)</a>

We mapped out the key cloud partnerships on Wall Street

<ul class="summary-list"><li>From financial apps to publicly traded funds to crypto-exchanges, there are now a multitude of options for investing in <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>.</li><li>Bitcoin remains risky and volatile, so individuals should invest small amounts, keep their accounts secure, and think long term.</li><li>Bitcoin's dramatic price rise since its 2009 debut is attracting both institutional and individual investors.</li></ul>Bitcoin is possibly <a href="https://www.businessinsider.com/what-is-bitcoin" target="_blank" rel="noopener">the most fashionable investment </a>of the past decade. It has appreciated in value by anything from 717,900% to just shy of one billion percent (<a href="https://www.aier.org/article/was-bitcoin-the-best-performing-asset-of-the-decade/" target="_blank" rel="noopener">depending on your starting figure</a>) over the last 10 years or so. Either way, it's one of the best-performing financial assets in recent history.But while bitcoin is certainly the talk of the town, much of it remains shrouded in mystery. It's not clear to newcomers how best to invest in the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword>, with banks and most mainstream brokerage platforms refusing to handle it. Plus, its price swings can be frighteningly <a href="https://www.businessinsider.com/what-is-volatility" target="_blank" rel="noopener">volatile</a> by the standards of traditional stock and bond <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>.Let's demystify how to invest in bitcoin: the various places to buy it, the risks and rewards, and strategies for safely ensuring a higher return.<h2>Why invest in bitcoin?</h2>Bitcoin is a cryptocurrency, a form of private, electronic money whose transactions are validated using cryptography, the science of encrypting and decrypting information. Since its launch in January 2009, it has come to be traded amid <a href="https://nakamotoinstitute.org/mempool/the-bullish-case-for-bitcoin/" target="_blank" rel="noopener">the belief</a> that its software-enforced cap to 21 million bitcoins will ensure that it only appreciates in value over the long term."The best argument for Bitcoin's future success is the same argument long used for gold, diamonds and collectibles: It has been designed to have a limited supply and cannot be counterfeited," says Bob Fitzsimmons, the executive VP of Fixed Income, Commodities, and Stock Lending at Wedbush Securities.The appeal of bitcoin's 21-million finite supply became more pronounced in the context of the 2020 coronavirus pandemic, which <a href="https://markets.businessinsider.com/news/stocks/central-banks-buy-trillion-financial-assets-g7-march-federal-reserve-2020-4-1029113160" target="_blank" rel="noopener">has brought record-low interest rates and "unprecedented levels of fiscal stimulus,</a>" says Fitzsimmons. But even before the COVID-19 pandemic, bitcoin has enjoyed significant longer-term price increases. Having been worth around $1 at the beginning of 2010, it reached a new <a href="https://markets.businessinsider.com/currencies/news/bitcoin-hits-new-record-high-after-trading-above-19700-2020-11-1029849416" target="_blank" rel="noopener">all-time high of $23,770.85 on Dec. 17, 2020.</a> It hasn't been a smooth ascent, though. Over the years, the cryptocurrency's price has bounced all over the place, sometimes plunging by hundreds of dollars in hours. It hit <a href="https://www.businessinsider.com/bitcoin-price-in-2017-review-2017-12" target="_blank" rel="noopener">an all-time high of $19,783 in December 2017</a>, too - before falling over the next couple of years by thousands. In fact, in November 2020 <a href="https://markets.businessinsider.com/currencies/news/bitcoin-hits-new-record-high-after-trading-above-19700-2020-11-1029849416">it crashed by $3,000</a>, before climbing again. Given such price swings, bitcoin can be loosely classified in the same investment league as <a href="https://www.businessinsider.com/growth-investing-definition-strategies" target="_blank" rel="noopener">growth</a> and <a href="https://www.businessinsider.com/how-to-invest-in-tech-stocks" target="_blank" rel="noopener">tech stocks</a>, which have provided investors with higher-than-average returns, in exchange for taking on higher-than-average risk.<h2>Buying and investing in bitcoin</h2>Assuming that they're willing to accept the risk, investors interested in buying and investing in bitcoin have a number of options at their disposal. Each has its own advantages and disadvantages.<h3>Bitcoin trusts and funds</h3>For those who aren't keen on the idea of actually handling or owning bitcoin themselves, one simple option is to buy shares in a publicly traded bitcoin trust. Similar to ETFs or mutual funds, these offer a portfolio that holds or trades the currency. "The easiest way to buy bitcoin is through the <a href="https://markets.businessinsider.com/stocks/grayscale_bitcoin_trust_btc_registered-stock" target="_blank" rel="noopener">Grayscale Bitcoin Trust (GBTC) </a>because it tracks the cryptocurrency and trades via the traditional financial market," says Ari Wald, the MD of the Institutional Portfolio Strategy team at Oppenheimer &amp; Co.Besides the <keyword id="10357565" type="UNKNOWN" weightage="60" keywordseo="grayscale-bitcoin-trust">Grayscale Bitcoin Trust</keyword> (which is by far the largest), other bitcoin trusts or funds include:<ul><li>ETC Group <a href="https://www.btc-etc.com/products/btcetc.html" target="_blank" rel="noopener">offers an "exchange-traded cryptocurrency" product</a> that tracks bitcoin and is listed on the Deutsche Börse XETRA.</li><li>3iQ's <a href="https://3iq.ca/the-bitcoin-fund/" target="_blank" rel="noopener">Bitcoin Fund</a>, listed on the Toronto Stock Exchange.</li><li>CoinShares has several <a href="https://coinshares.com/etps/xbt-provider" target="_blank" rel="noopener">bitcoin tracker funds</a> listed on the NASDAQ/OMX exchange in Stockholm.</li><li>Wisdom Tree owns a <a href="https://www.wisdomtree.eu/en-gb/press-room/tabs/latest-news/wisdomtree-launches-physically-backed-bitcoin-etp#" target="_blank" rel="noopener">physically-backed bitcoin exchange-traded product</a> listed on Switzerland's SIX exchange.</li></ul>The main catch: Fees for funds and trusts can be fairly high. The Grayscale Bitcoin Trust <a href="https://grayscale.co/bitcoin-trust/" target="_blank" rel="noopener">charging an annual management fee of 2%</a>, for example. Like others, it "also trades at a substantial premium," relative to the value of the bitcoins it holds, Wald notes. <h3>Financial and investment apps</h3>Recently, there has been a small number of financial and investment apps jumping into the cryptocurrency fray. For example, in November 2020, <a href="https://www.businessinsider.com/paypal-officially-launches-crypto-service-in-us-2020-11" target="_blank" rel="noopener">PayPal began offering its US customers</a> the capability to buy, sell, and make purchases with bitcoin, along with three other cryptocurrencies (ethereum, bitcoin cash, and litecoin)."The biggest obstacle [for bitcoin buying and selling] has always been having to open an account with a bitcoin exchange and providing documents to verify your identity. Because hundreds of millions of people already have PayPal accounts, they can skip all of that hassle," says Glen Goodman, an investment expert and author of The Crypto Trader.However, there are downsides to buying bitcoin with PayPal: "You can't move your bitcoin to your own personal wallet or send it to anybody else. You can't transfer it to a crypto-exchange to use it for trading other cryptocurrencies, Goodman notes. "There are also relatively large fees" for transactions, <a href="https://www.paypal.com/en/webapps/mpp/paypal-fees?utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20bii-payments-and-commerce:%20PayPal%20launches%20US%20crypto%20service%20%7C%20Wells%20Fargo%20may%20do%20away%20with%20store%20cards%20%7C%20Klarna%20launches%20price%20monitoring%20feature&amp;utm_term=BII%20List%20PayCom%20ALLPayCom%20ALL" target="_blank" rel="noopener">ranging from 1.5% to 2.3%</a>, depending on the amount you buy or sell. PayPal isn't the only mainstream app cashing in on the crypto craze. The popular investment app Robinhood is also dealing in the currency now, and it <a href="https://robinhood.com/us/en/support/articles/commission-free-cryptocurrency-investing/" target="_blank" rel="noopener">doesn't charge any commission.</a>Square's Cash App is another platform that includes bitcoin trading, while Swan Bitcoin is an app that lets users automatically invest in the cryptocurrency at regular intervals. Square does usually charge service and volatility fees for bitcoin transactions (although <a href="https://cash.app/help/us/en-us/3103-bitcoin-fees" target="_blank" rel="noopener">it doesn't explicitly state</a> what these are on its website), while Swan Bitcoin <a href="https://www.swanbitcoin.com/fees" target="_blank" rel="noopener">charges from 0.99% to 2.29%</a> as a percentage of the weekly amount saved. <h3>Cryptocurrency exchanges</h3>One of the main ways investors purchase bitcoin is through cryptocurrency exchanges. Since this option involves directly buying bitcoin yourself on a dedicated cryptocurrency exchange, it's recommended for more experienced investors. These have certain advantages over the apps and funds, such as:<ul><li>Lower fees in the range of 0.10% to 0.26% </li><li>The ability to withdraw bitcoins and download them to another account. This is considered essential by many experienced bitcoin traders, given that various high-profile cryptocurrency exchanges have suffered hacks over the years. (Some apps do allow it, but popular ones like Robinhood and PayPal are not among them.)</li></ul>As mentioned, this is a more sophisticated game - you're getting into the professional traders' territory. Still, "if you're a more advanced user, then you can probably handle buying on an exchange yourself," says Samson Mow, chief strategy officer of blockchain tech firm Blockstream. "<a href="https://www.bitstamp.net/" target="_blank" rel="noopener">Bitstamp</a> or <a href="https://www.kraken.com/en-gb/features/fee-schedule" target="_blank" rel="noopener">Kraken</a> are reliable platforms" that he recommends for individual investors.Other reputable exchanges operating in the US include <a href="https://www.coinbase.com/" target="_blank" rel="noopener">Coinbase</a>, <a href="https://www.binance.com/en/fee/schedule" target="_blank" rel="noopener">Binance</a>, and <a href="https://www.gemini.com/" target="_blank" rel="noopener">Gemini</a>. To start trading, you'll have to open an account with the exchange. These exchanges follow stringent know-your-customer (KYC) guidelines, so you will need to prove your identity before being able to trade using them. Most exchanges have minimum deposit requirements for fiat currencies and cryptocurrencies, but these are usually very low.<h2>What to know before investing in bitcoin</h2>Despite being over a decade old, bitcoin remains a relatively immature asset. There's less trading volume on its markets, which means it's less <a href="https://www.businessinsider.com/what-is-liquidity" target="_blank" rel="noopener">liquid</a>, and the price changes can be volatile. It's therefore hard to predict how it will behave from one month to the next. Here are some tips for reducing your exposure to risk while also increasing your exposure to potential gain.Keep it safe and secure: Crypto-exchanges still <a href="https://markets.businessinsider.com/currencies/news/btc-binance-suffers-40-million-hack-2019-5-1028182318" target="_blank" rel="noopener">continue to suffer the occasional hack even today.</a> Since bitcoins do not exist in physical form, seasoned bitcoin investors store them in digital wallets. A hardware wallet is a handheld, offline device that securely stores the private key necessary to transfer your bitcoin holdings from one place to another. Ledger and Trezor are two reputable brands. "If the amount you store is going to be a lot, you may also want to add a seed backup," advises Mow. A "seed backup" is a backup of the phrase (i.e. a set of words) that lets you access your bitcoin wallet. Many investors holding large quantities of bitcoin engrave their seed phrases onto metal plates and then store these plates somewhere safe (such as a bank deposit vault).Likewise, you should plan on doing all of your investing from a secure internet connection. In general, trading or buying bitcoin on a public WiFi network makes you more susceptible to attacks from hackers. Start small, rather than big: Given its short history and still highly unpredictable behavior, it's usually wise to keep your initial investment in Bitcoin relatively limited. Even experienced investors (e.g. hedge fund manager <a href="https://markets.businessinsider.com/currencies/news/bitcoin-billionaire-investor-paul-tudor-jones-says-buying-cryptocurrency-inflation-2020-5-1029179495" target="_blank" rel="noopener">Paul Tudor Jones</a>) have allocated just a single-digit percentage of their capital to bitcoin while keeping the rest in less volatile assets. And, despite the hype and forecasts, maintain your investment discipline, buying only what you can afford to potentially lose and not getting swept up by promises of gigantic upswings.Bear taxes in mind: Even though it's a currency, the <a href="https://www.businessinsider.com/bitcoin-taxes-overview" target="_blank" rel="noopener">IRS considers bitcoin to be property</a> rather than money, so it's subject to the same tax treatment as other investment assets. Bitcoin taxes can be triggered by trading, exchanging, or simply spending the cryptocurrency (if it's increased in value since you bought it). So documenting every transaction is essential. The good news is that bitcoin profits are taxed at the special capital gains tax rate, which is often less than ordinary income rates.Have a buy-and-hold mentality: Unless you're prepared to watch the market daily and move at a moment's notice, investing in bitcoin should really be undertaken for the long term. "Bitcoin's heightened day-to-day volatility makes this especially true," says Ari Wald. In other words, it's not really advisable to buy bitcoin expecting to sell it a day, week, or month later, as investors found when <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tanked-days-coronavirus-market-panic-safe-haven-cryptocurrency-2020-3-1028993978" target="_blank" rel="noopener">the cryptocurrency tanked by 50% in two days in March</a>. However, the fact that bitcoin recovered following this crash to hit a new all-time high in November and then December shows the virtue of patience. <h2>The financial takeaway</h2>The investment outlook for bitcoin is bright. It had an exciting 2020, with <a href="https://markets.businessinsider.com/currencies/news/crypto-assets-bitcoin-owned-large-investors-institutional-fidelity-survey-percentage-2020-6-1029293753">a growing number of corporate investors</a> beginning to snap up the cryptocurrency (a big part of the reason why it has <a href="https://markets.businessinsider.com/currencies/btc-usd">risen in price by 170%</a> since 2019). And with <a href="https://markets.businessinsider.com/currencies/news/insurer-massmutual-scoops-up-100-million-worth-of-bitcoin-2020-12-1029885209">more institutional investors buying bitcoin every month</a>, and the cryptocurrency's relative supply shrinking, most analysts seem to think it still has space to rise higher.Not only has the future never looked better for bitcoin, but it has never been easier to buy and invest in the cryptocurrency. From payment apps to bitcoin funds to crypto-exchanges, there are now a multitude of options for anyone wanting to gain exposure to the original all-digital asset. <h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/what-are-capital-gains" target="_blank" rel="noopener">Capital gains are the profits you make from selling your investments, and they can be taxed at lower rates</a></h3><h3><a href="https://www.businessinsider.com/what-are-alternative-investments" target="_blank" rel="noopener">Alternative investments are exotic assets that can diversify your portfolio - here are the five major kinds and everything you should know about them</a></h3><h3><a href="https://www.businessinsider.com/what-are-liquid-assets" target="_blank" rel="noopener">What are liquid assets? A guide to the investments that are easiest to cash in, and why they're important</a></h3><h3><a href="https://www.businessinsider.com/how-to-diversify-portfolio" target="_blank" rel="noopener">How to diversify your portfolio to limit losses and guard against risk</a></h3><h3><a href="https://markets.businessinsider.com/currencies/news/stock-market-outlook-bitcoin-portfolio-crypto-skeptic-investing-bernstein-2020-12-1029854263" target="_blank" rel="noopener">'I have changed my mind': A top market strategist and long-time crypto skeptic explains why he now believes bitcoin should be in investor portfolios</a></h3>

How to invest in bitcoin: The major ways to buy, their pros and cons, and the strategies to consider

It was a difficult day for the country yesterday. Leaders on Wall Street and across corporate America have been speaking out against <a href="https://www.businessinsider.com/republicans-objecting-to-electoral-votes-in-congress-live-updates-2021-1">the violence at the US Capitol.</a> Among them was <a href="https://www.businessinsider.com/us-capitol-siege-business-leaders-react-jamie-dimon-alexis-ohanian-2021-1">JPMorgan Chase CEO Jamie Dimon</a>, who said in a statement that "now is the time to come together to strengthen our exceptional union." Read the latest live <a href="https://www.businessinsider.com/republicans-objecting-to-electoral-votes-in-congress-live-updates-2021-1">Insider coverage</a>. NYSE announced Wednesday morning that it will be delisting three major Chinese telecom companies.No, you're not reading an old newsletter. Let's quickly recap:<a href="https://www.whitehouse.gov/presidential-actions/executive-order-addressing-threat-securities-investments-finance-communist-chinese-military-companies/">November 12</a>: President Donald Trump issued an executive order banning US investors from trading in securities tied to a "Communist Chinese military company" beginning on January 11.<a href="https://ir.theice.com/press/news-details/2020/NYSE-to-Commence-Delisting-Proceedings-in-Securities-of-Three-Issuers-to-Comply-with-Executive-Order-13959/default.aspx">December 31</a>: NYSE announced three major Chinese telecom companies - China Telecom, China Mobile, and China Unicom Hong Kong - will be delisted beginning January 11. The news, which came after trading hours, sent market participants into a frenzy. <a href="https://ir.theice.com/press/news-details/2021/NYSE-Updates-Guidance-on-Delisting-Determination-for-Securities-of-Three-Issuers-in-Relation-to-Executive-Order-13959--/default.aspx">January 4</a>: NYSE announced that "in light of further consultation with relevant authorities in connection with the Office of Foreign Assets Control <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/857">FAQ 857</a>," it has determined that it will no longer delist the stocks. <a href="https://www.bloomberg.com/news/articles/2021-01-05/nyse-u-turn-on-china-stocks-a-short-reprieve-u-s-officials-say?sref=5xrDvJna">January 5</a>: Government officials were reportedly up in arms about NYSE's reversal, with Treasury Secretary Steve Mnuchin directly calling NYSE president Stacey Cunningham about the decision, <a href="https://www.bloomberg.com/news/articles/2021-01-05/nyse-u-turn-on-china-stocks-a-short-reprieve-u-s-officials-say?sref=5xrDvJna">according to Bloomberg</a>.<a href="https://ir.theice.com/press/news-details/2021/NYSE-Announces-Suspension-Date-for-Securities-of-Three-Issuers-and-Proceeds-with-Delisting/default.aspx">January 6</a>: NYSE announced that it's sticking to its original plan, delisting the three Chinese companies. That same day, OFAC specifically named the three NYSE-listed companies <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/864">in an updated FAQ</a> about the updated executive order. *Catches breath and takes big gulp of water*Far be it for me - someone who waffles on what to order from Seamless every night - to criticize being undecided on something. But I'm also not a critical piece of the financial <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword>. NYSE is, which is why this has left so many in the industry scratching their head.The obvious question is what occured between December 31 and January 4 that led NYSE to change its decision. No additional guidance was published by OFAC regarding what type of companies do and don't fall under the executive order's jurisdiction. The first sentence of the January 4th NYSE notice announcing its initial reversal is telling. The switch was made after "further consultation with relevant regulatory authorities."Could it be possible NYSE got conflicting advice from the Treasury regarding to how to manage the executive order? The government has a lot on its plate right now, as is evident with <a href="https://www.businessinsider.com/republicans-objecting-to-electoral-votes-in-congress-live-updates-2021-1">everything that occured Wednesday</a>.Regardless the reason, this likely isn't the end of the story. On Wednesday, <a href="https://www.wsj.com/articles/u-s-considers-adding-alibaba-tencent-to-china-stock-ban-11609961075">The Wall Street Journal reported</a> Alibaba and Tencent could be added to the list.<a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">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.</a>Like the newsletter? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h2><a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1">A key exec in driving Wall Street's adoption of electronic trading strategies has left UBS for Trumid</a></h2><a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1"><div type="image" title="Vlad Khandros, UBS" height="1737" width="2311" msid="80153801" hostid="261"></div></a><a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1">The bond market</a> is arguably one of the most intriguing areas on Wall Street thanks to the evolution of the space in recent years.What was once a market that consisted of <a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1">mostly voice trading</a> has increasingly shifted to getting transactions done electronically. As a result, the space has attracted high-profile executives looking to get involved in the <a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1">latest market revolution</a>. Myself and <a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1">Dakin Campbell</a> have a scoop on a UBS electronic trading MD who made the jump, leaving the Swiss bank to join <a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1">startup Trumid</a>. <a href="https://www.businessinsider.com/bond-trading-startup-trumid-hires-ubs-vlad-khandros-theil-soros-2021-1">Click here to read the entire story.</a><h2>Looking for a new jobs? Here's how much you can expect to get paid</h2><div type="image" title="piggy bank" height="1223" width="1631" msid="80153802" hostid="261"></div>It's the new year. That means new goals, new ambitions, and, perhaps, a new job.If you're in the market, take a look at these stories we've put together compiling salary data at a variety of firms. <h3><a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10">Tech salaries at payment giants: What engineers get paid at Amex, Mastercard, PayPal, Square, and Visa</a></h3><h3><a href="https://www.businessinsider.com/how-much-does-jpmorgan-pay-developers-and-engineers-2020-8">JPMorgan tech salaries: Here's what developers and engineers can expect to get paid at Wall Street's biggest bank</a></h3><h3><a href="https://www.businessinsider.com/hedge-fund-salaries-analyst-bridgewater-citadel-aqr-point72-two-sigma-2020-11">Hedge fund pay, revealed: How much engineers, associates, and researchers make at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma</a></h3><h2>Odd lots:</h2><a href="https://www.businessinsider.com/transformation-capital-partner-michael-dixon-investment-strategy-second-fund-2021-1">2 former Sequoia VCs just raised $500 million for their firm's second fund. Here's how they plan to spend the funds. (BI)</a><a href="https://www.businessinsider.com/where-is-jack-ma-traders-bloomberg-profile-2021-1">Traders are sharing memes and desperately searching for Jack Ma's profile on Bloomberg's terminal to try and work out where the Chinese billionaire is (BI)</a><a href="https://www.bloomberg.com/news/articles/2021-01-06/blackrock-says-world-s-super-rich-families-want-more-hedge-funds?sref=5xrDvJna">World's Super-Rich Families Want More Hedge Funds, Survey Finds (Bloomberg)</a><a href="https://www.wsj.com/articles/wyndham-destinations-buys-travel-leisure-from-meredith-for-100-million-11609902617?mod=hp_lista_pos5">Wyndham Destinations Buys Travel + Leisure From Meredith for $100 Million (WSJ)</a><a href="https://uk.reuters.com/article/us-thomsonreuters-editor/reuters-editor-in-chief-adler-to-retire-after-decade-at-the-helm-idUKKBN29B220">Reuters editor-in-chief Adler to retire after decade at the helm (Reuters)</a>

NYSE reverses course on China listings (again) - Trumid poaches UBS electronic trading exec - Salary data for top hedge funds

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Kimberly White/Getty Images for Vanity FairTwitter and Square CEO Jack Dorsey</div></div></div>Silicon Valley leaders believe the government has overstepped its bounds, once again. In the shadow of the very public <a href="http://www.businessinsider.com/tim-cook-apple-fbi-hack-iphone-san-bernardino-memo-2016-2">Apple-FBI fight </a>over encryption, tech titans have been coming together to lend a voice to another issue: discriminatory travel restrictions.In an open letter published today, more than 30 industry leaders, including Twitter CEO Jack Dorsey, Mark Cuban, and venture capitalist Michael Moritz, voiced their disagreement with a law passed in late December.Under the Visa Waiver program, the US used to allow travelers from 38 countries, largely in Europe, to visit the United States for a short period without needing a visa. This allowed employees of Silicon Valley giants like Google or Facebook from other countries to freely visit their headquarters. Customers looking to buy American tech products could easily fly to the US for a demo, argues Ali Partovi, a noted angel investor and one of the supporters of the letter.These travel freedoms was cut short in the wake of the terrorist attacks in Paris and San Bernardino, and was intended to block European jihadists from coming to the US. But Silicon Valley leaders believe the new law goes too far."In the balancing act between fighting terrorism and upholding American liberties, these provisions go too far," the group wrote.The <a href="http://www.businessinsider.com/ap-qa-obama-admin-announces-new-rules-for-visa-free-travel-2016-1">amended law bars people</a> who traveled to Syria, Iraq, Iran, or Sudan in the last five years to enter without a visa. Most controversially, those who are dual citizens of Syria, Iraq, Iran, or Sudan are also forbidden from entering the country without documentation.This becomes especially tricky given the countries' views on what qualifies as a citizen. Iran, for example, <a href="http://www.unicef.org/iran/IRN_resources_BR_eng-word.pdf">counts children of male Iranian nationals</a>, regardless of their place of birth, and their spouses as citizens of the country, according to a UNICEF report. British citizens of Iranian heritage who have never set foot in the country would have to apply for a visa just because of their birth parents, Partovi explained."Discriminating based on national heritage is inconsistent with American values. In effect, certain provisions of the new law require visas for Europeans and other citizens with Iranian, Sudanese, Syrian, or Iraqi heritage," the group wrote. "We protest this just as vigorously as if Congress had mandated special travel papers for citizens based on their faith or the color of their skin."Business leaders are also concerned about the economic impact.Some tech employees and customers have already been blocked from entering the country because they didn't realize their parents' nationality played a role in their travel plans, Partovi told Business Insider."Restricting travel handicaps American companies from being as competitive they want to be in the international marketplace," Partovi said.Beyond just voicing concerns, the Silicon Valley heavyweights are also throwing their power (and in some cases, likely money and influence) behind the Equal Protection in Travel Act (H.R.4380/S.2499) that would remove the restrictive dual nationality clause. The group released its letter <a href="https://www.change.org/equaltravel">Tuesday on a Change.Org</a> to gain signatures for a petition as a show of support. A new bipartisan bill <a href="http://www.politico.com/story/2016/01/congress-visa-waiver-iran-iraq-syria-sudan-217714">introduced in January</a> would eliminate the dual nationality clause, but would not lift the restrictions on those who traveled to other countries. Here's the full letter and list of supporters: <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tim-cook-apple-fbi-hack-iphone-san-bernardino-shooing-2016-2">Tim Cook: Apple won't hack iPhone used by the San Bernardino shooter</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="V3b2MxMTE65zuW9Z2NE6WgtWFPrwrXbd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Silicon Valley leaders slam 'discriminatory' travel laws in letter to Congress

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.youtube.com/watch?v=rQebmygKq7A">CBS / 60 Minutes / YouTube</a>Apple CEO Tim Cook</div></div></div>One day after Georgia Governor Nathan Deal <a href="http://www.businessinsider.com/salesforce-ceo-won-his-georgia-showdown-2016-3">agreed to veto a bill</a> that critics said would have encouraged discrimination against gay people, a similar fight in North Carolina has ramped up. On Tuesday, over 80 CEOs and business leaders signed an open letter asking North Carolina Governor Pat McCrory to repeal a controversial law <a href="http://www.businessinsider.com/ap-nc-lawmakers-return-to-address-transgender-bathroom-measure-2016-3">passed last week.</a>Signatures included Apple CEO Tim Cook, IBM CEO Ginni Rometty, Facebook CEO Mark Zuckerberg and, naturally, Salesforce CEO Marc Benioff, who has been the Silicon Valley point-person speaking out against state-level laws that negatively impact the LGBT community.The law, which was passed by North Carolina's legislature in a one-day session and immediately signed into law by the governor, has been called <a href="http://www.businessinsider.com/nc-ag-wont-defend-controversial-transgender-law-2016-3">a "national embarrassment"</a> by North Carolina's attorney general. The law was in reaction to a regulation passed by the city of Charlotte that allowed transgender people to use bathrooms based on their gender identity. The new state law requires people to use the bathrooms based on their biological sex.But it goes beyond regulating bathroom use and prevents local governments from passing regulations that eliminate discrimination based on sexual orientation or identity, according to a lawsuit <a href="http://www.npr.org/sections/thetwo-way/2016/03/28/472164084/aclu-sues-over-north-carolinas-law-blocking-anti-discrimination-legislation">that's already been filed by the ACLU</a>.The business community, particularly the tech community, and Hollywood are up in arms about the law.Here's the letter:Dear Governor McCrory,We write with concerns about legislation you signed into law last week, HB 2, which has overturned protections for LGBT people and sanctioned discrimination across North Carolina. Put simply, HB 2 is not a bill that reflects the values of our companies, of our country, or even the overwhelming majority of North Carolinians.We are disappointed in your decision to sign this discriminatory legislation into law. The business community, by and large, has consistently communicated to lawmakers at every level that such laws are bad for our employees and bad for business. This is not a direction in which states move when they are seeking to provide successful, thriving hubs for business and economic development. We believe that HB 2 will make it far more challenging for businesses across the state to recruit and retain the nation's best and brightest workers and attract the most talented students from across the nation. It will also diminish the state's draw as a destination for tourism, new businesses, and economic activity.Discrimination is wrong and we believe it has no place in North Carolina or anywhere in our country. As companies that pride ourselves on being inclusive and welcoming to all, we strongly urge you and the leadership of North Carolina's legislature to repeal this law in the upcoming legislative session.Sincerely, Karen Appleton, Senior Vice President, Box Brandee Barker, Cofounder, The Pramana Collective Marc Benioff, CEO, Salesforce Chip Bergh, President and CEO, Levi Strauss &amp; Co. Michael Birch, Founder, Blab Ed Black, President and CEO, Computer &amp; Communications Industry Association Nathan Blecharczyk, Cofounder and CTO, Airbnb Steven R. Boal, CEO, Quotient Technology Inc. Lorna Borenstein, CEO, Grokker Brad Brinegar, Chairman and CEO, McKinney Lloyd Carney, CEO, Brocade Communications Systems, Inc. Brian Chesky, CEO, Airbnb Ron Conway, Founder and Co-Managing Partner, SV Angel Tim Cook, CEO, Apple Dean Debnam, Chairman and CEO, Workplace Options Jack Dorsey, CEO, Square and Twitter David Ebersman, Cofounder and CEO, Lyra Health Jared Fliesler, General Partner, Matrix Partners Joe Gebbia, Cofounder and Chief Product Officer, Airbnb Jason Goldberg, CEO, Pepo Alan King, President and COO, Workplace Options Kristen Koh Goldstein, CEO, BackOps Mitchell Gold, co-founder and chair-man, Mitchell Gold + Bob Williams John H. Graham IV, President and CEO, American Society of Association Executives Logan Green, CEO, Lyft Paul Graham, Founder, Y Combinator David Hassell, CEO, 15Five Charles H. Hill III, Executive Vice President, Worldwide Human Resources, Pfizer Inc. Reid Hoffman, Chairman, LinkedIn Robert Hohman, Cofounder &amp; CEO, Glassdoor Drew Houston, CEO, Dropbox Chad Hurley, Cofounder, YouTube Dave Imre, Partner and CEO, IMRE Dev Ittycheria, President &amp; CEO, MongoDB Laurene Powell Jobs, President, Emerson Collective Cecily Joseph, VP Corporate Responsibility and Chief Diversity Officer, Symantec Corporation David Karp, Founder and CEO, Tumblr Travis Katz, Founder and CEO, Gogobot Brian Krzanich, CEO, Intel Joshua Kushner, Managing Partner, Thrive Capital Max Levchin, CEO, Affirm Dion Lim, CEO, NextLesson Shan-lyn Ma, CEO, Zola Marissa Mayer, President and CEO, Yahoo Melody McCloskey, CEO, StyleSeat Douglas Merrill, CEO, Zestfinance Dyke Messinger, President and CEO, Power Curbers Inc. Hari Nair, Vice President and General Manager, Orbitz.com &amp; CheapTickets.com Michael Natenshon, CEO, Marine Layer Alexi G. Nazem, Cofounder and CEO, Nomad Health Laurie J. Olson, EVP, Strategy, Portfolio and Commercial Operations, Pfizer Inc. Bob Page, Founder and CEO, Replacements, Ltd. Michelle Peluso, Strategic Advisor and former CEO, Gilt Sundar Pichai, CEO, Google Mark Pincus, Founder and Executive Chairman, Zynga Hosain Rahman, CEO, Jawbone Bill Ready, CEO, Braintree Evan Reece, CEO, Liftopia Stan Reiss, General Partner, Matrix Partners John Replogle, CEO, Seventh Generation Virginia M. Rometty, Chairman, President and CEO, IBM Corporation Dan Rosensweig, CEO, Chegg Kevin P. Ryan, Founder and Chairman, Alleycorp Bijan Sabet, General Partner, Spark Capital Julie Samuels, President, Engine George A. Scangos, PhD, CEO, Biogen Dan Schulman, President and CEO, PayPal Adam Shankman, Director and Producer Gary Shapiro, President and CEO, Consumer Technology Association David A. Shaywitz, MD, PhD, Chief Medical Officer, DNAnexus Ben Silbermann, CEO, Pinterest Brad Smith, President and Chief Legal Officer, Microsoft Arne Sorenson, President and CEO, Marriott International David Spector, Cofounder, ThirdLove Jeremy Stoppelman, CEO, Yelp Bret Taylor, CEO, Quip Todd Thibodeaux, CEO, CompTIA David Tisch, Managing Partner, BoxGroup Nirav Tolia, Cofounder and CEO, Nextdoor Kevin A. Trapani, President and CEO, The Redwood Groups Ken Wasch, President, Software &amp; Information Industry Association Bob &amp; Harvey Weinstein, Co-Founders and Co-Chairmen, The Weinstein Company Mark Zuckerberg, Founder and CEO, Facebook <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/peter-bergen-terrorists-reasons-isis-brussels-2016-3">Terrorism expert reveals 4 key reasons people become violent extremists</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="E3eW5hMjE6SgUisggnJ72OAAAoK05LjG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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