Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:
- Offer letters are out for summer 2022 investment-banking internships, and we had all the details on five banks
- A talent war has broken out for equity derivatives traders – here are the latest moves
- Two more firms raised junior banker pay
- Bank of America’s top tech exec explained how 5G and 3D printing could be game changers
- Automation is transforming how new bonds get sold
- Goldman Sachs laid out its back-to-office plans
If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals.
We saw offer letters for investment-banking interns for summer 2022. Here are the details on 5 banks’ pay, start dates, and signing bonuses.
Investment-banking summer-internship offer letters have already begun to go out for 2022 programs. Insider reviewed the details for five banks. You can get the full rundown here.
RBC Capital Markets and Guggenheim Securities announced the latest junior banker raises on Wall Street
RBC is also mandating vacation time for vice presidents, associates, and analysts, with two five-day weeks per year in which they do not have VPN access. See all the details here.
Bank of America’s Cathy Bessant highlighted the importance of 5G mobile broadband and 3D printing. Her fellow Bank of America tech exec David Reilly also spoke to the importance of 5G for edge cloud computing. See the full story here.
Automation is transforming how new bonds get sold, and syndicate bankers worry they’ll lose their jobs if they don’t branch out
“Allocation via the computer is coming,” said one syndicate banker who works at a bulge-bracket investment bank. “Automation makes allocations for a bond sale more uniform, but it’s scary for bankers that focus solely on execution.” Keep reading here.
A talent war has broken out for equity derivatives traders at Wall Street’s top investment banks – here are the latest moves
Wall Street equity derivatives traders have become a hot commodity, and hedge funds and investment banks have been fighting to hire or retain star volatility traders. Insider is tracking the hires and departures.
Inside the network of dozens of spin-off hedge funds from billionaire New York Mets owner Steve Cohen
Steve Cohen’s decades-long career in finance has made him billions of dollars across two hedge funds and led to the creation of more than 80 other firms. Check out our interactive graphic here.
RBC dealmakers explain how investment banking is transforming as ESG becomes a hot topic with clients
Bankers have no choice but to consider ESG when advising on deals, as it’s increasingly becoming a significant part of the market. Here’s what that means for investment banks, according to two top RBC dealmakers.
Wall Street people moves roundup
- BlackRock hired a climate scientist from the World Wildlife Fund in a top research role
- A young star manager from Viking Global has left the $44 billion hedge fund
- JPMorgan named two CIOs for new groups focused on how employees use internal tech
- See our full rundown of hires, promotions, and exits here
Other stories readers loved this week
- Goldman Sachs tells its US workers they need to be back in the office by June 14
- More family offices are investing in crypto as millennial heirs take a seat at the table
- Big Law firms are plotting their return to the office. Here’s what lawyers are excited about – and what they’re dreading.
- How the ultrarich avoid messy public divorce battles by keeping their disputes out of court
- I took the personality test Ray Dalio helped design and uses at Bridgewater. The results were mortifying – and accurate.