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Vista Equity Partners No. 2 exec Brian Sheth has left the firm

Happy Saturday!On Thanksgiving afternoon, Vista Equity Partners dropped a press release announcing that the firm's No.2 exec, Brian Sheth, would be resigning effective immediately.As Casey Sullivan and Dakin Campbell previously reported, Vista founder Robert Smith and Sheth had been locked in negotiations over an exit after Smith's admission to years of tax evasion. The two billionaires had worked together at Vista for two decades, turning the firm into a private-equity powerhouse. This week, Ca...
Tags: Texas, California, US, Trends, Vista, Austin, Fidelity, Smith, Bain Capital, Blackrock, NEW YORK Reuters, SPAC, Carlyle Group, Robert Smith, Casey, Charles Schwab


Vista Equity Partners cofounder exits — BlackRock's direct indexing deal — Private-equity recruiting

Happy Saturday!On Thanksgiving afternoon, Vista Equity Partners dropped a press release announcing that the firm's No.2 exec, Brian Sheth, would be departing effective immediately.As Casey Sullivan and Dakin Campbell previously reported, Vista founder Robert Smith and Sheth had been locked in negotiations over an exit after Smith's admission to years of tax evasion. The two billionaires had worked together at Vista for two decades, turning the firm into a private-equity powerhouse. This week, Ca...
Tags: Texas, California, US, Trends, Vista, Austin, Fidelity, Smith, Bain Capital, Blackrock, NEW YORK Reuters, SPAC, Carlyle Group, Robert Smith, Casey, Charles Schwab


Wall Street's holiday party plans — Inside PNC's deal for BBVA's US arm — Perella Weinberg seeks a SPAC

Julius Shakari, from California in full PPE gear, takes photos with his friend in front of the Charging Bull Timothy A Clary/Getty Images Welcome back!The week of Thanksgiving is always a weird one. In many ways it is a quiet because of the holiday, but that also leaves plenty of room for companies to try and sneak out some news. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsletter? Hate th...
Tags: London, California, US, Trends, Deutsche Bank, Silicon Valley, Bbva, Kroger, SPAC, PNC, Gregg Lemkau, William Demchak, Perella Weinberg, Paceline, PNC Financial Services, Jack Newsham


Affirm revealed its IPO paperwork. Here's a look inside the buy now, pay later frenzy, the new twist on financing that is a must have for everyone.

Klarna markets itself as a 'smoooth shopping' experience. Thomas Concordia/Getty Images Point-of-sale financing isn't new, but it's gotten renewed attention as a wave of startups like Affirm, Afterpay, and Klarna acquired millions of new users during the coronavirus pandemic. On Wednesday, Affim published its S-1, the paper detailing its planned initial public offering.  These fintechs offer consumers the ability to buy now, pay later, both online and in-store. And now, incumbents ...
Tags: Apple, Google, Amazon, Japan, UK, Etsy, Australia, France, Finance, China, US, Trends, Paypal, David, Canada, Tencent


Biden's Treasury pick — Privacy concerns for on-demand pay — Legal-tech deals

Trader Peter Mancuso prepares for the day's trading, on the floor of the New York Stock Exchange, Thursday, March 5, 2020. (AP Photo/Richard Drew) Associated Press Happy Friday!It's been quite the week, which is often the case this time of year as people look to wrap things up before the holidays. However, one big bit of news could still be yet to come.President-elect Joe Biden told reporters he's made his pick for who he will nominate for Treasury secretary, adding that the decision wi...
Tags: Trends, Joe Biden, Gm, Treasury, Fidelity, New York Stock Exchange, Biden, Max Levchin, Costco, WSJ, Peloton, Perella Weinberg, Dan DeFrancesco, Shannen Balogh, Yoonji Han, Samantha Stokes


Google Pay redesign — Hedge fund salaries revealed — Affirm gears up for IPO

Traders with masks work on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid The weekend is near.New York City public schools, the largest school district in the country, announced it is transitioning its more than 1.1 million students to remote learning. It's the latest sign of the type of lockdowns that are being rolled b...
Tags: Google, New York, Wall Street, New York City, Trends, Bloomberg, Getty Images, Morgan Stanley, Nasdaq, U S Treasury, E Trade, Brendan Mcdermid, Eaton Vance, New York Stock Exchange NYSE, Mario Tama Getty, Alex Morrell


Affirm just made its IPO filing public, providing the first detailed look inside the breakout 'buy now, pay later' fintech startup's finances

Affirm CEO Max Levchin. Drew Angerer/Getty Images Affirm, a fintech startup that enables consumers to pay for online purchases as they go, publicly revealed its initial public offering documents on Wednesday. The company reported a net annual loss of $125.8 million for its latest fiscal year, which ended in June, down 6% from 2019 — while its annual revenue nearly doubled year-over-year to $509.5 million. Affirm, founded and headed by PayPal alum Max Levchin, confidentially filed to go pub...
Tags: Finance, Ipo, Trends, Markets, Adidas, Paypal, Barclays, Max Levchin, Wall Street Journal, Fintech, Affirm, Business Insider, Levchin, Peloton, Tech Insider, Brooklinen


Goldman's new partners — Top legal-tech investors — Schonfeld's pitch to investors

A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York. REUTERS/Lucas Jackson Stock-market gains from Monday are slowly being erased off the back of a rise in reported COVID-19 cases and the lockdowns that might follow. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.We're also launching a new newsletter — 10 things in Politics You Need to Know Today — later t...
Tags: Trends, Goldman Sachs, Goldman, Vanity Fair, Katie Couric, Bridgewater Associates, David Solomon, Steve Jennings Getty, Ulu Ventures, Schonfeld, Dakin Campbell, Dan DeFrancesco, Steven Schonfeld, Shannen Balogh, Reed Alexander, Jennifer Prosek


Goldman Sachs' CEO calls for unity — Visa-Plaid deal under fire — Construction-tech investment boom

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) near the close of trading in New York Reuters Happy Friday!The weekend is finally here. Regardless of who you are — or who you support — I think we could all use it. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitte...
Tags: Trends, Goldman Sachs, Department Of Justice, Doj, Jamie Dimon, Shopify, Visa, Tim Ryan, Solomon, David Solomon, New York Stock Exchange NYSE, Goldman Sachs CEO, Temenos, Zach Perret, Jack Newsham, Goldman Sachs David Solomon


The great bank-data debate — Citadel's 30th birthday — Election fallout

Tasos Katopodis/Getty Images, Drew Angerer/Getty Images No clear leader has emerged in the presidential race, as votes continue to be counted in key states. However, that didn't stop President Donald Trump from falsely declaring victory early Wednesday morning. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected]
Tags: California, Trends, Holland, Kpmg, Donald Trump, Cnbc, Jpmorgan, Citadel, Booz Allen, Ken Griffin, Larry Busacca Getty, Yodlee, Samantha Lee, Shannen, Trump Deutsche Bank, Dan DeFrancesco


Family office hiring frenzy — US election coverage — Asset management M&A

In this Oct. 23, 2018 file photo, Christian Goodman, 18, votes for the first time in his life at the Los Angeles County Registrar of Voters office Tuesday, Oct. 23, 2018, in Norwalk, Calif. A pair of propositions on California's November ballot would expand voting rights in California - restoring the vote for parolees and allowing 17-year-olds to vote in primaries if they turn 18 before the general election. AP Photo/Marcio Jose Sanchez, File Today's the big day.We've got you covered wi...
Tags: London, Congress, California, US, Trends, Click, Cnbc, ADP, Invesco, Los Angeles County, KARACHI, Robert Smith, Vista Equity Partners, Casey Sullivan, Franklin Templeton, Samantha Lee


Election whale trade — Bank of America equities shakeup — Charles Schwab layoffs

Good morning!Investors have been spooked all week. Amid another uptick in coronavirus cases and stalled efforts at economic stimulus, US stock indexes notched their biggest weekly drop since March.But as Alex Morrell reported yesterday, monster derivatives trades executed amid the selloff stand to make a killing depending on how markets react to US election results. "They're as specific as you can get for a definitive election trade," Henry Schwartz, head of product intelligence at Cboe Global M...
Tags: Asia, New York, Microsoft, US, Trends, Bank Of America, WeWork, ESG, ADP, Trump, Jpmorgan, Moody, Charles Schwab, Booz Allen, Fabrizio Gallo, Gallo


DriveWealth pitch deck — ADP pilots new twist on paychecks — State Street's return to office

Getty Images/Spencer Platt Happy Friday!The Big 4 tech companies (Apple, Amazon, Google, and Facebook) all reported earnings Thursday afternoon. The quartet beat Wall Street estimates. Lots of good stories from us, so let's get right into it. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twit...
Tags: Facebook, Hbo, US, Trends, Exxon, ADP, Amol Sarva, Edward Shenderovich, Blackrock, Daniel, State Street, Penney, Meghan, Chandler, Knotel, Apple Amazon Google


Inside working for Coinbase's Brian Armstrong — JPMorgan eyes adding more FAs — Private-equity salaries

NEW YORK, NY - SEPTEMBER 8: An aerial view One World Trade Center in Lower Manhattan, September 8, 2016 in New York City. New York City is preparing to mark the 15th anniversary of the September 11 terrorist attacks. (Photo by Drew Angerer/Getty Images) Drew Angerer/Getty Images Welcome back.Earnings roll on this week with the big focus being tech. Samsung, Apple, Amazon, Apple, and Facebook all report.If you're not yet a subscriber, you can sign up here to get your daily dose of the storie...
Tags: Facebook, New York, US, Trends, Chase, Salesforce, World Trade Center, Blackrock, Wells Fargo, Jpmorgan, Citadel, Armstrong, MoneyGram, Lower Manhattan, Mouton, New York City New York City


Goldman execs take pay cut over 1MDB

Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 13, 2020 at Wall Street in New York City. Johannes Eisele/AFP/Getty Images Happy Friday!The second shoe has finally dropped for Goldman regarding its involvement in Malaysia's 1MDB fund. On Thursday, the bank reached an agreement with US authorities to pay out nearly $3 billion. This comes a few months after Goldman agreed to a $3.9 billion settlement with Malaysia. One interesting tidbit from the news. Gold...
Tags: Google, Wall Street, New York City, US, Trends, Malaysia, Deloitte, Kpmg, Salesforce, Goldman, Doj, Blackstone, Klarna, Sebastian Siemiatkowski, New York Stock Exchange NYSE, Goldman Sachs International


Local officials are investigating an explosion at a Virginia strip mall that injured at least 5 people

Officials are still investigating the cause of the explosion at the strip mall in Harrisonburg, Virginia. Ian Munro/Daily News-Record via AP An explosion at a strip mall in Harrisonburg, Virginia on Saturday morning left at least five people injured.  Three people were transported to hospitals and were in stable condition as of Saturday evening. Local officials are still investigating the cause of the explosion. Visit Business Insider's homepage for more stories. Authorities in central Vir...
Tags: Virginia, Trends, Ap, Harrisonburg, James Madison University, Harrisonburg Va, Ralph Northam, Harrisonburg Virginia, Michael Parks, Daily News Record, Shannen Balogh, Shenandoah Valley Three


Boeing 737 Max, the plane that's been grounded since 2019 after two crashes killed 346 people, is safe to fly again, according to Europe's aviation regulator

Boeing's 737 Max planes have been grounded since March 2019. Reuters Europe's aviation regulator says that Boeing's 737 Max is safe to return to the skies. The FAA, which is Boeing's main regulator, has not committed to a date that the 737 Max will be able to fly again. And American Airlines just announced plans to fly 737 Max planes between Miami and New York starting December 29th. The 737 Max was grounded in March of 2019, following two crashes that resulted in the death of 346 peop...
Tags: Transportation, Europe, New York, News, Indonesia, Trends, Bloomberg, Miami, Airlines, Faa, Boeing, Federal Aviation Administration, Max, American Airlines, Ethiopian Airlines, Lion Air


A married couple collected more than $1.6 million in debt collection scams across Arizona, according to lawsuit by state's attorney general

Arizona Attorney General Mark Brnovich speaks at a Tuesday, Jan. 7, 2020, news conference in Phoenix where he announced consumer fraud lawsuits against e-cigarette makers Juul Labs and Eonsmoke. Bob Christie/AP Arizona Attorney General Mark Brnovich filed a consumer fraud lawsuit against two people that accuses them of defrauding people out of $1.6 million in debt collection scams. The scammers are accused of using fake phone numbers to pose as lawyers and law enforcement and threatening p...
Tags: New York, News, Attorney General, Trends, Fraud, Arizona, Smith, Federal Trade Commission, Ftc, Debt Collectors, Phoenix, PHOENIX Arizona, Butler, Consumer Financial Protection Bureau, Mark Brnovich, Juul Labs


A married couple collected more than $1.6 million in debt collection scams across Arizona, according to a lawsuit filed by the state's attorney general

Arizona Attorney General Mark Brnovich speaks at a Tuesday, Jan. 7, 2020, news conference in Phoenix where he announced consumer fraud lawsuits against e-cigarette makers Juul Labs and Eonsmoke. Bob Christie/AP Arizona Attorney General Mark Brnovich filed a consumer fraud lawsuit against two people that accuses them of defrauding people out of $1.6 million in debt collection scams. The scammers are accused of using fake phone numbers to pose as lawyers and law enforcement and threatening p...
Tags: New York, News, Attorney General, Trends, Fraud, Arizona, Smith, Federal Trade Commission, Ftc, Debt Collectors, Phoenix, PHOENIX Arizona, Butler, Consumer Financial Protection Bureau, Mark Brnovich, Juul Labs


Morgan Stanley defends M&A price tags — Tech salaries at payment giants — Robinhood's customer service woes

Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the NYSE in New York Reuters Happy Friday!Bloomberg had a report on Thursday on nearly 2,000 customer accounts at Robinhood being comprised. The news comes after a previous report from Bloomberg regarding the hacks in which the $11.2 billion fintech downplayed the incident, saying it impacted "a limited number of customers."The story h...
Tags: New York, Washington, US, Trends, Bloomberg, Citigroup, Capitol Hill, Morgan Stanley, Robinhood, Nyse, Reuters, House Financial Services Committee, Eaton Vance, James P Gorman, Pimple Popper, James Gorman Morgan Stanley


Citi's heated earnings call — JPMorgan, BlackRock execs chime in on M&A — Morgan Stanley's credit trading booms

NYSE trader Gregory Rowe works on the floor of the New York Stock Exchange at the end of the trading day. Craig Ruttle/AP The earnings train continues on with Goldman Sachs, Bank of America, and Wells Fargo checking in today. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Tune in on Tuesday, October 27 at 12:00 pm ET for a virtual event sponsored by Salesforce, looking at how Professional Services firms ...
Tags: New York, Washington, Trends, Joe Biden, Ap, Citigroup, Peru, Capitol Hill, Nice, Salesforce, New York Stock Exchange, Morgan Stanley, Blackrock, Nyse, Citi, Reuters


Bank earnings kickoff — Goldman's latest tech investment — Hot spots for life-science real estate

REUTERS/David Gray Citi reports on its third quarter this morning after what has been a hectic few months for the bank. There will likely be some questions about its recent regulatory fine and executive shakeup. Buy-side giant BlackRock and Wall Street's biggest bank by assets, JPMorgan Chase, are also up. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.We are also looking for nominations for our first-e...
Tags: Minneapolis, New York City, Trends, Goldman Sachs, Deloitte, Harry Reid, Goldman, Blackrock, JPMorgan Chase, AlixPartners, Digital Media Solutions, Dan DeFrancesco, Alex Nicoll, Shannen Balogh, George Floyd, Playboy CuriosityStream


Top SPAC lawyers — Palantir blames Morgan Stanley for 'blemished' direct listing — Future of real-time payments

Paris on October 4th, 2011 . Aurel BGC. trading floor The CAC40 index and the Paris stock exchange curve over the past 5 days appear on the computer screens Traders at work. (Photo by: Andia/Universal Images Group via Getty Images) Andia/Universal Images Group via Getty Images Hiya.Regal Cinemas, the second-largest movie theater operator in the US, announced it is closing all its US locations. The closures, which will impact roughly 40,000 US employees, will begin Thursday. There are plenty...
Tags: Hollywood, Softbank, US, America, Trends, Paypal, Netflix, Paris, Gordon Ramsay, Compass, Hulu, Morgan Stanley, Palantir, Exxon, Fis, Palantir Technologies


SPAC power players — Goldman nabs GM credit cards— The next hot alt-data set

Bill Pugliano/Getty Images Happy Friday!A while back I wrote about Goldman's reported push to acquire General Motor's credit card. Turns out the bank sealed the deal, as reported by The Wall Street Journal.It's the second co-branded credit card Goldman has nabbed, the first being Apple. The two cards seem to be made up of very different customer segments. It'll be interesting to see where the bank goes next as it continues to push a new image of itself as a friendly consumer bank. If you'r...
Tags: Google, New York, US, Trends, Nas, Virgin Galactic, Gm, Reid Hoffman, Richard Branson, Bill Ackman, Will Smith, New York Stock Exchange, Donald Trump, Goldman, United Airlines, Chamath Palihapitiya


Banking job cuts are back — Meet mall-king David Simon — PE recruiting drama

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. Spencer Platt/Getty Images At the height of the pandemic, when seemingly everything remained up in the air, some Wall Street banks looked to offer employees comfort. Many on the Street pledged to hold off on layoffs for the remainder of the year, vowing to weather the storm together with their employees. Six months later, times have changed.Bloomberg reported Goldman Sachs will start cutting job...
Tags: UK, Trends, Bloomberg, Barclays, Citigroup, Goldman Sachs, Cnbc, Trump, Simon, Jcpenney, Jpmorgan, David Simon, Daniel, Simon Property Group, Casey Sullivan, New York Stock Exchange NYSE


Wall Street's Rising Stars — Goldman leadership reshuffle — Credit Karma's plans for income data

Palantir CEO Alex Karp at Sun Valley in 2019. REUTERS/Brendan McDermid Today is the big day. Palantir and Asana both hit the public markets via a direct listing. In case you missed it yesterday, here's a great explainer on how direct listings work. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on...
Tags: US, Trends, Bank Of America, Deutsche Bank, Goldman Sachs, Palantir, Credit Karma, Alex Karp, Reuters, Sun Valley, Brendan Mcdermid, Stephanie Cohen, Samantha Lee, Wall Street Goldman Sachs, Marqeta, Jason Gardner


Wells Fargo backlash — Refinitiv CEO embraces flexible work — Hotel lenders look to dump loans

Tom Williams/CQ-Roll Call/Reuters Yesterday I wrote about a Reuters report published on Tuesday about comments Wells Fargo's CEO had made over the summer about hiring minority candidates and the "very limited pool of black talent to recruit from."Charlie Scharf, the bank's chief executive, issued a company-wide memo on Wednesday apologizing for those comments, but the damage was already done for many. Scharf and the bank have received backlash from seemingly every corner of the internet, i...
Tags: Trends, Atlantic, General Atlantic, Craig, Wells Fargo, Citi, Reuters, SPAC, Sen Sherrod Brown, Charlie Scharf, David Craig, JPMorgan Bank of America, Big Law, Hyliion, Scharf, Refinitiv


Trading bloodbath at Barclays — Nasdaq pushes back on SEC — Wells CEO on diversity

Traders work during the closing bell at the New York Stock Exchange on Wall Street in New York City, New York, March 18. Johannes Eisele/AFP via Getty Images Happy hump day!While much of Wall Street has acknowledged more needs to be done to diversify its ranks, one financial firm has already made excuses.Wells Fargo chief executive Charles Scharf said during a Zoom meeting over the summer that the bank struggled to reach diversity goals because of a lack of qualified minority applicants, ac...
Tags: London, Wall Street, Trends, Canary Wharf, Barclays, SEC, Nasdaq, Detroit, Alex, Wells Fargo, Life Sciences, Nyse, Reuters, Afp, New York City New York, JLL


Snowflake's bankers — Wall Street's big fintech bets — Inside Apollo's impact-investing team

The New York Stock Exchange's Stacey Cunningham rang the opening bell for Snowflake's first trading day on Wednesday. NYSE Welcome back.We lost a legend in Ruth Bader Ginsburg on Friday, the latest bit of bad news in what has been a difficult 2020. Here's an opion piece she wrote for The New York Times back in 2016 that's worth a read.If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsle...
Tags: New York, Trends, Austria, New York Times, Nba, Goldman Sachs, New York Stock Exchange, Ruth Bader Ginsburg, Snowflake, Apollo, Blackrock, Citi, World Economic Forum WEF, Larry Fink, Goldman Sachs Morgan Stanley, Casey Sullivan


Wall Street's Snowflake windfall — What Goldman interns are really thinking — PIMCO takes aim at Aladdin

 SPACs, IPOs, and direct listings. These days it seems like everyone's got an opinion on the best way for a company to make its way to public markets. Direct listing fans are bashing the traditional IPO process after Snowflake's massive first-day stock pop, saying it amounted to big money being left on the table. Meghan Morris and Dakin Campbell took a closer look at what's behind the huge pricing disconnect.SoftBank-backed Opendoor plans to go public by merging with a SPAC backed by tech invest...
Tags: Amazon, New York, Instagram, Softbank, US, Trends, Bank Of America, Bloomberg, Citigroup, Brookfield, Pimco, Goldman Sachs, Biden, Morgan Stanley, Goldman, Blackstone