<ul class="summary-list"><li>The Democratic presidential nominee, Joe Biden, has won the statewide vote in Maine, per Decision Desk HQ.</li><li>Maine is one of two states that divide their electoral votes among congressional districts.</li><li>The statewide win, along with an earlier call for the 1st Congressional District, means Biden will receive three of Maine's four electoral votes.</li><li>President Donald Trump won Maine's rural 2nd Congressional District, just as he did in 2016.</li><li>Maine's congressional delegation is split: two Democrats, one Republican, and one independent.</li><li>See the live coverage and <a href="https://www.businessinsider.com/2020-election-results">full results from the US presidential election</a>.</li></ul>The Democratic presidential nominee, Joe Biden, will win three electoral votes in Maine, with a win in the 1st Congressional District and in the state as a whole, per Decision Desk HQ.The state is one of two that divide their electoral votes among congressional districts, and the state's rural 2nd Congressional District will be casting its lone vote for President Donald Trump.Maine voted for a Democrat in six of the past 12 presidential <keyword id="6355644" type="DEFINITION" weightage="60" keywordseo="elections">elections</keyword> before 2020, including a split of its electoral votes in 2016. The state is home to competitive down-ballot races in the <a href="https://www.businessinsider.com/maine-senate-race-susan-collins-vs-sara-gideon-fundraising-polls-2020-8">Senate</a> and <a href="https://www.businessinsider.com/maine-2nd-house-district-election-jared-golden-dale-crafts-2020">the 2nd District</a>.Maine is firmly in Democratic control, with Democrats holding both chambers of the state legislature and the governorship. The state's congressional delegation is split: one Independent, one Republican, and two Democrats. Maine was <a href="https://projects.fivethirtyeight.com/2020-election-forecast/maine/">not expected by analysts</a> to be competitive except for its 2nd District electoral vote.

Maine statewide called for Biden, winning 3 of 4 electoral votes

Welcome back! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC. The World Cup officially kicked off yesterday, but <a href="https://www.businessinsider.com/guides/streaming/how-to-watch-fifa-world-cup-2022">things really get rolling today</a>.(Reminder: USA plays today at 2 p.m. EST vs Wales, Friday at 2 p.m. EST vs England, and 11/29 at 2 p.m. EST vs Iran.)A few predictions*:-France doesn't make it past the group stage (I actually liked this pick before the <a href="https://markets.businessinsider.com/news/stocks/france-suffer-huge-world-cup-blow-with-karim-benzema-ruled-out-through-injury-11924132">Karim Benzema injury</a>, but I'll stick with it.)-Brazil, Argentina, England, and Belgium make it to the semis. -Brazil over England in the finals.-Neymar wins the golden boot. *Following the <a href="https://www.businessinsider.com/hedge-funds-moving-to-0-management-fees-2019-2">traditional 2-and-20 model</a>, I'll expect a 20% kickback on any profits from bets placed on these by readers. Thank you very much. Anyway, as for the stories, <a href="https://www.businessinsider.com/komodo-health-pushes-its-ipo-plans-in-market-downturn-2022-11">we've got more bad news for ECM bankers</a>, an interview with <a href="https://www.ft.com/content/36f2376f-8ccb-475c-bcbf-838626b8be78?accessToken=zwAAAYSMjGOhkc828jdvjMtHXNO8v4OGJri-eA.MEYCIQDVnTQ6HiAZziAWcZvgaJzPYCVeRGIg5oxA-XtSS8e3uAIhAOHEZl4GGSFKTvdZh_qT3FBQT6aFpx8Xu1vJVReGiIkZ&amp;sharetype=gift&amp;token=164f253e-4028-4356-ad24-d492c8e2e864">Coatue's top man</a>, and <a href="https://www.businessinsider.com/florida-homebuyers-shocked-by-skyrocketing-property-taxes-2022-11">why Florida isn't turning out to be the tax haven some thought</a>. But first, I'm just an analog man in a digital world. <hr />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>.<hr /><a href="https://www.businessinsider.com/top-coding-languages-for-wall-street-jobs-banks-hedge-funds-2022-11"></a>1. &lt;input = intro&gt;"The limits of my language mean the limits of my world." The quote, from the renowned Austrian philosopher Ludwig Wittgenstein, describes how one can only speak on things they are able to discuss within the constructs of language. The quote, from Wittgenstein's "<a href="https://www.gutenberg.org/files/5740/5740-pdf.pdf">Tractatus Logico-Philosophicus</a>," is 100-years-old, but it's applicable now more than ever, albeit with a slight twist.The limits in finance are no longer the spoken language, but programmed ones. Insider's Bianca Chan and Carter Johnson dug into <a href="https://www.businessinsider.com/top-coding-languages-for-wall-street-jobs-banks-hedge-funds-2022-11">the most sought-after coding languages across Wall Street</a>. Speaking to recruiters, tech executives, and other industry insiders, Bianca and Carter identified 8 different languages applicable at a variety of disciplines on Wall Street, from fintechs to wealth management to high-frequency trading. Much like Wittgenstein's quote, what stood out to me was the longevity of some of the languages. C++, <a href="https://affiliate.insider.com?postID=6377b36d32953020ab6a7ea6&amp;site=bi&amp;u=https%3A%2F%2Fwww.hp.com%2Fus-en%2Fshop%2Ftech-takes%2Fcomputer-history-programming-languages">which was created in 1983</a>, is still a mainstay despite being older than a good chunk of the people using it on Wall Street (and the person writing this newsletter). There is a general assumption about tech that things move very fast, and it's tough to stay up to speed. While that's certainly true, plenty of programming languages have sticking power. Perhaps the best example is COBOL, a 63-year-old programming language still being used today. The coding language, which is found in traditional mainframe computers, was thrust into the spotlight early in the Covid pandemic as states' unemployment systems <a href="https://www.businessinsider.com/job-seeker-interest-cobol-programming-language-indeed-2020-5">were overwhelmed</a>. That's not a ringing endorsement of COBOL, but it does show how long these languages last.To be clear: Do no go out and learn COBOL. That would not be a sound career decision.But what would be a smart decision is reading this story mapping out the top programming languages for a variety of roles and industries across Wall Street.<a href="https://www.businessinsider.com/top-coding-languages-for-wall-street-jobs-banks-hedge-funds-2022-11">Click here to learn more about the coding languages you should brush up on to get a gig in finance.</a><hr />In other news:<a href="https://www.insider.com/man-u-to-sue-banish-cristiano-ronaldo-after-piers-morgan-interview-report-2022-11"></a><div type="image" title="Manchester United's Cristiano Ronaldo celebrates scoring." height="1371" width="1828" msid="95665242" hostid="261" sizebytes="65200"></div>2. Florida's newest residents are upset about a surge in property taxes. While many moved to the Sunshine State to save on taxes, new homebuyers are having to pay much higher property taxes. <a href="https://www.businessinsider.com/florida-homebuyers-shocked-by-skyrocketing-property-taxes-2022-11">Read more about what the issue is</a>.3. Good news for soon-to-be parents at JPMorgan. The bank is extending its policy of 16 weeks paid leave to both parents, as opposed to just the primary caregiver. <a href="https://www.businessinsider.com/jpmorgan-to-give-all-new-parents-16-weeks-of-leave-2022-11">Here's what spurred the change</a>. 4. How to rise the ranks in consulting. A former EY senior manager shared three tips to keep in mind if you want to set yourself up for a promotion at a consulting firm. <a href="https://www.businessinsider.com/promotions-in-consulting-from-former-ey-senior-manager-2022-11">Here's what she recommends</a>.5. ECM bankers can't catch a break. Komodo Health, a health-data startup, is scrapping its plans to go public after hiring banks earlier this year. <a href="https://www.businessinsider.com/komodo-health-pushes-its-ipo-plans-in-market-downturn-2022-11">This is what we know so far</a>. 6. Inside Bob Iger's stunning return to Disney. The decision to reinstate Iger as CEO brings an end to the rocky tenure of his successor, Bob Chapek. The news shocked Hollywood Sunday evening, but two company insiders say the plan came together <a href="https://www.businessinsider.com/inside-return-disney-ceo-bob-iger-ouster-chapek-executive-complaints-2022-11">in just a few days</a>. 7. We had lawyers break down that FTX bankruptcy filing. We highlighted the juicy bits, and then asked the experts to analyze it. <a href="https://www.businessinsider.com/ftx-bankruptcy-sam-bankman-fried-legal-filing-fraud-sec-details-2022-11">In short, it's really bad</a>. 8. A conversation with Philippe Laffont. The founder of Coatue Management touches on a variety of topics, including plans to get into private lending, <a href="https://www.ft.com/content/36f2376f-8ccb-475c-bcbf-838626b8be78?accessToken=zwAAAYSMjGOhkc828jdvjMtHXNO8v4OGJri-eA.MEYCIQDVnTQ6HiAZziAWcZvgaJzPYCVeRGIg5oxA-XtSS8e3uAIhAOHEZl4GGSFKTvdZh_qT3FBQT6aFpx8Xu1vJVReGiIkZ&amp;sharetype=gift&amp;token=164f253e-4028-4356-ad24-d492c8e2e864">in this interview with the Financial Times</a>. 9. A regulator had some pointed comments for crypto. SEC Commissioner Jaime Lizárraga disagreed that there isn't enough guidance for crypto companies at the federal level, saying it just "may not be what many market participants want to hear." <a href="https://www.businessinsider.com/sec-jaime-lizarraga-crypto-regulation-financial-system-ftx-2022-11">Read more about his recent comments</a>. 10. You either die a hero or live long enough to be the villain. Manchester United is suing Cristiano Ronaldo, who once starred for the club, due to scathing comments made by the Portuguese forward in an interview with Piers Morgan. <a href="https://www.insider.com/man-u-to-sue-banish-cristiano-ronaldo-after-piers-morgan-interview-report-2022-11">Here's why Manchester's second-best football club is so upset</a>.<hr />Keep updated with the latest business news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief. <a href="https://link.chtbl.com/therefresh">Listen here.</a><hr />Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street's love language is coding. Here are the ones you need to know.

Roughly a dozen investment bankers said their farewells to Goldman Sachs on Friday.Senior associates and vice presidents in Goldman's tech, media, and telecommunications team were handed pink slips in a further sign of strain on a Wall Street apparatus that is hamstrung by depressed dealflow, and suffering from a slowing economy and stubbornly high inflation.The cuts come after Goldman's investment bank logged a 41% dip in year-over-year revenues in July. Denis Coleman, the bank's chief financial officer, also reintroduced Goldman's <a href="https://www.businessinsider.com/how-goldman-sachs-annual-performance-reviews-work-wall-street-layoffs-2022-7?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%20:%20Gone%20are%20the%20days%20of%20chunky%20bonuses%20and%20salary%20increases.%20Wall%20Street%27s%20top%20brass%20are%20ready%20to%20trim%20their%20workforces%20as%20annual%20staff%20cuts%20return.&amp;utm_term=10%20THINGS%20ON%20WALL%20STREET%20SEND%20LIST">dreaded annual performance review</a>, a process that helps the bank weed out underperforming individuals who are likely to be let go.Click <a href="https://www.businessinsider.com/goldman-sachs-tmt-tech-layoffs-investment-bankers-slumping-economy-2022-9">here</a> for the full story from Insider's Reed Alexander and myself.<hr />This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><hr /><a href="https://www.businessinsider.com/goldman-sachs-tmt-tech-layoffs-investment-bankers-slumping-economy-2022-9"></a>1. Goldman Sachs has started wielding the axe at its investment bank. The cuts in the TMT division come on top of layoffs in the bank's equity-capital-markets and leveraged-finance teams <a href="https://www.fnlondon.com/articles/goldman-sachs-layoffs-london-20220923">in Europe</a> and ECM unit in <a href="https://www.reuters.com/business/finance/goldman-sachs-lays-off-25-bankers-asia-bloomberg-2022-09-20/">Asia</a>."Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment," a spokesperson for the bank told Insider on Friday.The job cuts are likely to echo across Wall Street, particularly within investment-banking divisions like capital markets and M&amp;A advisory, bankers told me.Bankers in leveraged finance will also be under the microscope as new deals struggle to gain any traction in today's market conditions, a banker said. Lenders that underwrote billion-dollar financings for leveraged buyouts — like this <a href="https://www.bloomberg.com/news/articles/2022-09-22/citrix-debt-debacle-heralds-a-day-of-reckoning-on-wall-street?srnd=markets-vp">$15 billion monster</a> for software company Citrix — will likely wear huge losses because they're offering the debt to investors at a significant discount."As far as layoffs I can't see how LevFin is not impacted the most within capital-markets teams," one banker said. "It's a fickle, 'boom and bust' business."For the full story on Goldman's TMT cuts, click <a href="https://www.businessinsider.com/goldman-sachs-tmt-tech-layoffs-investment-bankers-slumping-economy-2022-9">here</a>.<hr />In other news:<a href="https://www.businessinsider.com/blackstone-supergoop-private-equity-investment-2022-9"></a><div type="image" title="Supergoop sunscreen next to Blackstone office table with workers." height="1500" width="2000" msid="94502624" hostid="261"></div>2. Blackstone dealmakers are on the hunt for another consumer-facing favorite. Here is how the private-equity firm, behind cult favorite skincare company Supergoop, is thinking about its <a href="https://www.businessinsider.com/blackstone-supergoop-private-equity-investment-2022-9">next big consumer bet</a>.3. A Microsoft executive just joined Bank of America for a new role analyzing customer data. Bhavana Bartholf will be BofA's first chief <a href="https://www.businessinsider.com/microsoft-exec-bhavana-bartholf-joins-bank-of-america-analytics-innovation-2022-9?utm_source=copy-link&amp;utm_medium=referral&amp;utm_content=topbar">analytics and innovation officer</a>.4. Jamie Dimon warned executives to put aside rivalries in order to deliver a "pay-by-bank" project. Here is how JPMorgan Chase's plan to kill credit cards split the bank, per this story <a href="https://www.ft.com/content/f6d8d454-2413-4f2b-945d-825d0a68730b?accessToken=zwAAAYNrZSwBkdP22NRUJBNPK9OUXYJdCmhzCw.MEUCIHaEJ17eW8e28YndVQGr43Susp_avhp3VZhaFyuROT1JAiEAlZiJ71rrfK9BwLbkZsr22EZxwOLP1nolcHRqjp7Kyz0&amp;sharetype=gift&amp;token=63a5aba7-3dc1-4614-b5a2-a2740efeec8b">from the Financial Times</a>.5. Barclays has told its investment bankers to work from the office for at least four days per week, Bloomberg reported. The move to boost in-person work comes ahead of a tougher market cycle, <a href="https://www.bloomberg.com/news/articles/2022-09-23/barclays-tells-dealmakers-to-return-to-offices-four-days-a-week?srnd=premium">the bank said in a memo</a>.6. US lawmakers pressed bank chief executives on reports of fraud on the Zelle payments network. Senator Elizabeth Warren, a Democrat from Massachusetts, said Zelle was "not safe," during a Senate Banking Committee <a href="https://www.bloomberg.com/news/articles/2022-09-22/zelle-emerges-as-lawmakers-surprise-villain-at-bank-hearings">hearing on Thursday</a>.7. A protester escaped a prison sentence after gluing himself to a Royal Bank of Canada branch. Vic Brice, who was protesting against RBC Chief Executive David McKay's support of a gas pipeline in Canada, will not be allowed to take glue outside his home while he serves <a href="https://www.businessinsider.com/xr-protester-banned-from-carrying-glue-after-sticking-himself-bank-2022-9">12 months of probation</a>.8. Microsoft executives said it was "wrong" for managers to spy on remote employees' mouse clicks and keystrokes. Chief Executive Satya Nadella said bosses are <a href="https://www.businessinsider.com/microsoft-executives-call-remote-employee-surveillance-spying-wrong-2022-9">plagued by "productivity paranoia."</a>9. Apartment buildings are all the rage in real estate, and property-management company DoorLoop is riding that wave. Here is the pitch deck it used to net $20 million in Series A funding <a href="https://www.businessinsider.com/pitch-deck-doorloop-fundraising-multifamily-2022-9">from Alpine Investors</a>.10. Wall Street is completely delusional about the pain that is coming for the stock market. Some individuals think companies' profits are going to go up in 2023, despite the Federal Reserve making it clear that <a href="https://www.businessinsider.com/wall-street-delusional-stock-market-crash-pain-recession-inflation-profits-2022-9">a recession is likely</a>.<hr />Done deals:<ul><li>Canadian crypto-trading platform Coinsquare has <a href="https://www.globenewswire.com/news-release/2022/09/23/2521535/0/en/Coinsquare-Announces-Acquisition-of-CoinSmart-to-create-one-of-the-largest-crypto-trading-platforms-in-Canada.html">agreed to acquire</a> rival trading platform CoinSmart. The combination creates one of Canada's largest crypto platforms and enables both retail and institutional investors to trade digital assets.</li><li>Wind Point Partners, a Chicago-based private-equity firm, has acquired electric-vehicle installation company D&amp;H United. The company has 16 branches and more than 570 employees.</li></ul><hr />Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Goldman Sachs' bankers get their marching orders as Wall Street starts to purge under-performers

Hi, Aaron Weinman here! Today, <a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022">I want to chat WhatsApp</a>. It's easily my most-used app, and the simplest way to communicate with family and friends abroad.I also talk to Wall Streeters on WhatsApp, but the US government's investigation into record-keeping at banks might nix my chances of getting folks to spill the tea.Before we dive in, the <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-fed-rate-hike-inflation-futures-ecb-meeting-2022-6">Federal Reserve is making a crucial policy decision today</a>, and is expected to take aggressive action on interest rates to tackle inflation. <a href="https://www.cbsnews.com/video/fed-likely-to-hike-interest-rates-amid-soaring-inflation/#x" target="_blank" rel="noopener noreferrer">I stopped by CBS News</a> to discuss the impact of an interest rate hike. Here we go. <hr />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>.<hr /><a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022"></a>1. Bankers are getting more jittery about using encrypted chat apps. Credit Suisse "removed" its global head of equity capital markets syndicate because he used unapproved chat apps with clients, the <a href="https://www.ft.com/content/0caa0690-1020-40b8-83bf-1db27afe9ed6?accessToken=zwAAAYFilYMckc8MqgaQECBAuNODvx2yev6e1g.MEUCIE0WzILgunEGc2Bkc9XsrPmS6Eu9jWJTHNKVWqWopeCkAiEAySYJpM8bQmuSNllierqK8UnY_bossv-tbXY7irfYJlE&amp;sharetype=gift?token=98828f56-a2e3-47c0-90b6-6e1822189b8b">Financial Times reported</a>.Anthony Kontoleon, or "AK," is one of the "most-respected" folks in the ECM space, and bankers were surprised at his removal.The thought that unapproved messaging apps like WhatsApp or Signal could lead to such a senior departure has some bankers worried that similar removals are forthcoming.The US SEC's <a href="https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/sec-record-keeping-violations/">investigation into record-keeping practices at banks</a> — and banks' subsequent requests to review staffers' phones — forces dealmakers to rethink how they communicate with clients. Bankers told me they can schedule a meeting via WhatsApp, but business must be conducted through approved communication channels like email.But one banker reckoned scheduling a meeting could be construed as business, so he's contemplating ditching WhatsApp. Another said he'll delete all our communication because talking to reporters is grounds for dismissal.Importantly, bankers and clients regularly communicate via encrypted apps. Investment banking is a relationship business. Bankers spend years nurturing client ties, which inevitably leads to informal conversations. Parsing through these chats is a cumbersome process, and bankers will be loathe to ask clients to restrict their conversations.What started as <a href="https://www.businessinsider.com/wall-street-bankers-livid-over-sec-probe-private-messages-whatsapp-2022-5">feelings of frustration</a> is morphing into concern for bankers, as the SEC cracks the whip, and banks incorporate ways to ensure their communication methods comply with regulatory requests.Here's a report from Rebecca Ungarino, Hayley Cuccinello, and myself on <a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022">how Wall Street reacted to AK's departure and what this might mean for future communication efforts</a>.<hr />In other news:<a href="https://www.businessinsider.com/coinbase-layoffs-1100-employees-amid-crypto-bloodbath-2022-6"></a><div type="image" title="Coinbase man shadow" height="3326" width="4435" msid="92231849" hostid="261"></div>2. Coinbase has laid off 18% of its full-time workforce. The crypto exchange's CEO Brian Armstrong said the company grew "too quickly" during the good times, but now <a href="https://www.businessinsider.com/coinbase-layoffs-1100-employees-amid-crypto-bloodbath-2022-6">needs to cut costs and brace for a possible recession</a>.3. Goldman Sachs-backed Slync hasn't paid its staff in over a month. The Wall Street bank's growth-equity arm led a $60 million funding round for the supply-chain startup in February last year. Management <a href="https://www.businessinsider.com/goldman-backed-startup-slyncio-hasnt-paid-staff-in-a-month-2022-6">blamed the payment debacle on software issues</a>.4. Celsius hires restructuring lawyers. The crypto lending firm hopes the lawyers will help it <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcrypto-lender-celsius-hires-restructuring-lawyers-after-account-freeze-11655250575">navigate its sticky financial situation</a>, after it recently froze account withdrawals. Customers now have thousands of dollars trapped in the platform, <a href="https://www.businessinsider.com/celsius-crypto-lending-customers-frozen-withdrawals-liquidity-defi-2022-6">and no idea what's going to happen to their money</a>. 5. BlackRock, Invesco, and BankUnited dealmakers are tallying a $300 million fund. The Wall Street trio are launching a <a href="https://www.businessinsider.com/blackrock-invesco-bankunited-private-equity-credit-o15-2022-6">firm to back underrepresented entrepreneurs</a>.6. Vista Equity Partners' CEO is teaming up with Base10, the largest Black-led VC firm. The pair are coming together to support HBCUs. These college endowments have often been <a href="https://www.businessinsider.com/base10-partners-vista-equity-support-hbcu-endowments-venture-capital-2022-6">barred from investing in venture capital and private equity</a>.7. Twitter insiders fret that Musk will use a "firehose" of data to revise his $44 billion deal for the company. Musk's requests for more information around user data have been granted, and some suspect he'll leverage the knowledge to <a href="https://www.businessinsider.com/elon-musk-twitter-bots-data-renegotiate-acquisition-deal-2022-6">bolster his claim of fake accounts</a>.8. Deutsche Bank ignored "obvious red flags" when vetting the über-rich. US shareholders can now sue the German bank over <a href="https://www.businessinsider.com/deutsche-bank-us-shareholders-lawsuit-over-russian-oligarchs-jeffrey-epstein-2022-6">alleged compliance failures, a New York judge has ruled</a>.9. An upscale, New York-based restaurant went vegan. Eleven Madison Park — where many a banker bonus has been spent — changed the menu, and <a href="https://www.businessinsider.com/eleven-madison-park-vegan-labor-shortage-chaos-2022-6">it's been a chaotic mess of a year</a>.10. Billionaire investor Leon Cooperman reckons US stocks will plunge 40%. The founder of Omega Advisors, who's net worth is estimated at $2.5 billion, predicted that <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crash-us-recession-leon-cooperman-fed-rates-2022-6">the US would fall into a recession next year</a>.<hr />Moves on the Street:<ul><li>Citi made three new hires in its technology and communications team, hiring three experienced software bankers, according to an internal memo from Citi viewed by Insider:</li><ul><li>Dan McDow is joining as its global head of software after 16 years at Credit Suisse, where he was last its global head of software investment banking.</li><li>San Francisco-based Steve Anderson will join Citi as a managing director in software. He comes to the US bank from Barclays, where he spent 12 years covering software companies.</li><li>Andrew Delia is also joining as a MD in software. He previously worked at Credit Suisse for 10 years, also covering software names.</li></ul></ul><hr />Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: WhoopsApp

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>The PayPal Mafia, with members like Elon Musk and Peter Thiel, has been well covered, but these 20 women also played a key role in the <a href="https://www.businessinsider.com/paypal-women-early-employees-tech-investors-fintech-payments-paypal-mafia-2021-6">payment giant's early years</a>. </li><li>SoFi is underwriting <a href="https://www.businessinsider.com/sofi-set-underwrite-chamath-palihapitiya-latest-biotech-spacs-2021-6">Chamath Palihapitiya's four new SPAC IPOs</a> in a bid to disrupt elite <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> firm's stranglehold on the business. </li><li>The case for why stablecoins are cryptocurrencies best bet for usurping <a href="https://www.businessinsider.com/stablecoins-could-start-replacing-traditional-money-within-a-few-years-2021-6">how we pay for things</a>. </li></ul>You're invited: Join us and learn how to navigate the <a href="https://info.insider.com/master-your-money?utm_campaign=Master%20Your%20Money&amp;utm_source=email&amp;utm_content=EditorialNewsletterwsletter" target="_blank" rel="noopener noreferrer">complicated process of buying a home</a> in today's hot market on Tuesday, June 22 at 12 p.m. ET - during a free, hour-long virtual event presented by Fidelity. <a href="https://info.insider.com/master-your-money?utm_campaign=Master%20Your%20Money&amp;utm_source=email&amp;utm_content=EditorialNewsletterwsletter" 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>. <hr /><h3><a href="https://www.businessinsider.com/paypal-women-early-employees-tech-investors-fintech-payments-paypal-mafia-2021-6">PayPal's lineage isn't just men. These 20 women played key roles early, then went on to do big things at Ancestry, Google, and LinkedIn.</a></h3><a href="https://www.businessinsider.com/paypal-women-early-employees-tech-investors-fintech-payments-paypal-mafia-2021-6"><div type="image" title="White PayPal logo with a female/Venus symbol replacing the &quot;P&quot; in &quot;Pal&quot; on a PayPal patterned blue background." height="1800" width="2400" msid="83398430" hostid="261"></div></a>The "PayPal Mafia" is one of the most influential clubs in Silicon Valley - and a group that has historically been male dominated. But women, too, played a key role at PayPal early on and went on to do big things. <a href="https://www.businessinsider.com/paypal-women-early-employees-tech-investors-fintech-payments-paypal-mafia-2021-6">Meet 20 women who held influential positions at PayPal in its early days.</a><hr /><h3><a href="https://www.businessinsider.com/sofi-set-underwrite-chamath-palihapitiya-latest-biotech-spacs-2021-6">SoFi is underwriting Chamath Palihapitiya's 4 biotech SPAC IPOs as the fintech looks to compete with Wall Street's top investment banks</a></h3><a href="https://www.businessinsider.com/sofi-set-underwrite-chamath-palihapitiya-latest-biotech-spacs-2021-6"><div type="image" title="Anthony Noto" height="600" width="800" msid="83398433" hostid="261"></div></a>SoFi will underwrite the IPO of Chamath Palihapitiya's new blank-check companies alongside bookrunner Morgan Stanley, as the fintech looks to break into a market dominated by top investment banks. <a href="https://www.businessinsider.com/sofi-set-underwrite-chamath-palihapitiya-latest-biotech-spacs-2021-6">More on that here.</a><hr /><h3><a href="https://www.businessinsider.com/stablecoins-could-start-replacing-traditional-money-within-a-few-years-2021-6">Forget bitcoin and other hyper volatile cryptocurrencies. For everyday transactions, the future of money is stablecoins.</a></h3><a href="https://www.businessinsider.com/stablecoins-could-start-replacing-traditional-money-within-a-few-years-2021-6"><div type="image" title="A volatile Bitcoin chart line with a stable Stablecoin chart line below it on a light green background" height="1574" width="2100" msid="83398435" hostid="261"></div></a>Unlike cryptocurrencies such as bitcoin and ethereum, stablecoins have held steady in recent bouts of crypto sell-offs - making them more reliable as a form of digitized money. <a href="https://www.businessinsider.com/stablecoins-could-start-replacing-traditional-money-within-a-few-years-2021-6">Here's what you need to know about stablecoins.</a><hr /><h3><a href="https://www.businessinsider.com/morgan-stanley-shuffles-wealth-leadership-names-new-cmo-memo-2021-6">Morgan Stanley names new marketing chief and adds new wealth division leadership from E-Trade</a></h3><a href="https://www.businessinsider.com/morgan-stanley-shuffles-wealth-leadership-names-new-cmo-memo-2021-6"><div type="image" title="Andy Saperstein, the head of Morgan Stanley Wealth Management." height="3141" width="4188" msid="83398437" hostid="261"></div></a>Morgan Stanley has named new leaders in its wealth division as it integrates E-Trade. <a href="https://www.businessinsider.com/morgan-stanley-shuffles-wealth-leadership-names-new-cmo-memo-2021-6">Get the full rundown of new hires</a>.<hr /><h3><a href="https://www.businessinsider.com/deutsche-bank-new-coheads-americas-equity-capital-markets-darsney-smolkin-2021-6">Deutsche Bank just promoted 2 new heads of its ECM business in the Americas, including a key leader in the bank's SPAC business</a></h3><a href="https://www.businessinsider.com/deutsche-bank-new-coheads-americas-equity-capital-markets-darsney-smolkin-2021-6"><div type="image" title="Christian Sewing" height="3456" width="4608" msid="83398441" hostid="261"></div></a>Ben Darsney and Justin Smolkin were named co-heads of equity capital markets in the Americas. <a href="https://www.businessinsider.com/deutsche-bank-new-coheads-americas-equity-capital-markets-darsney-smolkin-2021-6">Here's what we know about the hires</a>.<hr /><h3><a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6">JPMorgan's private bank CEO wants to hire as many as 1,500 advisors. Here's the firm's plan to double head count in five years.</a></h3><a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6"><div type="image" title="david frame jp morgan" height="1903" width="2538" msid="83398443" hostid="261"></div></a>Private Bank CEO David Frame told Insider where and why the firm is pushing to expand. <a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6">Here's what he said</a>.<hr />Odd lots:<a href="https://www.businessinsider.com/list-top-lawyers-law-firms-cannabis-marijuana-deals-2021">Meet the top law firms putting together blockbuster cannabis deals worth billions (Insider)</a><a href="https://www.bloomberg.com/news/articles/2021-06-08/amazon-explores-replacing-jpmorgan-in-credit-card-partnership?sref=5xrDvJna">Amazon Explores Replacing JPMorgan in Credit-Card Tie-Up (Bloomberg)</a><a href="https://www.wsj.com/articles/green-junk-bonds-may-not-deliver-green-results-11623236581?mod=hp_lead_pos13">Green Junk Bonds May Not Deliver Green Results (WSJ)</a><a href="https://nypost.com/2021/06/08/proteges-of-bill-hwang-behind-epic-archegos-collapse-plan-new-fund/?campaign_id=4&amp;emc=edit_dk_20210609&amp;instance_id=32555&amp;nl=dealbook&amp;regi_id=110905846&amp;segment_id=60208&amp;te=1&amp;user_id=4cbce85b39b05a62487c63187ecd51cde85b39b05a62487c63187ecd51cd">Protégés of Bill Hwang, behind epic Archegos collapse, plan new fund (NY Post)</a><a href="https://www.bloomberg.com/news/articles/2021-06-08/nomura-prime-brokerage-cuts-seen-sparing-little-in-u-s-europe?sref=5xrDvJna">Nomura Prime Brokerage Cuts to Spare Little in U.S., Europe (Bloomberg)</a><a href="https://www.nytimes.com/2021/06/08/technology/farewell-millennial-lifestyle-subsidy.html">Farewell, Millennial Lifestyle Subsidy (New York Times)</a><a href="https://www.bloomberg.com/news/articles/2021-06-09/credit-suisse-will-spin-off-hamza-lemssouguer-s-credit-fund?sref=5xrDvJna">Credit Suisse Scraps Plan to Back Trader's Fund Amid Crises (Bloomberg)</a><a href="https://www.fnlondon.com/articles/goldman-sachs-partner-brennan-set-for-exit-to-rothschild-20210609">Goldman Sachs partner Brennan set for exit to Rothschild (Financial News)</a><a href="https://www.ft.com/content/83dff8fc-14ac-4e67-a969-20b358c349e8">Gensler says SEC to review payment for order flow (FT)</a><a href="https://www.bloomberg.com/news/articles/2021-06-07/apollo-faces-canada-pension-review-showing-stain-outlasts-black?sref=5xrDvJna">Apollo Faces Canada Pension Review as Stain Outlasts Black (Bloomberg)</a>

The other PayPal mafia: 20 women who helped build the payments giant

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55f053269dd7cc1c008b90b3-1205-904/screen shot 2015-08-28 at 2.33.26 pm.png" alt="Liz Myers, Elizabeth Myers" data-mce-source="Photo courtesy of JPMorgan Chase" />Photo courtesy of JPMorgan ChaseLiz Myers hosting female employees at a networking and mentoring event in the bank's Tokyo office.</div></div></div>Liz Myers was only a teenager the first time she got to pose a question to Warren Buffett at Berkshire Hathaway's annual meeting.Three decades later, she can't recall the question, though she wishes she could."He asked me recently what I asked. I couldn't remember and I'm emailing everyone: 'Does anybody remember this?'" she said during an interview at the New York headquarters of JPMorgan Chase.Of course, for Myers, the bank's global head of equity capital markets, speaking to billionaires isn't such a rare occasion anymore.At 45, she leads a team that generated more than $1.5 billion in fees last year alone by helping companies like Alibaba Group navigate their initial public offerings. It's a position that makes her one of <a href="http://www.americanbanker.com/news/miscellaneous/the-25-most-powerful-women-in-finance-elizabeth-liz-myers-jp-morgan-1070004-1.html">the most important women</a> on Wall Street.A married mother of two, Myers has spent her entire career at JPMorgan. She's also the only woman to run a global equity capital markets business for a major Wall Street bank. Myers sat down with Business Insider for an hour-long interview, during which she came across as humble and down to earth - she's attained her position largely out of the media's spotlight. Passionate about mentoring other women at JPMorgan, Myers is someone who has clearly invested in relationships with her colleagues, clients, and former classmates."I not only have the utmost respect for Liz, but am in awe of her," Alexandra Lebenthal, the CEO of municipal-bond firm Lebenthal Holdings, told Business Insider. "She is one of the women who have reached the top echelons of Wall Street, but she wears it with modesty and grace. Liz is a power player, regardless of her gender."<h2>Talking stocks at the dinner table</h2>The middle child, with two brothers, Myers grew up in Grosse Point, Michigan, a Detroit suburb located on the shore of Lake St. Clair. Myers' father, Michael, is an anesthesiologist. Her late mother, Judy, was an interior designer. At their household, there were two copies of The Wall Street Journal waiting on the brick doorstep each morning. Both her parents were interested in investing, and, at dinner, business was the usual topic of conversation."When people grow up in family dinners, some people talk about politics. We talked about companies and sometimes stocks," Myers said. "Even though neither of my parents were in finance, they were both interested in business."It was Myers' mother who managed the family's finances and investments. She felt that savings should be invested.In the early 1980s, a family friend told Myers' mom about a talented stock-picker in Omaha, Nebraska, named Warren Buffett. Her mom started to read about him and soon became an investor in Berkshire Hathaway.Myers' parents started making the pilgrimage to Omaha for the Berkshire Hathaway annual shareholders meeting, which at the time was held at the Orpheum Theater - a much smaller venue than today. Eventually it became a family tradition with Myers and her two brothers joining their parents for the trip in the late 1980s.<h2>Family dinners to Princeton 'eating clubs'</h2>Myers was a bright student. She was well liked by her peers too."In high school, she obviously was smart and worked hard, but I think most of her friends remember her more as kind, fun, and a great person to be around," one of her former classmates said.She graduated from the University Liggett School - Michigan's oldest independent coeducational day school - in 1988. That fall, she moved to New Jersey to begin her first semester at Princeton University.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55e469659dd7cc1f008b6fed-846-634/screen shot 2015-08-31 at 10.47.51 am.png" alt="Cottage Club" data-mce-source="Flickr/ Joe Shlabotnik" />Flickr/ Joe ShlabotnikMyers joined one of Princeton's famed "eating clubs."</div></div></div>There, she joined <a href="http://www.kappaalphatheta.org/documents/pdf/25-year_Thetas_2014.pdf">Kappa Alpha Theta</a> and later became the sorority's chapter president during her senior year.The real highlight of social life on campus, though, was the school's famed eating clubs - beautiful, sometimes historic houses where upperclassmen dine and socialize together. Myers ended up joining the <a href="http://www.cottageclub.net/page/mentors">Cottage Club</a> and served as the group's food chair.<h2>Premed to econ</h2>At Princeton, Myers didn't immediately know that she wanted to work on Wall Street, and early on she had a stint in the premed program. She ended up focusing on economics, and she was one of two students on the university's economics department liaison committee, which worked with the faculty on curriculum and business/finance-industry connectivity.During her senior year, investment-bank recruiters from New York arrived on campus."When I interviewed with banks, they said: 'Why do you want this?' And I said: 'Because I'm interested in learning about companies, and I'm interested in business.'"That answer was good enough. Myers received four offers, including ones from JPMorgan and Salomon Brothers.Today, Myers is cocaptain for JPMorgan's recruiting program at Princeton.<h2>Back to Omaha</h2>In the spring of 1992, Myers and her family made the trip back to Omaha. They always made a point to speak to Buffett during the meetings.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55ef19c69dd7cc1f008b8c97-2752-2064/ap_910905024.jpg" alt="warren buffett" data-mce-source="AP Images" data-mce-caption="Warren Buffett" />AP ImagesWarren Buffett.</div></div></div>At the reception at Borsheim's jewelry store, Myers approached Buffett, who was also the interim chairman of Salomon Brothers after the bank got tangled up in a bond-trading scandal.She told Buffett that she had received an offer from Salomon. She thanked him and then let him know that she would be joining JPMorgan. Myers recalled him graciously saying, "Congratulations. I hope you send your extra business our way."While at JPMorgan, Myers continued to make the trip to Omaha. Once, as a young consumer M&amp;A analyst, she asked Buffett how he would vote if he had a board seat in a company that wanted to make a hostile takeover bid for another company.After getting married, she made the trip every other year. When her mother died in November 2011, Myers and her family stopped going.It wasn't until Buffett came to a recent JPMorgan CEO Summit, an annual event that the bank hosts in March, that Myers reconnected with him. As it turned out, she had already made plans to attend the meeting that year."It wouldn't be a Berkshire annual meeting without having Liz in attendance," Buffett told Business Insider. "It keeps Charlie and me on our toes to know that we have some very smart shareholders - led by Liz - evaluating whether what we say makes sense."Charlie, of course, is Charles Munger, vice chairman at Berkshire Hathaway.<h2>23 years at JPM</h2>Myers began her career in 1992 in the mining and metals group in corporate finance at JPMorgan's 60 Wall Street office. It was the culture and the training that attracted her to JPMorgan."I came to JPMorgan because it was known for having the best training program. I felt a strong affiliation with the culture, which was very client-centric - do the right thing for the client regardless of what the right thing for the bottom line is," she said.During her first few years at the bank, she also worked in the technology, media, and telecom group and then the consumer M&amp;A group.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55f050119dd7cc1b008b911d-604-453/screen shot 2015-08-28 at 9.00.03 am.png" alt="Liz Prus, Liz Myers," data-mce-source="AP Images/ Richard Vogel" />AP Images/ Richard VogelLiz Myers, then 27, was traveling when the 1997 Cambodia coup happened. An AP photographer took this photo of her at a US Embassy information booth at Phnom Penh's International Airport. The photo ended up in a Detroit newspaper.</div></div></div>She left JPMorgan in 1995 to get her MBA from Harvard Business School before returning to join the firm's equity capital markets group in 1997.In the last 18 years, she's ascended to be one of the most influential bankers on Wall Street, becoming the global head of ECM in December 2012.Inside JPMorgan, Myers has a reputation for being charismatic, detail-oriented, focused, a good listener, and inclusive of other people's opinions and ideas."She's such a good leader," said one JPMorgan insider who's worked with Myers and would only speak on condition of anonymity. "She's able to focus on the big picture and running the ECM business at the highest level."She's worked on transactions across a number of sectors, including financials, technology, real estate, industrials, healthcare, natural resources, and consumer products.The JPMorgan insider who's worked with her said she makes it look effortless."From a client perspective, you wouldn't know that she's working at all - she'd know that much. She's incredibly smart and knowledgeable, not only about the product, but about the sectors."It's the range of clients that Myers really loves about her job."I get to work with so many different clients - particularly in my seat now - multiple industries, multiple geographies," she said. "After 18 years in the group, these last three years running global, it's been a great opportunity to expand my horizons, not necessarily about the product per se, but about culture and business culture overseas."<h2>Investing in other women</h2>Myers is heavily involved in the firm's recruiting and mentoring efforts, especially for women."She's an outstanding role model, not only because of her extreme success, but from a character perspective. Any woman on Wall Street would want to look up to her because of that," the JPMorgan insider said.Investing her time in helping others develop their careers is something she's become really passionate about.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55ef63f09dd7cc1a008b8e66-591-443/screen shot 2015-08-31 at 10.52.07 am.png" alt="Liz Myers" data-mce-source="Photo courtesy of JPMorgan Chase" />Photo courtesy of JPMorgan ChaseLiz Myers on stage at a leadership conference for JPMorgan's top executives.</div></div></div>"As you look around, you realize that you've become ... accidentally in some ways, a role model for others. So you sort of owe it to others to help out. I've had a lot of male mentors in my career and female mentors. I always encourage people to support both because you need both mentors and sponsors."Myers and other senior-level women at the firm have been encouraging women at all levels of their careers.For the last three years, Myers has served as the cohead of the investment bank's senior women's network in the US. She's involved in the bank's mentoring programs for female employees, campus-recruiting programs targeted toward women, and reentry programs in the investment bank aimed at hiring women who've been out of the workforce for a number of years.Her door is open to women to come for advice and mentorship. Sometimes women at the firm just want to ask her questions. Other times, women come seeking advice on a particular situation. But most often, women come seeking guidance on how to advance their career. No one will ever leave Myers' office without a new contact."If a woman comes to me, she will never leave without me introducing her to someone else, even in another area, even if they're not looking for a new job," she said.<h2>Following the footsteps of a mentor</h2>Myers was a protégé of Jimmy Lee, the legendary deal maker who died earlier this year and often the public face of JPMorgan's deals. Myers remained behind the scenes, but Lee always made a point to give her and others recognition. It was actually Lee who encouraged Myers to engage with the press and build up her public profile.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55e462769dd7cc0f008b6fb3-482-362/screen shot 2015-08-31 at 10.18.48 am.png" alt="Jimmy Lee, Liz Myers" data-mce-source="Photo courtesy of JPMorgan" />Photo courtesy of JPMorganMyers and Jimmy Lee on the floor of the New York Stock Exchange during Alibaba's IPO.</div></div></div>The two worked on a number of landmark deals together, starting with AIG when they helped the Treasury sell down its investment when she was running the Americas ECM business. More recently, they worked on Facebook's IPO and that of Chinese ecommerce giant Alibaba Group.This summer, <a href="http://www.businessinsider.com/jimmy-lee-passed-away-2015-6">Lee died</a> of a heart attack at the age of 62 while exercising in his Darien, Connecticut, home.His passing left a gap at the heart of JPMorgan's team of dealmakers. He was a larger-than-life figure on Wall Street. Lee worked closely with a number of top executives at JPMorgan - particularly Myers, who says she learned from him the importance of having a personal connection in the workplace."What I admired about him, and I try to think about emulating and prioritizing, is how important it was to develop a personal relationship with clients," Myers said. "It's not an accident there were 2,500 people at his funeral. Those people felt personally invested in."

One of the most powerful women on Wall Street leads a team that has generated $1 billion in fees this year - here's her story

There are different reasons why individuals become investment bankers (ibankers). 
Why they yearn to practice the sacred art of investment <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> (ibanking). Though there are people who enter this esoteric world of high finance by pure chance, and with little effort, they are anomalies. In the vast majority of cases deep-seated motivations propel the uninitiated to persevere until the gates of entry to that prestigious world open before them.
Most of those motivations can be grouped into a handful of categories (see diagram below for examples). They also explain why so many bankers agree to work unusually long hours, to put up with abnormally high levels of stress and to sacrifice personal and leisure time. Take a look at the faces of people who have been in the business for over 10 years, especially in a front office role. Many wear their sacrifice on their face – though too few of them realise this.
For those of you currently in the business, next time you attend the Monday morning meeting just take a nice, long look around the room at the seniors bankers present. Is it not unusual that many of them are probably 10 years younger than they look? I know it took me less than a year at the bank to give birth to most of the grey hairs I presently sport.
So why do so many people accept, amongst other things, the premature ageing that comes with the territory? Different reasons.
Hypnosis: dangling a shiny pendulum
In the case of university students it tends to stem from psychological attraction. Convinced to put forth an application after being mesmerized by the words and tone of voice of recent grads in polished suits at campus recruiting events. Never mind that the speaker has had stress-induced diarrhea for the past month, working round the clock to make a deal happen, and has been literally pissing out his @ss every morning at work.
Benjamins (US) / dosh (UK) / fric (French) / dinero (Spanish) / foulous (Arabic) / qián (Chinese)
Let there be no doubt that chief amongst the reasons is the motivation to earn a lot of <keyword id="6354840" type="PERSON" weightage="60" keywordseo="money">money</keyword>. See, for many bankers, and banker-wannabes, it’s a given that the entrepreneurial route is the path which ultimately leads to the greatest riches. However, entrepreneurship is beset with pitfalls and risks. Therefore, given the very calculating nature of bankers, the optimal choice is a career which is less risky than entrepreneurship yet at the same time relatively more lucrative than other roles.
If you consider it safe to be employed and risky to be an entrepreneur, then investment banking can be considered one of the best safe bets in terms of compensation.
There are bankers who spring out of bed at 6am every weekday to get ready for work as if called into a meeting by God. The raison d’être for this group is to toil through all the days of the year until one very particular day in the year. Bonus day.
Whether it is earned in €, $, £ or ¥, on a good bonus day it will feel as if God came down to earth and kissed him or her on the forehead.
On bonus day you may notice for the first time that some of your colleagues actually have teeth. Year-round glares turn into ear-to-ear smiles. During the year you’ll see colleagues get engaged, marry, become parents and take off on week-long holidays to the Seychelles. However, you will not see them wear anything remotely close, i.e. as BIG, as the smile they’ll walk into work with that day in anticipation of the handout. The stress, grey hairs, hair loss, stomach ulcers, eczema, skin rashes, to name a few undesirable aspects of the job, are justified by the paper handed to you which contains your bonus for the year. If it is a great handout then the day after the beneficiary will glow like a prophet. Let’s hope it’s a good year, ey!
The <keyword id="15482" type="COMPANY" weightage="60" keywordseo="lifestyle">lifestyle</keyword>: la dolce vita
From fine Asian restaurants serving mouth-watering black cod with miso and expensive French wine to luxury hotels nestled on hilltops in remote exotic islands, the list of activities enjoyed by bankers can be out of reach to some people in relatively lower-paying industries. Whether the bankers truly appreciate the $100 main or £275 bottle of red wine served at Chez Quelqu’un or rather enjoy the <keyword id="6356030" type="UNKNOWN" weightage="60" keywordseo="status">status</keyword> associated with eating there when the restaurant next door offers more delectable food at a third the price, does not matter here. It’s the lifestyle the job affords that some gravitate towards.
Some chaps and chapettes want the opportunity to hang out with a Barbour jacket-wearing crowd or a Brooks Brothers posse. Makes them feel special.
For others the right lifestyle includes being able to send their kids to a school which will prep them for entry into <a href="http://www.etoncollege.com/" target="_blank">Eton College</a> (UK), <a href="http://www.exeter.edu/" target="_blank">Philips Exeter Academy</a> (US) or <a href="http://www.rosey.ch/" target="_blank">Le Rosey</a> (Switzerland).
Many like doing the rich person’s routine such as attending niche art exhibits where you’re served champagne, engage in inane small talk and pretend that you’ve done the rounds in art circuits since birth. Reminds me of an ex-colleague who’d always take half an hour to peruse art reviews online, jot down a few key phrases and throw them around at the events like he did a post-doc at École des Beaux-Arts in Paris.
Let’s not forget the fine food:
“Yes, to start with I’ll take the caviar appetizer, followed by the veal fillet, cooked in aubergines, with confit of veal breast, with pepper and lemon, and…oh…as it appears divine I’d also like the artichoke and black truffle soup with the layered brioche and mushroom. Thank you.”
Status: symbol of financial success
For some it’s the prestige that comes with the job which matters most. Many bankers love knowing that their friends refer to them as a ‘high flying finance guy / gal.’ All of a sudden people around think of you as a financial whiz. Relatives and friends will call you and question you on how to get mortgages, successfully refinance loans, invest in gold, buy into a tech start-up or even how to tip in restaurants. Your opinion on all things monetary suddenly matters very much. That is, even if all you do in your day-to-day job is to give loans to handful of South African corporates and that in reality you’re as knowledgeable on mortgages or commodities as a tourist guide in Giza (Egypt) is about Norwegian forestry.
I’ve know some ibankers who’ll complain about the job on daily basis and carry their utter disdain for their work life on their foreheads. But when you run into them at a rooftop lounge on a Friday evening surrounded by an attractive young crowd of non-finance people you’ll hear them describe what they do as if they’re Thomas Crown.
<div class="image-container center click-to-enlarge" style="width:601px"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/504a55b9ecad047809000002-960/why-become-a-banker.png"><img src="http://static2.businessinsider.com/image/504a55b9ecad047809000002/why-become-a-banker.png?maxX=601&amp;maxY=418" border="0" alt="why become a banker" width="601" height="418" /></a></div></div>
True love
Some people know they want to work in finance from a young age. True, it’s rare but when you meet them in a bank you’ll recognize it right away. More often than not they’re very sharp. Everyone in the team will either love or hate them. There is no in between. At a junior level (i.e. analyst / associate) they are typically the guys who make far fewer mistakes in presentations and models, digest information and data the quickest and generally appear to feel most at home in the building. It is almost a given that they’ve breezed through their finance studies in university. Some of them probably could have joined a bank straight from school rather than attend university.
When these worshippers of finance walk across the trading floor or past the Head of M&amp;A’s office they’ll fight hard to keep a stupid smile from manifesting itself. They cannot help it. The trading floor is like a playground for them. The Head of M&amp;A’s office like a throne. And if they receive a nod of acknowledgement from the man inside that office they may rush to the bathroom, lock themselves in a stall and cry out of joy for the job they consider a blessing. They probably hear Vivaldi’s Four Seasons (Spring) in their heads when they walk around the bank on a busy Monday morning, a difficult day for most humans. Or perhaps Beethoven’s Ode to Joy – the part where the entire ensemble comes together in joyous harmony.
For these special souls, the enjoyment they derive from reading the Financial Times on a Friday morning is tantamount to a sustained mini ejaculation.
I once spotted one of them in the bathroom. Thomas, who attended the UK’s leading boarding schools and spoke as if he were an earl, was an Equity Capital Markets (ECM) associate and we occasionally worked on deals together. He was probably headed over to chat to a Sales guy and decided to make a pit stop beforehand. He surely thought he was the only person inside the toilets. I was slightly out of his range of vision at the urinals. Anyway, he’d finished washing his hands and was now staring at himself in the mirror:
Thomas: “Star ECM associate ladies and gentlemen. Rain maker! ”
This catches my attention and I quickly notice he’s not on his phone. His smile reminds me of the smile on a friend’s face the day he became a father. He went on chatting to himself.
ECM associate: “Walkin down the trading floor. Smile at the FX guys, “hey Cyrus how’s cable*”, wave to the EM traders, ‘yo Ravi how the Abu Dhabi bonds doing? Has the sheikh farted again?” *note: cable is the exchange rate between the US Dollar and British Pound 
He suddenly bit both lips and looked down. He was overwhelmed by it all. I nearly bit through my lower lip trying to hold myself from bursting with laughter.
Great expectations
For some, a career in finance is expected of them from a young age. That was certainly the case with Guillaume, a Swiss M&amp;A analyst I met in London during training.
Guillaume: “Most of our family and friends are in finance. My father is a private banker. My older brother is a hedge fund analyst. The pay maintains the lifestyle we like. The lifestyle our friends also have, bien sur.”
He tells me this as he brandishes a ring with his family crest on it as if he were a 17th century musqueteer. Has anyone told him there are under 30-year old dotcom-ers who have made more in 5 years than his ancestry combined? And they wear flip-flops and Billabong shorts to work.
Tour of duty: Operations In &amp; Out
The people in this group are those who’ve planned the mission from day 1. They have given themselves two or three years to immerse themselves in that world, work like a horse, learn as much as possible about finance, hone their presentation and Excel skills, add some eyebrow-raising bullet points in the resume / cv and get out before it’s too late. Once the tour of duty comes to an end they tend to head back to university for graduate studies, launch a start-up, spend a year backpacking around Latin America flirting with locals and smoking local herbs, set about writing an ebook they’ll make available for download on a personal blog for $39.99, move into an Ashram in Uttar Pradesh and massage each other thinking it will lead to enlightenment and practice minimalism, etc.
Sadly, only some of the people who swear an oath to the tour of duty on that very first day fulfill their mission. Everybody in finance reading this knows exactly what I’m talking about. To those in the business: how many times have you told yourself, ‘just one more year…just one more bonus’? To those who have friends in the business: how many times have you heard them insist they’ll soon leave their job? Most end up MIA (missing in action). Once behind enemy lines and captured people slowly forget the original plan, which is easily overshadowed by the perks of the job inside the golden cage. That is precisely what happened to Carlos, a friend of a friend.
He was on a two year plan. So he said. Six years later – though you’d think it more like 15 years looking at his face and what’s left of his hair – he still insists departure is imminent. A few months ago I ran into him in a lounge in New York. Rihanna’s What’s My Name started to play and he began to dance. You could call it that, if you were looking through a kaleidoscope. In some parts of the world he’d get violently beaten with a dead monkey and have his head shaved with a butter knife for looking that bad. He used to dance with a modicum of style I was told. But after sitting on a chair crunched over a computer 12+ hours per day modelling on Excel for six years shit happens.
The people
One attraction of working in an investment bank is that you’re sure to work alongside some bright minds. The reason for that is very simple: investment banking promises enormous wealth and an exciting career and, therefore, it attracts some of the sharpest, most intelligent and driven individuals in academia and the workplace.
I can’t deny that I’ve met some impressive people in the bank. Having said that, I’ve also met a great deal of legendary imbeciles.
Nonetheless, some ibankers join and stay in the business because of the people.
Chance, circumstance or the alignment of the stars
Some stumble into the business by sheer chance, much like one accidentally steps in dogshit. It just happens. They’re at the right place, at the right time, and opportunity presents itself.
It just so happens that nerds (intelligent but single-minded persons obsessed with a nonsocial hobby or pursuit) are most likely to have this happen to them. Why? They’re natural chess masters, have an engineering degree from a top-ranked global university and, most important of all, give off the exact impression a managing director wants to see in a potential recruit: “I’m a loser, will work like a dog, make few mistakes and rip open my scrotum doing the splits on two chairs like Van Damn if you ask me to.” Hired!
Why I became an ibanker
My goal objective was clear from day 1: learn as much as I can; work with some very talented and intelligent individuals; gain the relevant skills; make the right contacts; work on large deals; and when the time is right jump and do my own thing.
Having investment banking experience on a resume / cv no doubt strengthens your profile in the business world.
Of course money and the element of prestige also played roles. Yet they were not the sole driving factors for me. Besides, the big money you read about in the media only goes into the pockets of a select few in banks. It takes some time before you earn the big numbers. Also, the banks will always give you just enough to make sure you stay another year, and another, and another.

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