Wall Street: The wealthy crave private bankers

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Hi, Aaron Weinman here. I've never needed a private banker, but the über rich are demanding their services as Wall Street firms navigate weakened volumes in investment banking and capital markets.

Let's dive into it.

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Four businesspeople wearing suits walk in a row along a cobbled street.

1. Private bankers — and their loyal, wealthy clientele — could boost banks' bottom lines as IPO and M&A volumes slump. Layoffs may loom large for Wall Street, but some recruiters reckon private banking will thrive.

Already, thousands of mortgage lenders at Wells Fargo and JPMorgan have been let go. Investment bankers are also starting to fret about layoffs as soon as after Labor Day in September, two bankers told Insider.

But private bankers who service ultra-high-net-worth individuals are in demand. Hiring has not slowed down, and experienced professionals with a deep Rolodex of clients — who have even deeper pockets — are almost certain to benefit a bank's bottom line.

Recruiters who specialize in finding bankers for the wealthy told Insider that demand still far outstrips supply, while candidates are not shy about making their next lucrative move, even in a depressed economic environment.

Higher interest rates might also boost hiring for private bankers, especially those who ply their trade at banks with large balance sheets, which are eager to provide high-interest-rate loans.

For the full story, read this report from Insider's Hayley Cuccinello.

And for more on private banking, check out these stories:

In other news:

Crypto chart

2. Crypto hedge fund Three Arrows Capital fell into liquidation, CNBC reported. Restructuring firm Teneo has been brought on to outline 3AC's assets, and set up a website so creditors can make their claims on the struggling business.

3. FTX chief executive Sam Bankman-Fried expects more crypto exchanges to fail. The crypto billionaire told Forbes that some are already "secretly insolvent" and beyond saving.

4. Goldman Sachs' analysts painted a bleak picture for Franklin Templeton. Shares of the $1.5 trillion asset-management firm Franklin Resources dipped 6% after the report.

5. Hedge fund Viking Global is after $1 billion to back startups, Bloomberg reported. Viking is raising the money as a structured-equity fund to help private companies navigate a slump in valuations.

6. Deel, a remote-work startup, just launched a new tool that helps manage international contractors. Alex Bouaziz, Deel's chief executive, told Insider how the feature aligns with Deel's overall strategy.

7. Goldman Sachs' consumer-banking business could lose more than $1.2 billion this year, Bloomberg reported. The losses stem from costs associated with adding new business lines, dealing with the impact of the pandemic, and general expense burn.

8. Not all Wall Streeters are back in the office. Some are working from lands far, far, away, so here's how to maintain professional success while traveling. There's also a recipe to staying productive without losing that vacay vibe. And here's how to move, live, and work in Costa Rica, France, and Portugal.

9. Graduates from the top business schools in the US pocketed tidy salaries last year. Here are the latest pay packets — including signing bonuses — from six business schools.

10. Ghislaine Maxwell was sentenced to 20 years in jail for sexually abusing girls and trafficking them to have sex with the late financier Jeffery Epstein. Here's a look at her family history. And here's all the famous folks Epstein was linked to, and how his death remains shrouded in mystery.

Done deals:

  • Wind Point Partners-backed mechanical services company Smart Care has acquired Dutton Food Equipment Repair. Dutton is Smart Care's 19th acquisition, and fourth under Wind Point's ownership. Wind Point is a private-investment firm focused on logistics.
  • Angeles Equity Partners' portfolio company Primus Aerospace has acquired Raloid Corporation. Raloid manufactures components for defense programs.

Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Lisa Ryan (tweet @lisarya) in New York and Hallam Bullock (tweet @hallam_bullock) in London.

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