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<ul class="summary-list"><li><keyword id="10675544" type="UNKNOWN" weightage="60" keywordseo="siebert-financial">Siebert Financial</keyword> saw its share price rise as much as 395% from Thursday's close on Friday before paring gains.</li><li>While there was no clear reason for the move, some reports have suggested the company is yet another target of the <keyword id="9346197" type="UNKNOWN" weightage="60" keywordseo="wallstreetbets">WallStreetBets</keyword> crowd.</li><li>The company traded with a record <keyword id="47814" type="COMPANY" weightage="60" keywordseo="volume">volume</keyword> on Friday of over 27 million shares.</li></ul><p>Shares of Siebert Financial skyrocketed over 100% on Friday amid a spike to record volume. More than 27 million shares have traded hands on the day, easily surpassing the three-month daily volume average of 24,653 shares.</p><p>While som reports have pegged the move to the <a href="https://www.businessinsider.com/wallstreetbets-fastest-growing-subreddit-hits-58-million-users-2021-1">WallStreetBets phenomenon</a>, there is comparatively little chatter on the forum.</p><p>C<a href="https://www.reddit.com/r/Webull/comments/l7q116/sieb_has_virtually_no_walls/">omments on another Reddit forum</a>, /r/ Webull, mentioned the stock "going to the moon" and the "gamifying of trading," but mostly <keyword id="334157" type="COMPANY" weightage="60" keywordseo="Reddit">Reddit</keyword> has been quiet when it comes to the small retail stock-brokerage business.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/gamestop-stock-experts-predict-next-move-reddit-traders-take-profits-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GameStop has surged more than 600% in the past week. 3 experts break down where the stock could go from here as Reddit's army of traders take profits and search for their next targets.</a></em></p><p>That hasn't stopped shares from charging higher. Share prices jumped as much as 395% from Thursday's closing price before paring gains.</p><p>Siebert, which was founded in 1994 by Muriel Siebert, had seen shares fall 54% in the past year before Friday's jump.</p><p>Short interest in the name was also pushing 8% until today's 3.5% drop in shares shorted. That suggests one reason for the spike in prices could be that Siebert was the target of another short squeeze attempt, similar to what pushed shares of GameStop to dizzying heights in the week.</p><p>Reddit's WallStreetBetsElite forum which boasts 183,000 members noticed the move in share prices with one commenter saying "someone's making a run at Siebert financial!!!"</p><p><strong><em>Read More:</em></strong><em> </em><em><a href="https://www.businessinsider.com/stock-picks-to-buy-expected-outperform-earnings-2022-morgan-stanley-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">MORGAN STANLEY: Buy these 17 stocks with strong earnings that are expected to outperform into 2022 even if the broader market sinks</a></em></p><p>The historic jump from Siebert illustrates just how volatile trading has become over the past few weeks. The CBOE VIX - a measure of volatility in the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> commonly referred to as Wall Street's "fear gauge" - is sitting at 36 on Friday, well above its long-term average of just below 20.</p>

Siebert Financial spikes over 100% on record trading volume

<p><a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a></p><div type="image" title="Screen shot of Insider capital markets correspondent, Aaron Weinman, moderating a virtual event" height="1080" width="1440" msid="90157506" hostid="261"></div><ul class="summary-list"><li><strong>Financial institutions and companies are dialing up efforts to put their money where their mouth is when it comes to diversity. </strong></li><li><strong><keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">Sustainability</keyword> experts from Carlyle, Bank of America, and Infosys share their ways forward in Insider's virtual event</strong>.</li></ul><p>George Floyd's murder in May 2020 proved a wake-up call for much of corporate America, including Wall Street banks and other financial institutions that are now doing more than ever to invest in diversity.</p><p>For years, financial institutions have offered climate-focused financing instruments, but in the aftermath of Floyd's death, the industry zeroed in more on sustainability-linked metrics that tackled social matters like diversity, equity, and inclusion. Banks were more welcoming to diverse-owned broker dealers, and private-equity firms were demanding greater diversity on their portfolio companies' boards, among other initiatives.</p><p>It's a reckoning that's well overdue, and this month, Insider hosted a virtual panel, "<a href="https://www.youtube.com/watch?v=X2HdYhjwUrc&amp;ab_channel=BusinessInsider">Investing in People Transforms Economies</a>", featuring three executives to dissect the strides that financial institutions have made to foster industry-wide diversity initiatives that stand the test of time.</p><p>For Karen Fang, the global head of sustainable <keyword id="11895316" type="UNKNOWN" weightage="60" keywordseo="finance" source="Orion">finance</keyword> at Bank of America, sustainability is really about connecting financial capital with human capital, while Megan Starr, the head of impact at Carlyle, believes the private-equity firm's portfolio companies are better-served through inclusive teams.</p><p>And Ravi Kumar, president at IT services company Infosys, reckons the pandemic served as a gut check to employers grappling with today's workforce that demand equity and empathy.</p><p>"There's this sense of a 'pandemic epiphany,' if I may. An epiphany about understanding the purpose and priorities of people you want to work with," Kumar told Insider. "Employers are spending time on mental health. We need flexibility in our jobs, but it's also about who you want to work with, what's the purpose and where your priorities are."</p><h2>Bringing financial tools to bear</h2><p>Financial institutions, meanwhile, have doubled-down on efforts to enact change through debt and equity instruments that don't just promote diversity, but seek to hold companies accountable for their actions.</p><p>"Whether it's displacement or re-skilling that we're talking about, all of this takes dollars and capital," BofA's Fang said. "The private sector has realized the role we can play through capital markets to deliver on those goals."</p><p>BofA, for example, conducted its inaugural $2 billion equality progress sustainability bond in September 2020, which was used to support mortgages or construction loans for black and Latin borrowers. The proceeds also supported single, or multi-family housing, and affordable housing projects. And last December, the US bank <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/12/bank-of-america-issues-its-second-equality-progress-sustainabili.html">followed up</a> with another $2 billion bond that provided capital for affordable housing and for minority-owned businesses.</p><p>Last year's transaction also employed the services of black-owned investment banks like Loop Capital and Siebert Williams Shank to help arrange the bond.</p><p>"Let's make sure minority-owned businesses and communities get the capital, or the mortgages, and small-business loans that they require," Fang said.</p><h2>Holding corporate America to account</h2><p>Carlyle's Starr said she's focused on changes that can be sustained over the long term. Whether it's the private-equity firm or its portfolio companies, Starr wants the impact to last, rather than it be a reactionary flash in the pan that's swept under the rug with the current news cycle.</p><p>"Better businesses have engaged, productive, loyal, and sticky employee bases. So I think impact right now has taken root in this idea of change over time. It's far more impactful than just binary capital allocation decisions," Starr told the audience.</p><p>Carlyle, for example, inked a $4.1 billion credit line in February last year that's focused on advancing diversity within the boards of its portfolio companies. Thirty percent of these boards' directors must be from diverse backgrounds within two years of Carlyle taking control of the company.</p><p>By implementing a more diverse board, the firm is hopeful this effort will trickle down into its companies' broader hiring efforts.</p><p>Carlyle also is holding itself accountable. If it does not meet these targets, the firm will pay a greater cost for its debt.</p><p>"With this, we've tied our cost of capital to it, and we have year-over-year key performance indicators. And if we make them, there's a real benefit to the pricing of our debt," Starr said.</p>

Equity and diversity in the workplace is a priority for sustainable finance, and the companies it serves

<ul class="summary-list"><li>The female-first dating app <keyword id="2307576" type="COMPANY" weightage="100" keywordseo="bumble">Bumble</keyword> went public Thursday with founder Whitney Wolfe Herd at the helm.</li><li>Herd is the youngest of the handful of women CEOs who have taken their companies public.</li><li>The app's shares surged upon opening on the <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword>, giving Bumble a market cap of over $8 billion. </li></ul><p>Whitney Wolfe Herd, the 31-year-old founder and CEO of the online-dating app Bumble, <a href="https://markets.businessinsider.com/news/stocks/bumble-stock-price-ipo-market-debut-dating-app-offering-bmbl-2021-2-1030074160">took her company public</a> Thursday, and she is the youngest-ever woman to do so.</p><p>After leaving an executive role at Tinder, Herd founded the female-first dating app in 2014 in hopes of creating a site where women have the power to make the first move in relationships.</p><p>"The importance of a woman making the first move is not exclusive to the world of dating, romance, or love," Herd wrote in <a href="https://www.sec.gov/Archives/edgar/data/1830043/000119312521031442/d20761ds1a.htm#rom20761_1a">Bumble's S-1 filing</a>. "It is a powerful shift, giving women confidence and control."</p><p>Of the hundreds of companies that go public every year, <a href="https://www.businessinsider.com/female-entrepreneurs-face-obstacles-taking-companies-public-2020-12#:~:text=Only%2020%20have%20ever%20been%20founded%20and%20led%20by%20women.&amp;text=Each%20year%20since%20the%20New,minorities%20have%20been%20held%20back.ack.">only about 20</a> have been founded and led by a woman. Four of those were last year, including Maria MacCecchini's Annovis Bio and Roni Mamluk's Ayala Pharmaceuticals. Though many factors play into the dearth of women leading initial public offerings, one reason is that only <a href="https://pitchbook.com/news/articles/the-vc-female-founders-dashboard">2.7% of venture-capital dollars</a> have gone to companies founded by women only, PitchBook reported.</p><p>Bumble, whose executives and directors are majority female, publicly filed its <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> paperwork on January 15. It has 42 million users across Bumble and <keyword id="865319" type="COMPANY" weightage="60" keywordseo="Badoo">Badoo</keyword> combined. The app will operate as a "<a href="https://www.businessinsider.com/bumble-ipo-key-takeaways-from-s-1-filing-going-public-2021-2">controlled company</a>" with <keyword id="48032" type="CITY" weightage="60" keywordseo="Blackstone">Blackstone</keyword> and Herd taking a majority of the voting power for a period of time to help Bumble focus on long-term goals and avoid activist investors.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/ipo-boom-bubble-investing-strategy-picks-risks-etf-renaissance-capital-2021-2?r=gk-sub">Wall Street's resident IPO expert shares the strategy behind her ETF that returned 107% last year - plus 3 risks to the current IPO boom and 5 offerings to watch this year</a></em></p><p>Though the company hasn't shared Herd's net worth, the CEO will have a total annual compensation of about $19 million, including her salary and stock awards. Herd, a <a href="https://www.businessinsider.com/meet-bumble-ceo-whitney-wolfe-herd-net-worth-family-ipo-2020-9#even-before-she-took-on-her-expanded-role-wolfe-herd-was-already-a-workaholic-7">Utah native and self-described workaholic</a>, also serves on the board of directors of Imagine Entertainment and the executive board at Southern Methodist University's Dedman College of Humanities and Sciences, from which she graduated. </p><p>Bumble did not reply to Insider's request for comment. </p><p>Herd is joining the <a href="https://www.businessinsider.com/female-entrepreneurs-face-obstacles-taking-companies-public-2020-12#:~:text=Only%2020%20have%20ever%20been%20founded%20and%20led%20by%20women.&amp;text=Each%20year%20since%20the%20New,minorities%20have%20been%20held%20back.ack.">ranks of the 21 women founders</a> who came before her, from <keyword id="4130062" type="PERSON" weightage="60" keywordseo="stitch-fix">Stitch Fix</keyword>'s Katrina Lake, who took the company public in 2017, to The RealReal's Julie Wainwright, who <a href="https://www.businessinsider.com/the-realreal-ipo-here-is-what-you-need-to-know-2019-6">took her company public in 2019</a>, to Muriel Siebert, who took Siebert Financial public decades earlier in 1972. Just last year, Leen Kawas' Athira Pharma and Ann Marie Sastry' Amesite also went public. Other women have taken public biotech, pharmaceuticals, event-planning, nannying, and software companies.</p>

Whitney Wolfe Herd took Bumble public as the youngest female CEO to ever IPO

<p>Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:</p><ul><li><a href="https://www.businessinsider.com/suzanne-shank-wall-street-ceo-diversity-apple-microsoft-oscar-ipo-2021-3">Suzanne Shank</a> details her rise to become one of the only Black CEOs on <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword>.</li><li>Robo-advisor Betterment <a href="https://www.businessinsider.com/betterment-acquire-wealthsimple-us-accounts-robo-advisor-fintech-wealth-management-2021-3">brokered a deal</a> for Wealthsimple's US customer base in the first big move under new CEO Sarah Levy. </li><li>Adam Stone, Perceptive Advisors' chief investment officer, walked us through the healthcare and biotech specialist's <a href="https://www.businessinsider.com/perceptive-advisors-spac-strategy-investment-healthcare-biotech-deals-aryd-2021-3">SPAC strategy</a>. </li><li>Here's how Candlestick Capital, Cinctive Capital, and Holocene Advisors <a href="https://www.businessinsider.com/candlestick-holocene-cinctive-february-performance-figures-hedge-funds-ken-griffin-2021-3">performed</a> in February.</li></ul><p>We are also looking for nominations for upcoming list of top equity research analysts under 35. <a href="https://www.businessinsider.com/seeking-nominations-rising-stars-equity-research-wall-street-analysts-2021-1">Find out more about the list, and how to nominate someone here. </a></p><p><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></p><p>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>. </p><h3><a href="https://www.businessinsider.com/suzanne-shank-wall-street-ceo-diversity-apple-microsoft-oscar-ipo-2021-3">Suzanne Shank, one of few Black CEOs on Wall Street, details how she built a women- and minority-owned investment bank from the ground up</a></h3><div type="image" title="Suzanne Shank" height="2685" width="3580" msid="81349001" hostid="261"></div><p>Suzanne Shank spoke to Insider about building and running a minority- and women-backed investment bank. The profile is the first in our series "Black Excellence on Wall Street," which includes stories about Black leaders and their impact in finance. </p><p>Find out more about Shank's rise at Siebert Williams Shank, which has partnered with Microsoft and Apple to invest in positive change for communities of color and been involved in high-profile IPOs like Airbnb and Oscar Health. </p><p><a href="https://www.businessinsider.com/suzanne-shank-wall-street-ceo-diversity-apple-microsoft-oscar-ipo-2021-3">Click here to read the entire story.</a></p><h3><a href="https://www.businessinsider.com/betterment-acquire-wealthsimple-us-accounts-robo-advisor-fintech-wealth-management-2021-3">Betterment is buying rival Wealthsimple's $190 million US customer base as its new CEO sets the robo-advisor on IPO path</a></h3><div type="image" title="Betterment Chief Executive Sarah Levy." height="1127" width="1500" msid="81349004" hostid="261"></div><p>Robo-advisor Betterment is buying Canadian rival Wealthsimple's US book of business in the first big move under new CEO Sarah Levy. <a href="https://www.businessinsider.com/betterment-acquire-wealthsimple-us-accounts-robo-advisor-fintech-wealth-management-2021-3">Read more here</a>.</p><h3><a href="https://www.businessinsider.com/perceptive-advisors-spac-strategy-investment-healthcare-biotech-deals-aryd-2021-3">The investment chief at Perceptive Advisors lays out the $8 billion hedge fund's SPAC strategy and why he would rather liquidate than make a bad deal</a></h3><div type="image" title="Adam Stone, Perceptive Advisors" height="1398" width="1864" msid="81349006" hostid="261"></div><p>Perceptive Advisors chief investment officer Adam Stone walked Insider through its SPAC strategy. <a href="https://www.businessinsider.com/perceptive-advisors-spac-strategy-investment-healthcare-biotech-deals-aryd-2021-3">See more here</a>. </p><h3><a href="https://www.businessinsider.com/candlestick-holocene-cinctive-february-performance-figures-hedge-funds-ken-griffin-2021-3">Hedge funds run by Ken Griffin's former lieutenants had big February performances, including one major bounce back</a></h3><div type="image" title="ken griffin citadel" height="1665" width="2221" msid="81349010" hostid="261"></div><p>Get some insight into how Candlestick Capital, Cinctive Capital, and Holocene Advisors did in February. <a href="https://www.businessinsider.com/candlestick-holocene-cinctive-february-performance-figures-hedge-funds-ken-griffin-2021-3">Get the full rundown here</a>.</p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.bloomberg.com/news/articles/2021-03-03/melvin-capital-surged-22-in-february-after-gamestop-disaster?sref=5xrDvJna">Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain (Bloomberg)</a></p><p><a href="https://www.reuters.com/article/us-bofaml-oil-moves-idUSKBN2AV2LQ">Bank of America co-head of global oil trading departs - sources (Reuters)</a></p><p><a href="https://www.businessinsider.com/robinhood-may-dump-heavily-criticized-confetti-trading-animations-bloomberg-2021-3">Robinhood may dump the popular confetti animations that critics say help turn stock trading into a game, report says (BI)</a></p><p><a href="https://www.bloomberg.com/news/articles/2021-03-03/jpmorgan-adds-goldman-dealmaker-to-new-strategic-investors-team?sref=5xrDvJna">JPMorgan Adds Goldman Dealmaker to Strategic Investors Team (Bloomberg)</a></p><p><a href="https://www.businessinsider.com/the-wall-street-journal-is-getting-into-seo-2021-3">The Wall Street Journal is revamping its digital strategy to get more traffic - and it's creating tension among some reporters (BI)</a></p><p><a href="https://www.efinancialcareers.com/news/2021/03/credit-suisse-meal-allowance">Credit Suisse has a new treat for its junior bankers (eFinancialCareers)</a></p><p><a href="https://www.fnlondon.com/articles/deutsche-bank-shakes-up-junior-recruitment-to-diversify-from-mba-hires-20210303">Deutsche Bank shakes up junior recruitment to diversify from MBA hires (Financial News)</a></p><p><a href="https://www.pionline.com/money-management/pnc-chooses-new-cio-asset-management-group">PNC chooses new CIO for asset management group (Pensions &amp; Investments)</a></p><p><a href="https://www.businessinsider.com/warren-buffett-warned-investors-stocks-speculation-annual-letter-lawrence-cunningham-2021-3">Warren Buffett didn't mention SPACs, crypto, or meme stocks in his annual letter. Buffett scholar Lawrence Cunningham explains how the billionaire still managed to warn investors about them. (BI)</a></p>

Hedge fund winners - SPAC deal playbook - Betterment scoops up rival clients

<p><a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a></p><div type="image" title="Jim Reynolds, Loop Capital" height="3660" width="4880" msid="90503228" hostid="261"></div><ul class="summary-list"><li>When Allstate needed to raise money, it turned to a Black-owned investment bank, Loop Capital.</li><li>As corporations tighten DEI requirements, diverse-owned banks stand to earn more business.</li></ul><p>When Allstate needed cash from the capital markets <a href="https://markets.businessinsider.com/news/stocks/allstate-to-buy-national-general-for-4-bln-in-cash-1029374540">to purchase personal insurer National General</a> in the summer of 2020, its CFO Mario Rizzo approached CEO Thomas Wilson about appointing a diverse-owned firm to lead the effort.</p><p>Wilson encouraged Rizzo to go further. Why not appoint a group of investment firms, owned by diverse communities, rather than just one? Their discussion homed in on companies' efforts to tackle inequity at a time when consumers and shareholders were starting to hold corporate citizens accountable for their inclusivity and social-justice efforts, or lack thereof.</p><p>Enter James Reynolds, founder and CEO of <a href="https://www.loopcapital.com/">Loop Capital</a>, a Black-owned investment bank headquartered in Chicago. Reynolds met with Allstate's Wilson to determine whether a group of diverse-owned banks could raise the funds for Allstate — without the help of Wall Street mainstays.</p><p>What transpired was a bond deal that looked and felt like every other transaction Rizzo had seen, he told Insider. Loop, alongside a cadre of minority-owned firms, not only raised the $1 billion Allstate needed from the bond market, but it got so much demand, the transaction increased to $1.2 billion.</p><p>While most deals are led by giant global banks, Allstate's deal represented a new type of fundraising, led solely by minority-owned investment banks. These debt instruments, known as diversity, equity, and inclusion bonds, or simply DEI bonds, are one of the latest ways that <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> measures are encroaching upon Wall Street.</p><p>Though once it was slim pickings for minority-owned firms, especially in the context of the broader bond market, the trendline is moving. Last year, minority-owned firms led transactions for machinery company John Deere and telecommunications firm Verizon, among others. Verizon, in fact, now has strict measures that its activities in the capital markets feature prominent, higher-paying roles for diverse firms.</p><p>It's not just corporations that are taking notice. Institutions like <a href="https://www.businessinsider.com/deutsche-bank-bond-minority-owned-investment-banks-fees-women-bipoc-2021-4">Deutsche Bank also mandated Loop</a>, and a host of other minority-owned banks, to lead a $750 million transaction for the German lender last April.</p><p>In fact, diverse-owned firms, which count for only 21% of investment banks in the investment-grade market, participated in just over 50% of IG bond deals in 2021, according to Refinitiv data that was compiled at Insider's request. That's well ahead of the 22.5% rate in 2010, and up from 45% in 2020.</p><p>But while there's been improvement in participation by diverse firms, very few deals are led by them.  That's why the Allstate example represents an important milestone.</p><p>For Reynolds, deals like the Allstate one were business as usual. He earned his stripes at Chicago-based Paine Webber and Merrill Lynch in the 1980s and '90s, before becoming an expert in municipal-bond sales and trading. He formed Loop in 1997. His peers watched admiringly as the firm grew from a team of six to a workforce of over 200 today.</p><h2>DEI policies changing the way companies raise capital </h2><p>Firms like Loop operate in the world of capital markets, a pocket of Wall Street that helps institutions like banks and blue-chip corporations raise money for their operations through bond or share sales. It's a sector not known for its inclusivity, and is <a href="https://www.businessinsider.com/top-mergers-acquisitions-bankers-2021-goldman-jpmorgan-liontree-aryeh-bourkoff-2022-1">dominated by investment banks</a>.</p><p>Sidney Dillard wants to change how companies think about their capital-raising efforts. Dillard is the head of corporate and investment banking at Loop, and she wants more diverse-owned firms leading deals for America's largest companies in the capital markets.</p><p>"The ultimate goal is not where things are separated," Dillard told Insider. "It's in partnership, so you're at the same table. It's not like there's a 'black table' and a 'majority table,' or a 'veteran table.'" </p><p>When companies want to raise money in the capital markets, they will typically appoint a big, money-center global bank to lead a transaction. The lead bank, which earns the most fees, will then appoint other banks at different tiers to help distribute the sale of bonds or shares into the investor community. Black-owned firms like Loop usually get lower-tier roles.</p><p>Companies borrowing from the capital markets will often reward bigger banks with their business because those institutions have lent these businesses billions in loans over the years. Smaller firms like Loop do not have the balance sheet to provide credit to America's biggest companies.</p><p>But firms like Loop, as well as <a href="https://www.businessinsider.com/minority-owned-investment-banks-underwriting-corporate-bond-list-2021-5">Siebert Williams Shank and Blaylock Van</a>, are poised to win more business in the capital markets, as companies emphasize DEI-related policies.</p><p>"When we did our deal last year, we were hopeful it wouldn't be one-and-done," said Jeanmarie Genirs, <keyword id="12361562" type="UNKNOWN" weightage="60" keywordseo="deutsche-bank" source="Orion">Deutsche Bank</keyword>'s head of US investment-grade syndicate that helped shepherd its $750 million transaction with a group of minority-owned firms. "Our relationship with these firms have developed, the dialogue has increased, and that hopefully points to more opportunities to partner in future."</p><h2>Learning to lead transactions </h2><p>While it seems like yet another example of a global company paying lip service to DEI, what Deutsche Bank and other companies' deals did was allow diverse firms' staff — from the senior banker originating new business down to the analyst compiling the documents for a deal — to experience the rigors involved in leading a transaction.</p><p>The lead bank must do the lion's share of work from sourcing investor orders, placing it into an order book, and discussing with the borrower when to launch, or not launch, a deal. These processes are priceless when it comes to winning future business and upskilling bankers at minority-owned firms.</p><p>"You get to run through all the paces associated with the process," Dillard said. "The more you do it, the better you are." </p><p>The equity market is also another lucrative piece of the Wall Street pie where Black-owned firms can participate in initial public offerings or private advisory business. Unlike debt, the equity markets are less reliant on lending capabilities. Companies will often value high-quality advice over a burgeoning balance sheet, something that can aid smaller shops that lack the cash reserves of big Wall Street banks.</p><p>"There's an opportunity based on investments we've made in our equity research platform that can help companies wanting to IPO or place shares," Dillard said. "And we can get investor eyeballs on their name."</p><p>Genirs added that Deutsche Bank had discussed working with diverse firms on other financial products in equities, and also future underwriting efforts in other currencies.</p><p>"It's a work in progress, but these are conversations that didn't really happen a couple of years ago. They've developed in the last 12 months," she said. "We haven't hit the limit, that's for sure, but there's definitely upside in further collaboration."</p>

Opportunities for diverse-owned investment banks grow with more DEI rigor

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.apimages.com/metadata/Index/Morgan-Stanley-Gorman/df78ab8e06b14276b5a2925b9f131fbb/10/0">Mark Lennihan/AP</a></span></p><p class="caption">Morgan Stanley Chairman and CEO James P. Gorman.</p></div><p></p></div></div></p><ul class="summary-list"><li>Morgan Stanley and Goldman Sachs won the top banking roles on the upcoming <a href="https://www.businessinsider.com/category/uber">Uber</a> IPO, which could reportedly raise up to $100 million for the ride-hailing company.</li><li>Despite the competition between Uber and <a href="https://www.businessinsider.com/lyft-picks-ipo-banks-2019-2">Lyft</a>, which went public at the end of March, 11 of Uber's 29 banks are on both IPOs.</li><li>Here are all 29 banks underwriting Uber's IPO</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit BusinessInsider.com for more stories.</a></li></ul><p>Morgan Stanley and Goldman Sachs won the top two slots on <a href="https://www.businessinsider.com/category/uber">Uber's</a> impending IPO - joining with 27 other banks to fill underwriting roles for the company, <a href="https://www.businessinsider.com/uber-ipo-documents-filed-what-could-be-biggest-stock-offering-years-2019-4">according to Uber's S-1</a>, filed publicly on Thursday.</p><p>Despite the competition between <a href="https://www.businessinsider.com/category/uber">Uber</a> and its ride-hailing rival Lyft, the list of bankers has quite a bit of cross-over with <a href="https://www.businessinsider.com/lyft-picks-ipo-banks-2019-2">the 29 banks on Lyft's own IPO</a> which went down the end of March.</p><p>Uber is planning to raise $100 million in the IPO, at a valuation between $90 billion and $100 billion, <a href="https://www.businessinsider.com/uber-ipo-selling-10-billion-worth-of-stock-sec-2019-4?utm_source=markets&amp;utm_medium=ingest">Reuters reported,</a> making it a top contender for the largest IPO for the year. Those numbers could change between now and the still unknown-date when Uber actually lists on the NYSE.</p><p><em><strong>Read more: <a href="https://www.businessinsider.com/jpmorgan-and-credit-suisse-will-get-paid-almost-equal-amounts-for-helping-take-lyft-public-and-its-part-of-a-growing-trend-for-ipo-fees-2019-3">JPMorgan and Credit Suisse will get paid almost equal amounts for helping take Lyft public, and it's part of a growing trend for IPO fees</a></strong></em></p><p>Up to the final months, the IPO competition between Lyft and Uber was fierce. People familiar with the process described strict rules barring some banks from working on both transactions. Yet Uber's S-1 reveals that 11 of the smaller underwriters actually managed to get their names on both IPOs.</p><p>The highest ranked double-dipper was RBC Capital Markets, which was the sixth bank on Lyft's cover sheet, and the seventh on Uber's cover sheet.</p><p><em><strong>Read more: <a href="https://www.businessinsider.com/lyfts-bankers-are-trying-to-compare-the-ride-hailing-app-to-grubhub-and-farfetch-2019-3">Lyft's bankers are trying to compare the ride-hailing app to Grubhub and luxury retailer Farfetch - here's their pitch to investors</a></strong></em></p><p>The other double-listed banks are JMP Securities, Raymond James, Academy Securities, Cowen, Loop Capital Markets, Canaccord Genuity, CastleOak Securities, Mischler Financial Group, Siebert Cisneros Shank and the Williams Capital Group.</p><h2>Here are all 29 banks on Uber's IPO:</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Uber S-1</span></p><p class="caption">The underwriters listed in Uber's S-1 include 11 of the same banks used in Lyft's IPO on March 29.</p></div><p></p></div></div></p><ul><li>Morgan Stanley &amp; Co. LLC</li><li>Goldman Sachs &amp; Co. LLC</li><li>Merrill Lynch, Pierce, Fenner &amp; Smith</li><li>Barclays Capital Inc.</li><li>Citigroup Global Markets Inc.</li><li>Allen &amp; Company LLC</li><li>RBC Capital Markets, LLC</li><li>SunTrust Robinson Humphrey, Inc.</li><li>Deutsche Bank Securities Inc.</li><li>HSBC Securities (USA) Inc.</li><li>SMBC Nikko Securities America, Inc.</li><li>Mizuho Securities USA LLC</li><li>Needham &amp; Company, LLC</li><li>Loop Capital Markets LLC</li><li>Siebert Cisneros Shank &amp; Co., L.L.C.</li><li>Academy Securities, Inc.</li><li>BTIG, LLC</li><li>Canaccord Genuity LLC</li><li>CastleOak Securities, L.P.</li><li>Cowen and Company, LLC</li><li>Evercore Group L.L.C.</li><li>JMP Securities LLC</li><li>Macquarie Capital (USA) Inc.</li><li>Mischler Financial Group, Inc.</li><li>Oppenheimer &amp; Co. Inc.</li><li>Raymond James &amp; Associates, Inc.</li><li>William Blair &amp; Company, L.L.C.</li><li>The Williams Capital Group, L.P.</li><li>TPG Capital BD, LLC</li></ul><section data-track-content="" data-post-type="post"><div><div data-piano-inline-content-wrapper=""><ul class="read-more-links"><li><strong>Read more:</strong></li><li><a href="https://www.businessinsider.com/amazing-life-of-uber-new-ceo-dara-khosrowshahi-2017-8" data-read-more-link="" data-e2e-name="read-more-link">The amazing life of Uber CEO Dara Khosrowshahi - from refugee to tech superstar and a huge IPO</a></li><li><a href="https://www.businessinsider.com/uber-ipo-ceo-letter-2019-4" data-read-more-link="" data-e2e-name="read-more-link">'I won't be perfect, but I will listen to you.' Uber CEO outlines the company's 'enormous' opportunity while acknowledging its turbulent past in letter to investors</a></li><li><a href="https://www.businessinsider.com/uber-ipo-company-warns-reputation-risk-2019-4" data-read-more-link="" data-e2e-name="read-more-link">Uber warns that its reputation may always be a risk for its continued success</a></li><li><a href="https://www.businessinsider.com/uber-s-1-apple-google-app-store-dominance-risk-2019-4" data-read-more-link="" data-e2e-name="read-more-link">Uber warns that Apple and Google's stranglehold over the distribution of apps poses a major risk to its business</a></li></ul></div></div></section><section><section data-e2e-name="see-also-wrapper" data-track-event-label="see-also"></section></section><p class="tagline"><a href="http://read.bi/ai-101-free"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/foldable-phone-screen-flexible-display-technology-glass-plastic-lcd-oled-2019-4">Samsung, Motorola, and Huawei debuted foldable phones this year - here's how these folding screens work</a></h3>        <div>                    </div>    </div>

Morgan Stanley, Goldman Sachs, and all 27 other banks working on Uber's mega-IPO

<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Markets Insider" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5a3d24a4b0bcd51d008b6b51-960/screen shot 2017-12-22 at 102819 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span><a href="http://markets.businessinsider.com/currencies/BTC-USD">Markets Insider</a></span></p></div><p></p></div></div></p><ul><li><strong><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> is in its worst weekly sell-off since 2013. </strong></li><li><strong>The plunge is dragging companies in the cryptocurrency space, including some that recently changed their core businesses.</strong></li></ul><p> </p><p><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> and other major <a href="http://www.businessinsider.com/bitcoin-price-drops-plunges-friday-december-22-2017-12">cryptocurrencies are tumbling</a> on Friday along with the shares of several companies in the space.</p><p>Some of these companies recently announced they were changing their core businesses to focus on cryptocurrencies. Others added "blockchain" to their names and saw triple-digit-percent surges in their stock prices.</p><p>But some companies that have traditionally been associated with bitcoin, such as the GPU-maker <a href="http://markets.businessinsider.com/stock/amd-Quote">AMD</a>, are also weaker on Friday amid the heavy crypto selling. </p><p>Here's how some of the companies are trading at 10:02 a.m. ET: </p><ul><li>MGT Capital Investments: <strong>-24%</strong></li><li><a href="http://markets.businessinsider.com/stock/ltea-Quote">Long Island Iced Tea</a> (changing to <a href="http://markets.businessinsider.com/currencies/news/long-island-iced-tea-company-pivots-to-blockchain-stock-explodes-2017-12-1011743880">Long Blockchain</a>): <strong>-22%</strong></li><li><a href="http://markets.businessinsider.com/stock/ssc-Quote">Seven Stars Cloud Group</a> (recently took a 27% <a href="https://www.marketwatch.com/story/seven-stars-cloud-shares-soar-after-company-takes-large-stake-in-blockchain-based-ats-2017-12-20">stake</a> in a blockchain-based trading system): <strong>-17%</strong></li><li><a href="http://markets.businessinsider.com/stock/riot-Quote">RIOT Blockchain</a> (recently Bioptix, a biotech company): <strong>-16%</strong></li><li>Hive Blockchain Technologies (formerly <a href="http://www.newswire.ca/news-releases/hive-blockchain-currently-leeta-gold-announces-strategic-partnership-with-leading-cryptocurrency-miner-genesis-mining-and-acquisition-of-data-centre-in-iceland-628387573.html">Leeta Gold</a>, an exploration company): <strong>-13%</strong></li><li><a href="http://markets.businessinsider.com/stock/sieb-Quote">Siebert Financial Corp.</a> (plans to expand into <a href="https://www.reuters.com/article/us-siebertfinancial-stocks/brokerage-siebert-financials-shares-double-on-blockchain-plans-idUSKBN1E82NR">crypto trading</a>): <strong>-11%</strong></li><li><a href="http://markets.businessinsider.com/stock/amd-Quote">AMD</a>: <strong>-5%</strong></li><li><a href="http://markets.businessinsider.com/stock/nvda-Quote">Nvidia</a>: <strong>-2%</strong></li></ul><p>Bitcoin fell by as much as 25% below 11,000 per dollar on Friday, and was on track for its worst week of trading since 2013. </p><p><span>"What we're seeing in </span><span>Bitcoin</span><span> in recent days is what many people have been anticipating for a while which is speculators getting burned by a sharp and aggressive correction," said Craig Erlam, a senior market analyst at Oanda, in a note. </span></p><p><span>"The rally over the last couple of months has left b</span><span>itcoin</span><span> vulnerable to this kind of move and it seems the run up to Christmas has triggered some profit taking on the rally and even a shift into some alternative coins."</span></p><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a><strong>EXCLUSIVE FREE REPORT:</strong><br>The Bitcoin 101 Report by the BI Intelligence Research Team.<br><strong><a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></strong></br></br></div></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-can-be-bubble-and-still-change-world-2017-12">Bitcoin can be a bubble and still change the world</a></h3>        <div>                    </div>    </div>

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