Wall Street CEOs map out the future — Goldman snaps up a fintech — PE recruiting

Welcome to Wall Street Insider, where we take you behind the scenes of the finance team’s biggest scoops and deep dives from the past week.

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Business Insider asked 34 top execs across investing, trading, and consumer finance how their business, their industry, and their world would transform as a result of the coronavirus. The big takeaways? More remote work, less travel, and a new appreciation for work-life balance.

You can read the full survey here:

Here’s how CEOs are thinking about the future of investing, trading, and banking

Goldman Sachs is diving deeper into the world of independent financial advice with its deal to buy Folio Financial, a custody, financial-technology, and clearing company primarily serving registered investment advisers. Rebecca Ungarino laid out the reasoning for why Goldman, which has a $US509 billion wealth business geared towards ultra-rich clients, is buying the small Virginia fintech– and why there’s likely more consolidation and structural change in the broader wealth industry to come.

It was another tough week for retail, capped with JCPenney filing for Chapter 11 bankruptcy on Friday. Meanwhile, as Dan Geiger reports, Macy’s is seeking to dramatically slash the size of its new corporate headquarters in Long Island City, Queens, as it grapples with the coronavirus and the devastating impacts the pandemic has had on the nation’s retail business.

Keep reading for a look at how PE recruiting is quickly evolving, how Wall Street internships will work this summer, and details about a new push at UBS to help family offices get access to private markets.

Thanks for reading, and have a great weekend!


PE recruiting is getting upended

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Casey Sullivan laid out how recruiters are gearing up for a massive reshuffling of private-equity talent as the coronavirus hits some funds’ portfolios. Here are the hottest hiring areas right now – and how the PE employment picture for both senior and junior roles is being transformed.

Read the full story here:

6 PE recruiters lay out the biggest trends they’re seeing, from senior execs jumping ship to new timelines for scouting junior hires

How internships will go virtual

Digital wall street virtual remote work 1 2x1

Bank of America is running its summer internship fully virtually this year. Shannen Balogh spoke with Ebony Thomas, an executive in the bank’s global human resources division, who laid out how the summer programs will work, and how the firm plans to go about replicating key in-person aspects of the job.

Read the full story here:

Bank of America’s summer internship will be entirely virtual. A talent exec runs through how the bank’s 2,000 global interns will learn, network, and volunteer without stepping into an office.

Family offices want in on private-market deals

FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann

UBS is expanding an internal group focused on better serving rich clients interested in private investments. Rebecca Ungarino laid out the details, and explained how the new effort underlines sophisticated investors’ growing appetite for access to asset classes like private equity, private debt, and private investments into public entities.

Read the full story here:

UBS is rolling out the red carpet for ultra-rich people and family offices that want to invest in private-market deals

On the move

Bank of America has hired Diane Daley – who spent over two decades at Citigroup – to lead its enterprise data governance function. The newly-created role will be focused on data and artificial-intelligence policies, standards, and oversight.


Real estate

Investing and trading

Fintech and payments