Good morning and welcome to Insider Finance. I am Dan DeFrancesco, and this is what’s on the agenda right now:
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Citigroup is bumping base comp for first-year investment-banking analysts up to $100,000, and giving associates and VPs raises up to $25,000
Citigroup
Tyler Dickson, cohead of Citi’s banking, capital markets, and advisory division, advised Insider the announcement comes at a time of “a unprecedented set of calls for” on bankers.
Here’s everything you need to know about the raises.
And check out our running list of the banks raising pay, and the ones holding out.
The SEC’s probe into Charles Schwab’s robo-advisor is an early glimpse of the regulator’s fintech crackdown
Mark Wilson/Getty Pictures; Samantha Lee/Insider
The probe, which seems to be the most important for a
robo-advisor
, underscores the SEC’s priorities. Here’s why that matters.
Robinhood’s top lawyer made $30 million in eight months, more than anybody else at the company
Mike Segar/Reuters
Daniel Gallagher, who joined Robinhood in Could 2020, made $30 million final 12 months. More on his impressive salary.
Robinhood slashed how much it spends to nab each new customer. Here’s how it did it.
Robinhood; Samantha Lee/Insider
Robinhood’s buyer acquisition prices have fallen as a lot as 72% since 2019 because it refocuses advertising and marketing. This is how it did it.
Torrid’s Liz Muñoz started as a patternmaker. Now she’s one of the only Latina CEOs leading a publicly traded US company.
Courtesy of NYSE
Muñoz advised Insider what’s subsequent for Torrid and what it means to be considered one of few Latina CEOs. Here’s what else she said.
The labor shortage has come for bank branches, forcing America’s banking giants to rethink how to stay competitive
Reuters
From branches to tech departments, some banks are adapting to draw new expertise. Executives share what they are doing.
Finance firms have pledged to improve diversity. Meet 3 groups helping the industry hire tens of thousands of underrepresented young people.
Trey Pruitt of Ares Administration; founding father of 10,000 Black Interns Dawid Konotey-Ahulu; Hive Variety founder Byron Slosar
Ares Administration; Getty Pictures; Michael Jurick
Ares Administration; Getty Pictures; Michael Jurick
Monetary-services corporations are racing to indicate they’re severe about hiring underrepresented expertise. These three organizations are looking to help them.
IBM’s Wall Street-focused cloud is helping banks onboard vendors in as quick as 1 week. Here’s how it’s doing it.
IBM
Howard Boville, IBM’s prime cloud exec, defined how IBM helps prospects scale back vendor onboarding occasions. Here’s how the tech giant does it.
Must-know promotions, exits, and hires at firms like KKR, Morgan Stanley, and BlackRock
Related Press/Julio Cortez
SVB Leerink employed Whit Mayo to the agency’s analysis group from UBS. The Securities and Trade Fee appointed Gurbir S. Grewal as director of the division of enforcement. Here are the people moves across the Street you need to know.
Odd heaps:
He Convinced the Elite He Invested for Good. Then the Money Vanished. (WSJ)
BlackRock Settles Discrimination Lawsuit With Former Employee (Bloomberg)
Older Americans Stockpiled a Record $35 Trillion. The Time Has Come to Give It Away. (WSJ)
Wall Street Wants Bankers Back in the Office. Especially Gen Zers. (WSJ)
