Hello, Wall Streeters. Aaron Weinman is out today – Lisa Ryan replaces. I’m overseeing newsletters here in the Insider newsroom, so I think I’m going to start promoting some of the most engaging ones that I think I’ll be interested in.
First, there’s Insider Weekly, curated by our specialist editor Matt Turner. Every Sunday, Matt highlights our most productive readings of the week, from markets and economics to generation and finance, and brings you scenes from one of our most sensible stories. (Preview: This week is our inaugural Climate Action 30 list. ) Register here.
And if you’re a fan of 10 Things, then love our other franchise newsletters: 10 Things in Tech, which gives you Big Tech scoops and inventions and more, and 10 Things Before the Opening Bell, our morning of market decline.
Now, let’s get into what’s being talked about on the street.
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1. David Solomon works hard to build David Solomon. On a Friday last July, Goldman Sachs CEO boarded the company’s Gulfstream G650 bound for Chicago. He had meetings scheduled for that day with Goldman clients and employees.
But at night, Solomon, who works in the moonlight as an electronic music DJ, played a high-profile set at Lollapalooza. He posted a video of the set, with smoke machines and sweaty bodies, on his Instagram.
And it’s the newest in a series of moves arising from the intertwined interests of CEO and chairman David Solomon and the interests of Goldman Sachs itself, my colleague Dakin Campbell reports.
Experts say they’re concerned that Solomon is too focused on his vain projects right now, especially since parts of the company like Marcus are suffering or want special attention. Staff members say they were asked to help him with his DJ account and noticed a new emphasis on sports mentions.
As one Goldman member told Dakin: “What everyone struggles with is the DJ, the McLaren sponsorship, all the flashy stuff. You can do this if you play, but it has a higher eBook value. Inventory is near a low point. “
Read the full one here.
In news:
2. BlackRock is facing an exodus of workers after getting a fund manager to expand into personal credit. The former say disappointing salaries and broken promises have led to widespread frustration and exits, Danielle Walker and Rebecca Ungarino report. Get the scoop here.
3. La Fed has further pledged to induce a “growth recession” by raising interest rates. Yesterday’s 0. 75 percentage point rate increase was the third in a row. Meanwhile, JPMorgan CEO Jamie Dimon warned in Congress that he opposes inflation, and also called bitcoin a Ponzi scheme.
4. Millennium Management recruited Olga Naumovich, a former student of Sachs Goldman, to expand its generation center in Miami. The war for local investment and tech skills intensifies as more of the coverage budget moves south.
5. Citigroup plans to close its retail bank in the UK. The Financial Times reports this comes as the bank’s rivals are ramping up their own offerings in the UK, and after Citi has already eliminated its retail banking division. Read more.
6. Fancy a $300 poncho or a homemade crochet cardigan?Discover Cash products App. La fintech equips consumers to build logo loyalty, while competing in the landscape of ruthless monetary applications.
Andy Klein, Cravath’s former lawyer, to raise five million dollars for his new startup. This is your argument for your “affinity group” of investors; In this case, we are talking about lawyers.
8. Stash announced the launch of a new central banking formula and an updated debit card. The investment and banking app has signed new partnerships with Mastercard, Stride Bank, Marqeta and other fintech names. This is the last one.
9. La people are losing their minds with this 8-foot-wide Toronto home that’s for sale for $1. 95 million. And this despite having a toilet in the middle of a room. Ah, life in a primary financial center.
10. Eataly sells a majority stake to a European personal equity firm. The deal with Investindustrial involves an investment of nearly €200 million, according to the WSJ, and the Italian market chain (and the site of many business lunches) will expand globally.
Edited through Lisa Ryan (tweet @lisarya) in New York. Edited through Jeffrey Cane (tweet @Jeffrey_Cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.