Michelle Abrego

Blackstone’s majority investment in Supergoop underscores private equity’s ballooning influence in American life, whether consumers know it or not.

Morning! Michelle Abrego here. Founders of the largest hedge funds are eyeing their legacy and appointing their successors.Before we dive into that, also on deck is a VC with a novel approach, what investors should know about President Joe Biden’s surprise move to reclassify cannabis, and the latest on Credit Suisse.And we have some breaking news this morning: Former Fed chair Ben Bernanke and professors Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics for their resear…

Goldman Sachs’s third restructuring in four years comes as insiders have been questioning Solomon’s leadership focus.

Good morning! I’m Michelle Abrego filling in for Dan DeFrancesco as we – and the markets – are off observing Martin Luther King Jr. Day. Today, we’re going to be running through five stories you might have missed while you’ve been focusing on keeping your New Year’s resolutions and laying out your 2023 plans.One thing that’s apparent on Wall Street is that many people are worried about their jobs and compensation. We’ve already seen layoffs at Goldman Sachs, BlackRock, and BNY Mellon materializ…

Billionaire Ken Griffin’s Citadel continues to best rivals this year. Here’s how it performed vs Point72, Millennium, and other big names.

Once a year, billionaire Steve Cohen, one of the world’s most successful investors, grills a group of senior analysts who hope to soon run a piece of his $30.6 billion hedge fund, Point72.The budding portfolio managers lay out their biggest goals and ambitions, and Cohen gives his views on whether they will work or not. The pitch session is meant to push them out of their comfort zone, Harry Schwefel, Point72’s co-chief investment officer, told Insider.They ask questions like, “How are you going…

Wall Street might be back in the office but in sneakers and slacks — not suits.The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. While it’s unlikely one will confuse a trading floor for a tech startup’s office, the gap is closing.Luis Arteaga, a vice president at Barclays, recalls it being strictly suit and ties when he started as an intern at the bank in 2017. “If you were an analyst or intern, you had to be wearing a sui…

Generative AI has had Wall Street abuzz in 2023.Business Insider has been reporting on how some of finance’s biggest players are approaching artificial intelligence, from how it might impact jobs to how to use it to cut costs and ramp up efficiencies. It might even be the sector to end the drought in dealmaking.Experts in the space are in high demand as banks and investment giants race to understand and implement AI. However, there’s a level of trepidation, and most are early in experimenting wi…

JPMorgan Chase chief executive Jamie Dimon just shook up his top lieutenants as the nation’s largest bank prepares candidates to eventually take over from him.New jobs for Jennifer Piepszak and Marianne Lake — two executives seen as potential successors to Dimon were at the center of the leadership shuffle. Piepszak, along with Troy Rohrbaugh, the bank’s former cohead of markets and securities services, will lead an expanded commercial and investment bank, according to a statement from the bank…

The war for the best hedge fund talent cuts across all levels and positions. Firms like Citadel, Point72, D.E. Shaw, and Bridgewater are in constant competition for the best and brightest to help them gain an edge in the cutthroat investment industry. These funds, which have grown into behemoths, are now contributing serious time and resources to recruit for internship and training programs that could better guarantee them a steady employee pipeline.Eye-popping pay, prestige, challenging work en…

We’re looking to highlight the best up-and-comers in sell-side equity research — and we need your help to find them.If you know someone who should be considered, please submit your suggestions below or via this form.Take a look at the standouts we spotlighted in:202320222021Our selection criteria: We ask that nominees be 35 or under as of May 31, 2024, be based in the US, be involved in sell-side equity research, and stand out from their peers.Please make your submission below or through this fo…

It seems like Larry Fink has been thinking about retirement a lot lately. Though, maybe less so his own than that of the average American.Fink, the chief executive of BlackRock, used his annual investor letter to warn of a looming “retirement crisis” facing the US and raise his concerns about disillusioned young people.BlackRock, the largest asset manager in the world, has a lot to gain from influencing the conversation about how American save for their so-called “golden years.” More than half o…