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On the agenda today:
- CEOs at boutique banks detail how they're remaining competitive in the battle for dealmaker talent.
- Hedge funds just got a wake up call on the risks of investing in China.
- Wall Street and Silicon Valley firms are hiring more "FinOps" professionals.
Let's get started.
CEOs describe how they're enticing candidates in the battle for dealmaker talent
In a race for talent, boutique banks are working to snap up senior and junior dealmakers. CEOs from Moelis, Evercore, PJT Partners, and Lazard discussed the dealmaker talent wars — and how they're staying competitive. Here's what they said.
Hedge funds get a wake up call on the risks of investing in China
Hedge funds with big positions in Chinese companies will likely be proceeding with caution after the regulatory environment rocked markets over the last week. One geopolitical analyst told us that while funds have often underestimated the risks of investing in China, they may now be realizing it's a risky bet. More on that here.
Wall Street and Silicon Valley on the hunt for "FinOps" professionals
FABRICE COFFRINI/AFP via Getty Images
The amount of money that companies are spending in the cloud is inching higher than ever, ushering in a search for workers — in this case, FinOps — who can help them keep their spending under control. Here's why banks, retailers, and pharmas are increasingly searching for cloud finance experts.
The wealthy and Wall Street ruined the housing market for everyone
The housing market's convulsions of 2020 and 2021 have resulted in a new, permanently higher floor for house prices. Home shoppers have wealthy Americans, Wall Street, and millennials to thank.
How no-fee trading will help Citi compete with Robinhood and Merrill Lynch
Citi is launching its no-fee trading offering, called Citi Self Invest, in an effort to attract new stock traders while still serving its own wealthy clients. We spoke with David Poole, who runs Citi's US consumer wealth business, who told us about his plans to attract casual traders and serve high-net-worth clients alike.
Famed short seller Carson Block has lost money on Chinese stock bet Gaotu Techedu
After Gaotu and other top Chinese stocks plunged during China's crackdown on IPO, Block called it the "worst stock ever" for his firm. Why Block's short on the online-education company was "just brutal."
On our radar:
- Bloomberg reports that Robinhood's debut drop could threaten this year's remaining IPOs.
- The WSJ reported that Square has agreed to acquire Afterpay for $29 billion. Read more here.
- Deutsche Bank is experiencing a slew of wealth management departures, according to Bloomberg. So far, at least 10 senior wealth bankers have left amid cost cuts.
- Goldman Sachs draws a line in the sand on employee vaccination, CNN reports: if employees don't report their vaccine status, their ID cards will not work to enter the building.
- With burnout and disengagement at an all-time high, American workers are in a happiness deficit. We broke down how you can feel happier at work.
- Constant pressure to be the best can destroy your mental health. Here's how to take a cue from Olympians Simone Biles and Naomi Osaka and step back.
- Auto dealers say today's red-hot market is unlike anything they've ever seen — with cars selling before they hit the lot and clunkers worth more than ever. More on the so-called "bizarro world."
- Worried about your screen time? These restaurants and hotels will lock your phone up — and some will even pay you for it.
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