Insider Finance - Business - Wall Street: High, literally, finance

The latest in finance.
View in browser
INSIDER
Subscribe

10 THINGS ON WALL STREET

Welcome back! Dan DeFrancesco in NYC. Lots of good responses to my callout for guesses on what Sam Bankman-Fried's code word is for his attack dog. Two of my favorites: crypto (if it ain't broke, don't fix it) and conquistador (it was a crypto empire, after all). 

On tap, we've got stories on how comp varied among the big-bank CEOs, FTX has IOUs with some top Wall Street firms, and how to upgrade your Starbucks order.

But first, say, man, you got a joint?


If this was forwarded to you, sign up here. Download Insider's app here.


dazed and confused Universal

1. Are you cool, man? 

If you have the unfortunate privilege of living in New York City, you've probably noticed weed shops popping up everywhere you look. I know of at least 4 within a two-block radius of my apartment (but who's counting). 

And while it's never been easier to get high, that doesn't mean your employer will be as chill with your new hobby. Many big banks, in particular, maintained drug-testing policies for new hires as recently as a few years ago. 

Insider canvassed seven big banks that have a significant presence in New York City to get an update on their drug-testing policies. The majority confirmed that they no longer test job applicants for cannabis, with only two, albeit one major player, declining to comment.

The finance industry is no stranger to drug use, but it's often the type of thing done in the shadows (or bathrooms). That's in contrast to something like the tech industry, where executives often boast about their experimentation with psychedelics (although not every trip goes according to plan). 

To be clear, I'm not suggesting every banker should start dropping tabs of acid before pitch meetings. Wonder drugs can sometimes have dire consequences, as outlined in a recent Insider feature on the rise in ketamine use

But as the public appetite, and market, for drugs like psychedelics continues to rise, it'll be interesting to see how Wall Street responds. 

Click here to get the latest on the drug-testing policies at Wall Street's biggest banks.


In other news:

succession

2. So about that comp, Mr. Solomon... Goldman Sachs CEO David Solomon saw his pay cut by roughly 30% following a brutal year at the bank. More on Solomon's salary adjustment and how it compares with other Wall Street leaders.

3. Nobody wants to help with the FTX bankruptcy case. Sam Bankman-Fried, his family, and key insiders have all either ignored or declined requests for more info, according to a recent court filing. But something tells me the lawyers aren't too mad considering the amount of money they're charging an hour

4. It's JPMangia now. The largest US bank by assets is interested in helping finance a media business for Serie A, the top soccer league in Italy, Reuters reports

5. Turns out FTX might owe top Wall Street banks some money. Goldman Sachs, JPMorgan, and Wells Fargo were named in a list of possible creditors for the crypto exchange in newly released documents. More on that here.

6. Jerome Powell's next move could define his legacy. All eyes are on the Fed's rate-hike decision on February 1. Here's more on why the move will have a massive impact on how the Fed chairman will be viewed for years to come.

7. This is not your parents' Franklin Templeton. This story from the Financial Times dives into Franklin Templeton CEO and President Jenny Johnson's effort to modernize a firm long considered old fashioned. Click here to read more.

8. The top people leading tech at JPMorgan. We mapped out seven key executives reporting to Lori Beer, the bank's global CIO. Meet the group responsible for managing a $14 billion tech budget.  

9. Everything you need to know about the upcoming season of "Succession." Everyone's favorite nepo babies are back! The trailer for season four of the hit HBO show recently dropped. Here's what to expect in the newest go-around with the Roy family.

10. The best and worst drinks at Starbucks, according to people who actually work there. We asked baristas to give us the skinny on what to order. Here are six drinks worth trying and four that you should never order.


Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

 

Key phrases

Older messages

Homebuyers are screwed — Money man — Tech’s wake-up call

Sunday, January 29, 2023

A selection of our best stories from the past week, as chosen by a top editor. Subscribe to Insider View in browser INSIDER WEEKLY Hi, I'm Matt Turner, the editor in chief of business at Insider.

Inside a 57-hour train journey

Saturday, January 28, 2023

Plus: Silicon Valley's hot hobby, and Florida alternatives. View in browser Subscribe January 28, 2023 Hello, Insiders. Welcome to another Saturday edition — filled with fascinating reads for your

Inside an FBI spy hunter’s double life

Friday, January 27, 2023

Plus: Googlers' layoff stories, and inside the worst-rated hotel in NYC. View in browser Subscribe January 27, 2023 Hello, Insiders. We've been exploring homeownership in the remote-work era,

Wall Street: Won’t get fooled again

Friday, January 27, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET It's Friday, Friday. Gotta get down on Friday! Dan DeFrancesco in NYC, and I'm wracking my brain

Reverse aging may be real

Thursday, January 26, 2023

Plus: Why we fall for conspiracy theories, and our biggest Davos takeaways. View in browser Subscribe January 26, 2023 Hello, Insiders. Welcome back to real-estate week. We've been looking at

You Might Also Like

The Simple Solution Worth Billions to Walmart and Amazon

Thursday, March 28, 2024

The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. Dear Investor, In warfighting, there's a saying: "Amateurs

Markup matters: monetary policy works through aspirations

Thursday, March 28, 2024

Tim Willems and Rick van der Ploeg Since the post-Covid rise in inflation has been accompanied by strong wage growth, interactions between wage and price-setters, each wishing to attain a certain

🇯🇵 Japan's latest low

Wednesday, March 27, 2024

Visa and Mastercard cut merchants some slack | Japan's yen hit a 30-year low against the US dollar | Finimize TOGETHER WITH Hi Reader, here's what you need to know for March 28th in 3:14

‘Out of the blue’ correction

Wednesday, March 27, 2024

Bloomberg Evening Briefing View in browser Bloomberg With a number of market watchers warning of a bubble, traders are increasingly on the lookout for signs of the cliff's edge. But if you ask

🗺️ Your guide to a finance mega-trend

Wednesday, March 27, 2024

Plus, “money dysmorphia” and how to choose between a 401(k) and IRA. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

How to keep your crypto gains more secured

Wednesday, March 27, 2024

Don't risk losing your savings to hackers. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Issue #231: Why some people don’t have bank accounts

Wednesday, March 27, 2024

plus speed puzzling + the quad God ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Harry's Take 3-27-24 Expecting a Deeper Recession

Wednesday, March 27, 2024

image Harry's Take March 27, 2024 Each Recession Since 1990 Has Been Deeper The 1990 recession was small and shallow. The great Baby Boom economic explosion began in 1983, anticipated by the 1982

Another reason to care about investment taxes

Wednesday, March 27, 2024

Alex Kontoghiorghes Do lower taxes lead to higher stock prices? Do companies consider tax rates when deciding on their dividend pay-outs and whether to issue new capital? If you're thinking '

👀 Tesla's latest buddy

Tuesday, March 26, 2024

Cocoa future prices just broke their own record | The world's biggest EV battery maker chatted up Tesla | Finimize TOGETHER WITH Hi Reader, here's what you need to know for March 27th in 3:14