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10 THINGS ON WALL STREET

Happy Friday! Dan DeFrancesco in NYC, and this might be the worst gift to inherit from a deceased relative.

Fun Fact Friday: The Wilhelm scream is Hollywood's go-to sound effect for action movies, having been used in over 100 films.

Today we've got stories on top CEOs talking about their approach to leadership, some charts to make sense of all the madness in the markets, and why intermittent fasting might be a good move for you.

But first, how did you make it to the top?


A conceptual photo of a man on a career ladder.

1. Moving on up.

How does a wunderkind become a wunderkind?

Achieving success at an early age is impressive in any industry, but it's particularly awe-inspiring on Wall Street.

Lucky for you, Insider's Emmalyse Brownstein spoke to someone who did exactly that. Soeren Kuenzel quickly rose the ranks at Citadel Securities, Ken Griffin's massive trading firm, to eventually lead the market maker's foreign exchange team at only 31 years of age.

Kuenzel, who started as an intern at hedge fund Citadel in 2018 and focused on quantitative research, spoke about his rise within Griffin's financial empire.

As Emmalyse details, a key turning point for Kuenzel early on in his career was asking his manager to take on a "real business problem." That should come as no surprise, as Griffin recently spoke to incoming interns at his hedge fund, Citadel, about how a programmer's career path will be defined by "your ability to solve problems."

It's a good lesson for how fixing issues at work is a surefire way to supercharge your career. People like employees who can make their problems go away. 

That's relevant when one considers the rise of artificial intelligence. As fascinating as the tech is, finance executives' patience is bound to run thin if practical use cases aren't eventually evident. 

The tug-of-war between innovative ideas and real-world application has long existed, but it feels particularly pertinent to AI when so much of the discussion is about what could be. 

Read more about the Citadel Securities executive's rise.


In other news:

Cava in Anaheim Hills, California

2. Top CEOs sound off on what's next, from tech to DEI and work culture. Our newsroom asked 33 CEOs across various industries how they approach leadership in the face of rapidly evolving trends. Here's what they said.

3. A Goldman Sachs partner accidentally sent a sexually explicit recording of himself to a younger employee. The incident, which occurred in 2020, involved Adam Dell, and resulted in a settlement worth "several million dollars," per Bloomberg. A Goldman Sachs spokesperson told Bloomberg the "reporting contains significant factual errors." More here.

4. Odey Asset Management is being broken up in the wake of sexual harassment accusations against its founder. JPMorgan and Morgan Stanley have both cut ties with the London-based hedge fund following a Financial Times report on founder Crispin Odey. Here's the latest.

5. The regulators would like a word with Goldman Sachs about SVB. The Fed and the SEC are investigating the work Goldman did with SVB in the lead-up to its failure, The Wall Street Journal reports. For more on how Goldman tried, but failed, to help SVB, check out our feature.

6. Here are some charts to make sense of how wild the past 15 months have been in the markets. From the crypto winter to rising rates and a banking crisis, the past year-plus certainly has been busy. Here are five charts to help you make sense of all the madness.

7. The IPO market lives! Cava, the Mediterranean restaurant chain that this newsletter writer is a big fan of, hit the public markets in a big way on Wednesday, raising nearly $318 million in its IPO, CNBC reports.

8. What does being "wealthy" mean to you? According to one recent survey of Americans, you need to have $2.2 million to be rich. But it's more than just a number, as different generations' perception of what it means to be wealthy varies. Some more details.

9. A top NYC prep school is being accused of running a pay-to-play admissions scam in a lawsuit. The allegations are part of a wider suit accusing the owner of a tech company, Qi Tom Chen, of cheating on his taxes for years. A spokesperson for Horace Mann School said the claims are bogus. Read about it all here.

10. Why intermittent fasting might be good for you. If you're suffering from pre-diabetes or obesity, intermittent fasting could be a good way to control your blood sugar. Here's why.


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 Nathan Rennolds (tweet @ncrennolds) in London. 

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