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10 THINGS ON WALL STREET

It's Friday! Dan DeFrancesco in NYC, which I'm grateful for after reading this horrifying account from a guy who was swallowed multiple times by a hippo

Fun Fact Friday: Abraham Lincoln — yes, that Abraham Lincoln — is in the National Wrestling Hall of Fame with an impressive all-time record.

Today, we've got stories on a fintech that helps young people optimize their taxes, the NFL has a new owner and he's from Wall Street, and life on Mars on Earth

But first, I wanna double click on something. 


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jp morgan citibank

1. Bank earnings are back.

Time flies when you're having fun.

JPMorgan, Wells Fargo, and Citigroup all report first-quarter earnings today. Bank of America and Goldman Sachs come in on Tuesday, with Morgan Stanley bringing up the rear on Wednesday. Global asset management firm BlackRock also reports today. 

By the time you're reading this, some of the banks will have already reported. For a breakdown on the specific numbers, check out Markets Insider and the fantastic 10 Things Before the Opening Bell newsletter

As always, we're more focused on the analyst calls. To that end, here are five big topics that could come up.

What's the deal with WFH?

JPMorgan recently crushed bankers' dreams when it required MDs to be in the office five days a week. The new policy was Wall Street's most definitive statement in the long-standing battle to get employees back in the office. 

JPMorgan's Jamie Dimon will likely get a question on the new policy, but what'll be more interesting to see is who else addresses the issue. I'd imagine most banks won't be far behind, but it's a delicate balance. Go too soon and you'll be viewed as a follower of JPMorgan. Wait too long, though, and you risk getting left behind. 

Click here to read more on JPMorgan's new in-office policy, including the full memo.

How are those regional banks doing?

Big banks poured $30 billion into First Republic in the midst of the banking crisis in an effort to shore up the wider market. The move worked for the most part (RIP Credit Suisse), but it was a Band-Aid, not a fix-all. 

The money was committed to First Republic for 120 days, which means it can be taken back around mid-July. Meanwhile, First Republic's stock is still down more than 80% since early March.

If things don't improve at First Republic, taking the money back could be a death sentence for the bank. But at the same time, big banks have their own businesses to consider.

More on why First Republic's problems didn't end with the $30 billion cash infusion.

Are we about to enter a new era of regulations off the back of SVB?

The 2008 financial crisis led to the Dodd-Frank Act. What can we expect off the back of SVB's collapse?

Financial crises make for good excuses for new regulations. Since the SVB crisis impacted actual deposits, it seems likely Congress will look to take its pound of flesh from Wall Street, so to speak. But there were multiple factors at play here, including the VC community, so it's not clear who will take the brunt of it. 

Either way, bank CEOs love bashing regulations, so expect some chatter.

The long-lasting impact of the fall of SVB across multiple industries.

Can we finally get some M&A activity?

Everyone is eager to get back to dealmaking, but high interest rates have been a real spoil sport. Still, last week saw a couple of big-ticket deals get announced. 

More on why M&A activity could be on the cusp of coming back.

And what about those pesky shadow banks?

Private credit was already the topic du jour. SVB's crash put it firmly in the spotlight as startups scrambled for new lines of credit. Expect bank execs to throw shade at the so-called shadow lenders, who have the benefit of operating outside more stringent regulations.

Get up to speed on the to top private credit players in the space.


In other news:

Joshua Harris surrounded by Philadelphia 76ers, New Jersey Devils, and Apollo Global Management brand logos.

2. How to beat the tax man. Playbook helps high-earning Gen Z and Millennials save money by optimizing their taxes. While it might not sound sexy, founder David Hegarty estimates the startup helps users increase their future net worth by $1.3 million, on average. Here's the pitch deck the fintech used to raise a $7 million Series A. 

3. More details are coming out regarding the fatal stabbing of the Cash App creator. The San Francisco Police department reportedly arrested a man who knew Bob Lee in connection with his fatal stabbing. More here.

4. One of Apollo's cofounders just agreed to buy the Washington Commanders. Josh Harris, who also led investment groups that own the Philadelphia 76ers and the New Jersey Devils, reached a deal to buy the NFL team for $6 billion. For more on Harris' personal investments, and how they impacted his work at Apollo, click here.

5. Don't take your work home with you. Take your home to work with you. In a bid to get workers back in the office, some landlords are building out mini towns in their buildings that include everything from restaurants and doctors offices to schools. More on the so-called "metroburb."

6. JPMorgan mulls its metals biz. After a series of mishaps involving the nickel market, the bank has cut clients and banker bonuses within its base metals business, Bloomberg reported.

7. How much is working from home worth to you? Literally. As more companies look to get their employees back into the office, some (including a high-profile law firm) are considering adjusting pay if they choose to stay remote. More on how comp could be the next battleground for WFH.

8. Private credit is pushing deeper into commercial real estate. Never one to miss a good opportunity, shadow lenders are looking to step up where big banks are stepping back, Bloomberg reported. For more on the struggles in commercial real estate, check out this feature

9. Life on Mars on Earth. NASA created an environment on Earth to mimic what life might be like on Mars. Four volunteers will live for a year in the 1,700 square-foot habitat. (But hopefully not Pauly Shore and Stephen Baldwin.Check out the pics.

10. If you are in need of a holiday... Unlike the US, paid vacation is a legal right in many countries. In fact, 25 countries guarantee workers at least 28 days of paid vacation. And that doesn't include holidays! Check them out here.


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. 

 

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