Wall Street: Inside Citadel's elite internship

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10 THINGS ON WALL STREET

Hi. Aaron Weinman here. Did you do an internship? Mine comprised coffee runs, photocopying briefs, and sticking Post-it notes on a massive sheet of paper that looked like a calendar.

What were on the Post-it notes, you ask? Usually terribly hand-written details on where an advertisement would go in the next magazine (remember those things?) or a tiny block for my awful story about some self-indulgent experience.

Thankfully, internships have changed. Ken Griffin's Citadel, for example, offers a lucrative summer program for budding Wall Streeters keen to make a buck and schmooze with senior figures in financial markets.

Let's take a look inside the Citadel experience.

And don't forget, there's our Banker of the Week!


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Photo of Citadel CEO Ken Griffin

1. Citadel's elite summer internship accepts less than 1% of applicants. And next week, the firm should be making job offers to interns looking to build their careers on Wall Street. Should they accept, these interns will join the hedge fund Citadel or the market maker Citadel Securities next summer on a full-time basis, and pocket an average base salary of $150,000.

While the program starts with an offsite "Shark Tank"-style session in the plush resorts of South Florida, the summer internship is an arduous, roughly three-month effort. Interns pack their days (and sometimes nights) with rotations, and they make the most of opportunities to network with senior leadership, all while honing their investment and technical skills.

Seasoned executives at the hedge fund said Citadel prizes curious candidates who are keen to collaborate, while Griffin's advice to interns was to hustle in your 20s. Speaking at a fireside chat, the Citadel founder also suggested being aggressive when asking for a promotion.

Insider's Alyson Velati's latest story goes inside the sought-after internship.

Meanwhile, here's how much top market makers — like Citadel Securities and Jump Trading — are paying their traders, engineers, and researchers, among others.


In other news:

Better CEO Vishal Garg

2. Better — the mortgage fintech that drew widespread scorn for massive layoffs via Zoom last year — has tapped data company Palantir to enhance its software. Chief Executive Vishal Garg said the software will help lenders curate more data to originate loans.

3. Whoever succeeds Kewsong Lee as Carlyle's chief executive must fix the rifts throughout the investment firm, according to this account from Bloomberg. The drama at Carlyle exposed fault lines between the old guard and new.

4. A Tech CEO just resigned to fight what he calls "false accusations" of assault. Dan Price, who gained fame after paying all employees at least $70,000, faces sexual assault and violence allegations from multiple women. As per the New York Times, Price allegedly used social media to launder his public persona and avoid reproach.

5. Walmart should be "scrambling" now that Amazon has made its play for primary-care company One Medical, according to analysts. Here are three strategies the retailer can use to edge out Amazon in the healthcare space.

6. Credit Suisse, JPMorgan, and Morgan Stanley are creating units to lend money directly to over-leveraged companies, Bloomberg reported. The teams will provide debt for leveraged buyouts and compete with investment firms like Blackstone and Ares, which are able to write billion-dollar checks for acquisitions, and bypass banks in the traditional syndication process.

7. Investor Ronald Perelman — once dubbed a "latter-day Midas," by Institutional Investor magazine — has made more money than most people could spend in a lifetime. But one of his prizes — cosmetics giant Revlon — is now in bankruptcy and his possessions are fading away, Town & Country wrote in this feature.

8. The Right Stuff, a conservative dating app, raised $1.5 million in capital. Take a look at the pitch deck that the company — launched by three former staffers for President Donald Trump — used to woo Peter Thiel.

9. "If you f–k up in the biggest ways, you can be redeemed." Silicon Valley just handed $350 million to Adam Neumann, the guy who crashed WeWork and just returned to the billionaires list, for an initiative that looks a lot like his failed "WeLive" effort.


Mia Alexander, Dave

10. And here's our Friday Banker of the Week. Meet Mia Alexander, a vice president of customer success at the neobank Dave. While Dave is known for its cash advances, Alexander is focused on advancing Dave's reach to under-represented communities that lack greater access to financial services.

Alexander not only champions minority communities' access to more banking needs, but she's working on Dave's "Side Hustle" program that seeks second, or sometimes third jobs for its customers. Check out the full story here.


Done deals:

  • Investing platform eToro has acquired Gatsby, an options trading platform. eToro, founded in 2007, has more than 28 million users who can buy, hold, and sell assets.
  • Penn Entertainment will acquire the remaining shares of Barstool Sports that it does not already own for $387 million. This will give the casino operator full control of the sports and pop-culture company.

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

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