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10 THINGS ON WALL STREET

Hiya! It's Dan DeFrancesco reporting from NYC. We've almost made it one full week without another development in the Elon Musk-Twitter saga.* Cheers to that!

On tap today we've got Bridgewater's new leadership not wasting any time changing its culture, JPMorgan upping its ESG game with an assist from a fintech, and why all those pumpkin-spice lattes might end up paying for your next vacation

But first, the latest installment in Wall Street's war for tech talent.


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wall street 2030 wealth management 4x3

1. Big Tech wants its engineers back. 

Oh, how the tables have turned.

In the ongoing war for top engineering talent, Big Tech has landed the latest blow against one of Wall Street's most powerful firms.

Amazon and Google were among the top landing spots for tech employees who recently left Goldman Sachs, according to LinkedIn data compiled by the private executive network Punks & Pinstripes and analyzed by Insider.

It's the latest data point in what has been a back-and-forth battle over technologists between Silicon Valley and Wall Street for the better part of the past decade. 

The increased importance of tech to finance firms has led to aggressive recruiting efforts by nearly every bank and hedge fund. This year alone JPMorgan, Millennium Management, and Citi all announced plans to bolster their ranks with more engineers, developers, and data scientists.

And while plenty of poaching takes place within the industry, many firms have looked to Silicon Valley for talent

Goldman Sachs is perhaps the prime example of this. Its own chief information officer, Marco Argenti, is an alum of Amazon Web Services

But recruiting technologists is only half the battle. Retaining them is another thing entirely, something Goldman has struggled to do specifically within its consumer division, as Insider has previously reported

And while finance firms love to cosplay as tech shops, there is not enough cold brew, avocado toast, and whiteboards in the world to disguise what they are at their core: slow-moving, bureaucratic, highly regulated firms that simply can't innovate at the same pace as their West Coast competitors. 

Read more about the top firms scooping up recent Goldman departures, and how it could be representative of the larger issues Wall Street faces when trying to attract tech talent. 


In other news:

headshot of nir bar dea bridgewater deputy CEO

2. The new leadership at Bridgewater isn't wasting any time making its mark on the firm's notorious culture. Less than a month after founder Ray Dalio ceded control of the firm to what he deemed "the next generation," Bridgewater co-CEO Nir Bar Dea offered some of that famous Bridgewater transparency into how "everything has to get rewired" as part of the transition. 

3. Love it or hate it, ESG is a topic that nearly every financial firm is finding itself needing to address. Take an inside look at some sustainable-investing tools JPMorgan is preparing to roll out thanks to its acquisition of OpenInvest

4. Blackstone just teamed up with yet another life insurance company in a deal that could eventually see it nab more than $60 billion in new assets to manage. The PE giant will invest $500 million into Resolution Life and help it raise more funds as part of the partnership, making it the fourth insurer to team up with Blackstone, according to the Wall Street Journal.

5. Robo-advisor Betterment just launched customized crypto portfolios, the Wall Street Journal reports. The move is the latest in a string of changes that indicate a pivot in strategy for the New York startup, as Insider has previously reported on

6. How much are your tweets worth? In an as-told-to essay, one tech founder said he made $200,000 last year from ghostwriting tweets for clout-chasing VCs. Check out his playbook for how he started the side hustle.

7. Meet a startup looking to change how IPOs are priced. ClearingBird wants to give the power to the people (retail investors), not the big banks when it comes to initial public offerings.

8. That coffee addiction might finally start paying off. Starbucks and Delta announced a deal linking the beloved loyalty programs for both companies. Consultants rejoice!

9. The "Six Degrees of Kevin Bacon" really does apply to everything as the actor revealed he and Kyra Sedgwick, his wife, lost "most" of their money in the Bernie Madoff Ponzi scheme

10. *At least one investor Elon Musk had lined up for his bid for Twitter is trying to back out. Manhattan Venture Partners committed to invest in the deal earlier this year, but Andrea Walne, a GP at the VC firm, told Insider she wants out, and she said she's not alone. "We talked to the other investors, everyone's trying to get out of it, no one thinks the company should be valued at $44 billion," she said.


Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.


Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

 

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