Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:
- Bank of America’s mortgage bankers are quitting in frustration over call quotas, cross-selling mandates, and a new compensation scheme
- The bankers, brokers, and big money transforming litigation finance from a lawyer’s hustle to a multibillion-dollar asset class
- Merrill Lynch finally gives advisors in training answers as it bans cold calling and shortens development program
- Meet 11 of Wall Street’s top crypto experts who are helping investors understand and trade the mania
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Bank of America has lost dozens of salespeople from its mortgage unit, sources say. The exits have come after changes to job responsibilities, pay structure, and lending standards. Keep reading here.
Litigation finance is growing, with a reported $11 billion invested or ready to invest in lawsuits. What was once a niche industry is now swarmed with consultants, bankers, and public companies. Here’s who’s shaping the field.
The firm said it would ban cold calling, shorten the program, and aim for high graduation rates. Merrill had paused trainees’ cold calls last year after a spate of outreach-related violations. Get the full rundown here.
Meet the 11 crypto masterminds at Wall Street firms like JPMorgan, Bank of America, and Morgan Stanley who are helping clients understand the mania – and successfully invest in it
The pros told us how they became involved with crypto research, and shared their industry outlooks.
Other stories readers loved this week
- Firms like BCG and McKinsey are offering consultants new bonuses, vacation incentives, and perks. Here’s a rundown.
- Sharebite nabbed a $15 million Series A as its ex-investment banker cofounders seek to compete with food-delivery rivals like Seamless and disrupt how Wall Street lunches
- Here are 4 York Capital alums starting their own funds after billionaire Jamie Dinan pulled his firm out of the hedge fund game
- Wells Fargo’s status as a top lender to US restaurants is in jeopardy after a rival poached 8 of its bankers to target chains like Chipotle and Olive Garden