JPMorgan makes Silicon Valley hires – Wall Street burnout spills into Big Law – Return to office updates

Hello, readers!

Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:

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How Archegos pushed the limit on risky trades and sent a $35 billion shockwave through Wall Street

Stock Market Bubble

“How could this firm take such huge economic exposures into Viacom and other companies without having to make any disclosures? Because of swaps,” Paul Cellupica, former general counsel for the SEC’s investment management division, told Insider. “It will raise questions.” Read more here.

The SPAC M&A frenzy has finally reached its limits and a huge funding logjam is starting to form

SPAC popularity in real esate tech world 2x1

A key piece of SPAC transactions is drying up. “We are seeing, on the PIPE front, exhaustion and being bombarded with deals and pressure to make decisions quickly,” said David Goldschmidt, a Skadden partner who specializes in capital markets work. Read more here.

JPMorgan poached 5 people from Silicon Valley Bank and Bank of America as it builds out teams focused on VCs and ‘disruptive’ commerce

Jamie dimon jpmorgan

JPMorgan just hired four people from Silicon Valley Bank and one from Bank of America as the firm looks to do more business with startups and VCs. Read more here.

Big Law associates are burned out after a year of rapid-fire deals and intense hours. Special $60,000-plus bonuses may not be enough to keep them.

Working from home

From M&A deals to IPOs to bankruptcy proceedings, Big Law associates are busier than ever. And some firms are paying special spring-and-fall bonuses. Here’s what associates and recruiters are saying.

Wall Street return to office updates

200 West Street the Goldman Sachs building in New York
People enter and exit 200 West Street the Goldman Sachs building in New York Brendan McDermid/Reuters

Other stories readers love this week

  • Meet 13 women who left Big Law to launch their own legal tech startups
  • Insatiable demand for risky debt has allowed Blackstone to draft aggressive deals – but this ‘highly offensive’ tactic leaves bondholders unprotected
  • Square’s Cash App is hiring for a slew of positions hinting at plans to attract more merchants and compete directly with payment networks like Mastercard and Visa