Good morning! I’m Aaron Weinman, and I’m writing this from our offices in Downtown Manhattan. For BofA bankers reading this, I assume you’re sitting in your seats at One Bryant Park with a cup of joe.
Before we get into BofA’s occupancy levels, however, I have an announcement. Reed Alexander, a resident of Insider’s Wall Street newshound, was interviewing Bruce Larson, chief human resources officer at private equity firm Carlyle. Focus via @BusinessInsider’s official Instagram page at 2pm Eastern today to discuss Wall Street culture, and health and well -being in the workplace.
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Bank Of America CEO Brian Moynihan appears at Fox Business Network Studios in January 2020 in New York City.
John Lamparski/Getty Images
1. Bankers of America, cancel your two-month Airbnb in Lake Tahoe this summer. The leaked audio from the investment bank is clear: Come to One Bryant Park.
The U.S. bank wants its lawsuits back in office at least four days a week. The big wigs at M&A, meanwhile, want to see their staff back five days a week, according to this exclusive story from Insider’s Alex Morrell and Samantha Stokes.
BofA – like Goldman Sachs and JPMorgan – monitors employee attendance, while some managers call staff to remind them of their office requirements.
The leading brass at most Wall Street banks seeks some resemblance to pre -pandemic office culture. Those in favor of more bums in the seats consider summer interns and junior bankers to be the best beneficiaries, as it exposes them to the company’s culture and senior dealmakers.
But those rainmakers were hitting the road again, while other bankers said they were going into the office, just to sit on the same
Zoom
meetings as their colleagues right next to them. Then there were Orwellian efforts applied to keep track of the staff, which left some bankers angry.
Anywho, I look forward to my next meeting in Bryant Park, but I’ll have a meal beforehand, so I don’t have to wait 20 minutes in line for overpriced Sweetgreen.
My advice to BofA bankers: Download the Sweetgreen app, order in advance, and avoid salmon.
Before diving into other news, in last Friday’s edition, we noted that a former analyst at Citadel was sentenced to prison for fraud on the Covid relief loan, according to Bloomberg. To be clear, this individual left the Citadel in 2018, while the incarceration sentence was related to actions taken in 2020.
In other news:
“Many of our clients are interested in voting on their index holdings,” BlackRock CEO Larry Fink, pictured here in March, told analysts last year.
Roy Rochlin/Getty Images
2. BlackRock expands the voting power of investors. The world’s largest money manager, cited for its heavy influence as a shareholder, is extending voting power to investors in Canada and Ireland.
3. Some of the most sophisticated hedge fund players have shared their best bets. In today’s inflationary environment, Mala Gaonkar wants $ 95 billion software firm ServiceNow, while David Einhorn of Greenlight Capital sees gold as the “ultimate reverse asset.”
4. Executives from Goldman Sachs to Bridgewater envisioned the markets in 2052. Here’s what people including Nasdaq’s Adena Friedman and Macquarie’s Shemara Wikramanayake said to Bloomberg.
5. Another company supported by SoftBank just laid off a group of employees. OneTrust, a privacy management startup, laid off 25% of staff a month after predicting a record quarter.
6. Klarna’s CEO came to the defense of BNPL. Sebastian Siemiatkowski told CNBC that Klarna’s business model is “
recession
proof, ”despite deleting nearly 10% of its people last month, and posting a $ 748 million loss last year.
7. Bolt encouraged its employees to take out loans against their stock options. A former engineer at a fintech startup took $ 100,000, then canned it, and now he has 90 days to return most of it.
8. Brainlabs just hired Canadian financial advisor Cannacord Genuity. The mandate came as the digital ad firm sought private equity money to expand its global footprint, Insider found.
9. Fernando Fanton joins Monzo as its chief product officer. The former Rappi and JustEat exec joined shortly after UK fintech reached the $ 4.5 billion value.
10. Proper Finance only got $ 4.3 million in seed funding. Fintech helps its peers manage their own data, which can be a complicated process. Here is the pitch deck that Proper used to secure commitments from Redpoint Ventures and Y-Combinator.
Finished deals:
- The $ 9.5 billion New Terminal One project to build and operate a renovated international terminal at JFK International Airport has already reached financial closure. MUFG, HSBC, ING, Intesa Sanpaolo, Scotiabank, Société Generale, and SMBC led with $ 6.63 billion in loans to support the deal.
- Trilon Group – an infrastructure company backed by Alpine Investors – has acquired CPH, an architectural and engineering firm.
Event invitation: The fourth installment in Insider’s “Financing a Sustainable Future” series opens, June 14 at noon by Eastern. This event, in partnership with Bank of America, focuses on corporate governance, perhaps the most difficult measure of ESG reporting. See the past three events and register for next week here.
Curated by Aaron Weinman in New York. Tips? Email [email protected] or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.