Welcome to Insider Finance. If this was forwarded to you, sign up here. On the agenda today:
- D1-backed fintech Addepar is looking to hire 100 new roles outside the US. Here are some of the jobs they’re trying to fill.
- A former Credit Suisse junior banker is opening a treatment center to offer Wall Street staffers mental-health resources.
- China is expanding its corporate crackdown into education. Here’s the latest.
Let’s get started.
Addepar, which provides wealth managers with software, is planning to hire 100 new roles outside of the US in areas including engineering, research, and customer service. Demand for the startup – which raised $US150 ($AU203) million in June – shows just how quickly the wealth-management business is growing. Get the full rundown here.
Jaime Blaustein, a former investment-banking analyst at Credit Suisse, is in long-term recovery from substance abuse. After years of drug use and arrests – and several residential-treatment stays – Blaustein is focusing on helping others achieve recovery, too. Read more about his story.
Larry Chen was once one of the world’s richest people, after founding online-tutoring company Gaotu Techedu Inc. But China’s corporate crackdown on education companies has decimated his fortune. Plus, as the crackdown expands, Cathie Wood’s Ark Invest is rapidly shedding Chinese stocks. Here’s what you need to know.
US-listed Chinese companies could be at risk of violating the law if they don’t disclose potential risks of Chinese government intervention, SEC Commissioner Allison Lee said. Lee’s comments come as scrutiny of Chinese IPOs builds in the US after some, including Didi, have plummeted.
On our radar:
- Aon and Willis Towers have scrapped their $US30 ($AU41) billion merger, according to the WSJ.
- Per the NYT, as young professionals re-evaluate their work-life balance, Wall Street’s promise of big pay and long hours is becoming less attractive.
- The WSJ reports that a hot used-car market is a huge opportunity for big lenders.
- M&T Bank will cut 747 jobs following People’s United takeover, according to Banking Dive.