July 21, 2024

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Imagination at work

Here Are the Top Finance Stories of the Day for June 14

5 min read

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

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Credit Suisse has lost at least 44 execs, bankers, and traders in recent months. Here’s a running list of who left and where they’re going.

credit suisse blunders 2x1

Arnd Wiegmann/Reuters; Skye Gould/Insider

Credit Suisse has been rocked this year by the implosions of Greensill and Archegos. Here’s a rundown of who’s left the bank. 

$3 billion Maplelane Capital — which was slammed by the GameStop frenzy in January — lost money in May

GettyImages 1230829050

GameStop shares soared last week, costing short-sellers billions of dollars


One of Reddit traders’ hedge-fund targets — $3 billion Maplelane Capital — took a step back in May as it tries to dig out of its GameStop-caused hole. See the performance update here. 

Banks are posing a threat to buy now, pay later players by offering merchants their own way to roll out the popular payment method

A model walks at a fashion show, sponsored by Klarna

Don Arnold / Getty Images

Buy now, pay later players like Affirm, Afterpay, and Klarna are looking to boost customer loyalty — but now, banks and credit-card companies are developing ways to allow merchants to both offer point-of-sale financing and maintain the customer relationships themselves.

Get the full scoop here.

The global head of Citi Ventures says real estate and wealth management offer 2 of the biggest tech investing opportunities right now

wealth management and tech 1 4x3

Samantha Lee/Business Insider

Arvind Purushotham, the global head of Citi Ventures, said property tech, embedded trade finance, and wealth tech are all primed to grow. He explains why.

Goldman Sachs, Wells Fargo, and Credit Suisse are asking employees whether they’ve received a COVID-19 vaccine. Here’s the latest on the details that they’re after.

200 West Street the Goldman Sachs building in New York

Brendan McDermid/Reuters

We reviewed memos from three banks sent in recent days, inquiring about workers’ vaccination status. Take a look at what we found.

Here’s the 10-page pitch deck blockchain-based fintech Spring Labs used to snag $30 million from investors including credit reporting giant TransUnion

John Sun, Anna Fridman, and Adam Jiwan are the cofounders of fintech startup Spring Labs.

Spring Labs

CEO and cofounder Adam Jiwan explained how they pitched the business to TransUnion, and shared the 10-page pitch deck they used to raise its $30 million Series B round. Check it out here.

Billionaire Chase Coleman’s Tiger Global struggled in May and its flagship fund is down for the year after a stellar 2020

Chase Coleman, the billionaire hedge fund manager behind Tiger Global.

Business Insider/ Mike Nudelman

The flagship fund was down 6.3% in May, and has lost 0.8% for the year through May. Get the full rundown.

The 10 biggest takeaways from BlackRock’s investor day, where the firm laid out how it’s becoming a one-stop investments shop

blackrock larry fink


BlackRock detailed its plans to grow in Asian markets, as well as building up its alternative-investments business, in its first investor day since 2018. Here’s what you need to know from the three-hour presentation.

Must-know promotions, exits, and hires at firms like Credit Suisse, JP Morgan, and Grayscale

Alice Milligan


Alice Milligan, who was previously E-Trade’s chief customer officer, was named Morgan Stanley’s chief marketing officer. Cowen poached Jenny Killeen as its new head of human resources from MSD Capital. Check out all the top people moves across the Street.

Bank of America nabs high-yield bond salesman and leveraged finance veteran from UBS

BofA logo

Bank of America logo in Manhattan

Carlo Allegri/Reuters

Bank of America has nabbed UBS leveraged finance veteran Matt Quarello. Here’s what we know.

Odd lots:

What the World’s Most Successful Real Estate Investor Is Buying (Bloomberg)

Credit Suisse’s 30-Year-Old Trading Prodigy Goes It Alone (Bloomberg)

How ESG Stocks Perform Depends on Who Ranks Them (WSJ)

Miami Bitcoin Gathering Was a Covid Hot Spot, Attendees Say (Bloomberg)

Fintech is exploding in Latin America, a region long ignored by VCs. But a firm who backed Klarna, Credit Karma, and SoFi has a plan to find the next all-star there. (Insider)

Shell considers selling assets in the largest US oil field, Reuters reports, highlighting pressure to focus on low-carbon investments (Insider)

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