Montag's puzzling BofA exit — Tiger Global's edge — Affirm eyes custom BNPL

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On the agenda today:

• Tom Montag's perplexing departure — and who could fill his shoes at BofA.
• We spoke with founders backed by Tiger Global to find out what sets it apart.
• Affirm is building a team to help merchants customize their own BNPL offerings.

Let's get started. 

The perplexing departure of Tom Montag

Bank of America insiders aren't surprised by COO Tom Montag's retirement announcement. But the timing of his decision, which was made with no named successor, is perplexing some who've worked with him. More on Montag's puzzling departure — and who might fill BofA's power vacuum once he leaves.

Law firms are defending SPACs

In the wake of the lawsuit against Bill Ackman's SPAC, nearly 50 law firms have banded together to voice their defense of the blank-check firms. The firms are pushing back on lawsuits against SPACs that claim the companies are operating as investment firms and should be regulated as such. Here's what else you need to know.

Affirm is growing its "Powered by Affirm" team

BNPL player Affirm is hiring a senior product manager to join its "Powered by Affirm" team, according to a job posting seen by Insider. The new team is part of Affirm's push to personalize its tech for marketplaces and merchants looking to launch buy now, pay later offerings of their own.

Tiger Global is beating other VCs

Tiger Global Management is known for the unorthodox ways it backs startups — and entrepreneurs who have chosen Tiger as an investor see its approach as a much-welcome change of pace. We spoke with six founders backed by the firm to see what sets Tiger apart.

Square wants to build a decentralized bitcoin exchange

Jack Dorsey's payment company, Square, is looking to create a decentralized exchange for bitcoin, which would allow for peer-to-peer transactions without the need for an intermediary. Get the latest on Dorsey's plans.

Wall Street is turning to college counselors for young talent

As the market for talent heats up, bankers are increasingly hitting up professors and career counselors for hiring advice and intel on rival firms — a practice that can put counselors in the middle of Wall Street's recruiting tug-of-war.

For college students looking to gain an edge in the competitive Wall Street internship space, we've put together a guide to scoring a coveted internship.

Rubric Capital just made a big bet on natural gas

David Rosen's $1.5 billion hedge fund, Rubric Capital, has been a top performer since spinning out of Steve Cohen's SAC Capital. The manager is up nearly 15% through the first half of this year, and has a new biggest position in its portfolio: natural gas transporter Golar LNG.

On our radar:

• As fall inches closer, employers need to be prepared for a wave of burnout among employees. 
• According to the Financial Times, Boston Consulting Group is trying to cut its CO2 footprint — by putting an end to recruitment tours to Florence and Lisbon.
• The Wall Street Journal reports that direct listings have paid off for investors so far, and are here to stay.
• PayPal is exploring a stock-trading platform for its US customers, CNBC reports. More on that here.