Insider Finance - Business - Wall Street: Who holds the most power?

The latest in finance.
View in browser
INSIDER
Subscribe

10 THINGS ON WALL STREET

Finally... Friday Dan DeFrancesco in NYC, and we've got an update on the "cocaine hippos."

First, I need your help. I'm collecting readers' questions that I'll answer in next Friday's newsletter (A mail bag? For a newsletter? Groundbreaking.) So if you've got Wall Street-related questions, submit them here.

Also, we've got a big people move. Merrill Lynch Wealth Management President Andy Sieg is leaving the firm to lead rival Citi's wealth business. Meanwhile, Lindsay Hans and Eric Schimpf are taking over as co-heads. Read more about Hans and Schimpf here.

Fun fact Friday: The concrete used in ancient Rome is actually stronger than the stuff we use today. Here's why.

Today, we've got stories on the latest on what's going on at Quinn Emanuel, M&A league tables through the start of the year, and a very expensive workout routine.

But first, there can be only one!


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


Jamie Dimon on a blue circle

1. Who holds the keys to the kingdom?

Finance is a game of ups and downs. From share prices to bank accounts to assets under management, the business amounts to numbers rising and falling. 

But it's not just numbers. The power held by key executives is a fluid situation, and one that can change at the drop of a hat. One day you're navigating the takeover of your biggest rival, the next you're looking for a new job.   

Insider's Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. The latest banking crisis has provided yet another opportunity for Dimon to swoop in as Wall Street's knight in shining armor, and bolster his legacy. 

Carter's story got me thinking: Who's the most powerful person in finance? 

Jamie Dimon: Let's start with the JPMorgan CEO. When you run the largest bank in the world's biggest economy, you can all but guarantee a spot on this list. Dimon has long been the world's most visible banker, but the recent banking crisis solidified that position, as Carter's story details.

Ken Griffin: I've made the case in the past for Griffin being the top dog in finance. Let's recap: He founded one of the most powerful hedge funds and trading firms in the world, Citadel and Citadel Securities, respectively. He made the most money of any hedge fund manager in 2022. He's the richest person in finance, per Bloomberg's Billionaires Index. Oh, and he's looking to influence politics too!

Jerome Powell: It's only fair to throw one regulator in the mix. With all due respect to Gary Gensler and Janet Yellen, this is a no-brainer. Powell's decision to raise rates over the past year has had the single greatest impact on the wider markets. Don't believe me? Go ask SVB.

Larry Fink: When you run the world's largest asset manager, you need to be in consideration. Fink's the poster child for ESG, for better or for worse. In addition to the trillions of dollars his firm manages, he's also built a powerful consulting arm. Fink's so powerful it's contagious! Even working alongside him can supercharge your career. It'll be interesting to see who tries to fill those shoes when he steps down. (If you have some thoughts, let Insider's Rebecca Ungarino know.)

Warren Buffett: Before you jump down my throat, realize this is a list of the most powerful people in finance not on Wall Street. While Buffett may not have the Street cred of the others on this list, he has something equally important: the ear of the people. Average Americans won't recognize most of these names, but they all know who Buffett is. That type of influence, while not evident on league tables or AUM, greatly matters. (He also had a cameo in "The Office," so there is that.)

What do you think? Place your vote here — or name someone else — for who you think is the most powerful person in finance.

Click here to read more about how Jamie Dimon's legacy could be defined by his handling of the latest crisis.


In other news:

pain and gain paramount pictures

2. What's next at the world's "most feared law firm?" Check out this fascinating story on the shake-up at Quinn Emanuel, the world's largest litigation firm. John Quinn, the firm's founder and a legendary attorney in his own right, discusses the recent shift in power at the firm. Here's what's next for one of the pillars of Big Law.

3. Office buildings aren't in trouble... unless they're really outdated. Whether by choice or by force, people are coming back into the office. But the time spent working from home has raised expectations. That's bad news for office buildings that need an upgrade. Meanwhile, one group hoping office buildings figure it out: banks. Here are 20 firms with some big exposure to property debt.

4. Companies people actually like working for. Workplace review site Comparably has released its rankings for the best companies to work at in in the New York and San Francisco metropolitan areas. Neither cities' lists had a strong showing from finance, but it's still worth checking out. Here are the top 25 in NYC, and the top companies in the Bay Area. 

5. They're always watching. A recent survey found 96% (!) of companies whose workforce is either mostly WFH or hybrid uses software to monitor employees' productivity. (Good thing reading 10 Things on Wall Street is approved by all companies.) More on how your boss is probably watching you right now.

6. M&A league tables for Q1. The latest rankings are in for the top advisory firms through the start of the year, and there are some surprising entrants towards the top, the Financial Times reports. Check out the entire list here.

7. The average banker's bonus in New York this year was only $176,700. The industry saw roughly a 26% drop in average bonus size compared to last year, Bloomberg reports. One wonders how they'll survive. More on the plight of the banker.

8. Oh, Wells Fargo. Not again! The bank was hit with a nearly $100 million fine for letting a foreign bank make prohibited transactions, The Wall Street Journal reports.

9. This is why your Uber rating sucks. Uber drivers explained why users might have lower ratings than they expected. Why everything from leaving crumbs in the backseat (understandable) to loud friends (really?!) could end up knocking you down. Find out what's keeping you from a perfect 5-star rating.

10. Meet NYC's "hardest, most expensive workout class." Few things seem to bring Wall Streeters more joy than paying an absurd amount of money to get yelled at while working out. Here's 54D, a fitness studio that's all the rage, according to the New York Post. Read more about the $5,400 workout routine. 


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

Gen Z’s new slang

Thursday, March 30, 2023

Plus: The swanky office boom, and where homes are cheaper than condos. View in browser Subscribe March 30, 2023 Hello, Insiders! Matt Turner, editor in chief for business, here with an eye-popping stat

Wall Street: Please don’t ruin Hollywood

Thursday, March 30, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Almost Friday! Dan DeFrancesco in NYC, and my head starts to hurt every time I read this story about an "

Wall Street sharks eye ‘dumb’ banks

Wednesday, March 29, 2023

Plus: Don't go barefoot on a plane, and Lowe's employees love the 4-day workweek. View in browser Subscribe March 29, 2023 Hello, Insiders. I'm Jennifer H. Cunningham, the editor in chief

Wall Street: Fintech’s fraud problem

Wednesday, March 29, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hiya! Dan DeFrancesco in NYC. We're still taking nominations for our 2023 rising stars of equity research,

Where to live to save money

Tuesday, March 28, 2023

Plus: A second 'hole' on the sun, and why workers are sick of their jobs. View in browser Subscribe March 28, 2023 Hello, Insiders. I want to ask you about artificial intelligence. We've

You Might Also Like

Blame it on the rent

Thursday, April 18, 2024

Bloomberg Evening Briefing View in browser Bloomberg When US inflation peaked above 7% back in 2022, the culprits were everywhere—spread across goods and services. Now, with inflation back below 3%,the

🇮🇳 It's all about India

Thursday, April 18, 2024

Chipmaker TSMC didn't have much to complain about | The US dollar has the world talking | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 19th in 3:14 minutes. 🪙

Home makeover on a budget? We have just the thing.

Thursday, April 18, 2024

Lower rates and potential value boost — get started. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Mother Earth 🤝 Jane Fonda

Thursday, April 18, 2024

Plus, a new worksheet for stay-at-home moms. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

Visionary Valuations - Issue #464

Thursday, April 18, 2024

From AI enhancements to fintech revolutions, uncover the potential of next-generation financial technologies. April 18, 2024 FinTech Weekly cuts through the noise to bring you insights on how

Prepare for a Recession Unlike Any Other

Thursday, April 18, 2024

The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. Exchange Dems Impose Shocking Law "401K-Funded Reparations?

Three facts about the rising number of UK business exits

Thursday, April 18, 2024

Jelle Barkema, Maren Froemel and Sophie Piton Record-high firm exits make headlines, but who are the firms going out of business? This post documents three facts about the rising number of corporations

Big Tech drops

Wednesday, April 17, 2024

Bloomberg Evening Briefing View in browser Bloomberg The US stock market saw its longest losing streak since January as a handful of big tech companies sold off. Equities fell for a fourth straight day

📉 ASML's chips are down

Wednesday, April 17, 2024

Chip company ASML issued a bad omen | UK inflation was close to expectations, but close doesn't cut it | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 18th in 3:13

Are you having credit report trouble?

Wednesday, April 17, 2024

Don't let mistakes hurt your credit score. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌