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.
BofA such as Goldman Sachs and JPMorgan monitor 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 in 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.
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.
6. Klarna’s CEO came to the defense of BNPL. Sebastian Siemiatkowski told CNBC that Klarna’s business model is “recession proof,” despite cutting off about 10% of its people last month, and posting a $ 748 million loss last year. .
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.
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, Socit Generale, and SMBC led $ 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.