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JPMorgan makes Silicon Valley hiresWall Street burnout spills into Big LawReturn to office updates

Published by Business Insider on Sat, 03 Apr 2021


<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Hello, readers!</p><p>Happy Saturday, and welcome to Insider Finance. Here's a rundown of the must-know stories from the past week:</p><ul><li>JPMorgan wants to deepen its ties to Silicon Valleyand <a href="https://www.businessinsider.com/jpmorgan-middle-market-commercial-banking-tech-silicon-valley-vc-coverage-2021-3">hired five people</a> to help</li><li>Archegos blowup shines <a href="https://www.businessinsider.com/sec-action-bill-hwang-archegos-implosion-experts-say-13fs-swaps-2021-3">spotlight on the risks</a> lurking in swaps, family offices</li><li>SPAC insiders say <a href="https://www.businessinsider.com/spac-institutional-investors-reduction-slowdown-pipe-funding-deals-private-investment-2021-4">PIPE financing for deals is drying up</a> and the market needs to take a "collective breath"</li><li>Goldman gives updates on return-to-office plans for <a href="https://www.businessinsider.com/goldman-sachs-summer-analysts-associates-return-to-office-remote-solomon-2021-3">summer interns</a> and <a href="https://www.businessinsider.com/goldman-sachs-preparing-incoming-campus-hires-office-orientation-full-time-2021-3">full-time campus</a> hires&nbsp;</li><li>Big Law associates are burned out after a <a href="https://www.businessinsider.com/big-law-associates-burnout-bonuses-hours-retention-recruiting-lateral-hires-2021-3">year of intense hours</a> and rapid-fire deals</li></ul><p>If this email was forwarded to you,&nbsp;<a href="https://newsletter.businessinsider.com/click/22653302.34602/aHR0cDovL25ld3NsZXR0ZXIuYnVzaW5lc3NpbnNpZGVyLmNvbS9qb2luLzRucC9pbnNpZGVyLWZpbmFuY2U_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1JbnNpZGVyJTIwRmluYW5jZQ/5cf970723f92a452082ea752B3f5606f6" data-analytics-module="body_link" data-analytics-post-depth="20" data-uri="e853b1fb65b9a0a87b338f29209dd4a1">sign up here </a>to get your daily dose of the stories dominating banking, business, and big deals.</p><hr><h3><a href="https://www.businessinsider.com/sec-action-bill-hwang-archegos-implosion-experts-say-13fs-swaps-2021-3">How Archegos pushed the limit on risky trades and sent a $35 billion shockwave through Wall Street</a></h3><p><img src="https://static5.businessinsider.com/image/6068596c856cd700198a30a1-2400/GettyImages-1158933034.jpg" border="0" alt="Stock Market Bubble" data-mce-source="JOHANNES EISELE/AFP via Getty Images" data-mce-caption="A trader blows bubble gum during the opening bell at the New York Stock Exchange (NYSE) on August 1, 2019, in New York City." data-link="https://www.gettyimages.co.uk/detail/news-photo/trader-blows-bubble-gum-during-the-opening-bell-at-the-new-news-photo/1158933034'adppopup=true"></p><p>"How could this firm take such huge economic exposures into Viacom and other companies without having to make any disclosures' Because of swaps," Paul Cellupica, former general counsel for the SEC's investment management division, told Insider. "It will raise questions." <a href="https://www.businessinsider.com/sec-action-bill-hwang-archegos-implosion-experts-say-13fs-swaps-2021-3">Read more here.</a></p><hr><h3><a href="https://www.businessinsider.com/spac-institutional-investors-reduction-slowdown-pipe-funding-deals-private-investment-2021-4">The SPAC M&amp;A frenzy has finally reached its limits and a huge funding logjam is starting to form</a></h3><p><img src="https://static1.businessinsider.com/image/6045588344d8e300117b97ed-2400/SPAC popularity in real esate tech world 2x1.png" border="0" alt="SPAC popularity in real esate tech world 2x1" data-mce-source="Samantha Lee/Insider"></p><p>A key piece of SPAC transactions is drying up. "We are seeing, on the PIPE front, exhaustion and being bombarded with deals and pressure to make decisions quickly," said David Goldschmidt, a Skadden partner who specializes in capital markets work. <a href="https://www.businessinsider.com/spac-institutional-investors-reduction-slowdown-pipe-funding-deals-private-investment-2021-4">Read more here.&nbsp;</a></p><hr><h3><a href="https://www.businessinsider.com/jpmorgan-middle-market-commercial-banking-tech-silicon-valley-vc-coverage-2021-3">JPMorgan poached 5 people from Silicon Valley Bank and Bank of America as it builds out teams focused on VCs and 'disruptive' commerce</a></h3><p><img src="https://static4.businessinsider.com/image/6068528ea7d803001963ea08-2400/2017-05-01T120000Z_1810737523_RC1AF5261670_RTRMADP_3_MILKEN-CONFERENCE-DIMON.JPG" border="0" alt="jamie dimon jpmorgan" data-mce-source="Mike Blake/Reuters"></p><p>JPMorgan just hired four people from Silicon Valley Bank and one from Bank of America as the firm looks to do more business with startups and VCs. <a href="https://www.businessinsider.com/jpmorgan-middle-market-commercial-banking-tech-silicon-valley-vc-coverage-2021-3">Read more here.</a></p><hr><h3><a href="https://www.businessinsider.com/big-law-associates-burnout-bonuses-hours-retention-recruiting-lateral-hires-2021-3">Big Law associates are burned out after a year of rapid-fire deals and intense hours. Special $60,000-plus bonuses may not be enough to keep them.</a></h3><p><img src="https://static3.businessinsider.com/image/60685949a7d803001963ea0a-2121/working from home.jpg" border="0" alt="working from home" data-mce-source="MoMo Productions/Getty Images" data-mce-caption="Conscientious people, who thrive on structure and a set schedulefeel the strain of the open-endedness of the WFH workday. MoMo Productions/Getty Images"></p><p>From&nbsp;<a href="https://www.businessinsider.com/law-firms-are-cashing-in-on-the-spac-boom-2020-9" data-analytics-module="body_link" data-analytics-post-depth="20" data-uri="cf1ce934bc69f65c66f9c0295a22edd1">M&amp;A deals</a>&nbsp;to&nbsp;<a href="https://www.businessinsider.com/lawyers-ipo-doordash-capital-markets-cooley-latham-simpson-davis-polk-2020-12" data-analytics-module="body_link" data-analytics-post-depth="20" data-uri="1e9246010e7e17f4694fc416bd3b30a1">IPOs</a>&nbsp;to&nbsp;<a href="https://www.businessinsider.com/wall-streets-top-restructuring-bankers-when-recessions-defaults-hit-2020-3" data-analytics-module="body_link" data-analytics-post-depth="20" data-uri="abac9ec592f0593a071edab91dd137bc">bankruptcy</a> proceedings, Big Law associates are busier than ever. And some firms are paying special spring-and-fall bonuses. <a href="https://www.businessinsider.com/big-law-associates-burnout-bonuses-hours-retention-recruiting-lateral-hires-2021-3">Here's what associates and recruiters are saying.&nbsp;</a></p><hr><h3>Wall Street return to office updates</h3><p><img src="https://static2.businessinsider.com/image/606855c3856cd700198a30a0-2400/2019-03-06T184534Z_318024766_RC17C702AB10_RTRMADP_3_WORLD-WORK-GOLDMAN-SACHS.JPG" border="0" alt="200 West Street the Goldman Sachs building in New York" data-mce-source="Brendan McDermid/Reuters" data-mce-caption="People enter and exit 200 West Street the Goldman Sachs building in New York"></p><ul><li>Barclays just told its <a href="https://www.businessinsider.com/barclays-2021-summer-internships-virtual-memo-global-start-dates-2021-3">global 2021 internship class</a> that their 8-week summer gigs will be virtual again this year</li><li>Goldman Sachs told interns they'll <a href="https://www.businessinsider.com/goldman-sachs-summer-analysts-associates-return-to-office-remote-solomon-2021-3">officially be working in the office </a>following a one-week virtual training program</li><li>Goldman Sachs is telling <a href="https://www.businessinsider.com/goldman-sachs-preparing-incoming-campus-hires-office-orientation-full-time-2021-3">full-time campus recruits</a> to expect some in-person orientations this summer and recommending they move close to the firm's offices</li><li>JPMorgan told New York- and London-based <a href="https://www.businessinsider.com/jpmorgan-chase-internships-investment-bank-markets-office-summer-jamie-dimon-2021-4">investment-banking and sales and trading interns</a> to get ready to head to the office&nbsp;</li></ul><hr><h3>Other stories readers love this week</h3><ul><li>Meet 13 women who left Big Law to<a href="https://www.businessinsider.com/women-lawyers-legal-tech-company-startups-list-law-funding-vc-2021-3"> launch their own</a> legal tech startups</li><li>Insatiable demand for risky debt has allowed Blackstone to<a href="https://www.businessinsider.com/blackstone-caps-investor-rights-in-risky-debt-deal-bonds-bx-2021-3"> draft aggressive deals </a> but this 'highly offensive' tactic leaves bondholders unprotected</li><li>Square's Cash App is <a href="https://www.businessinsider.com/square-cash-app-hiring-build-own-payments-network-visa-mastercard-2021-4">hiring for a slew of positions</a> hinting at plans to attract more merchants and compete directly with payment networks like Mastercard and Visa</li></ul><p><a href="https://www.businessinsider.com/top-finance-stories-week-of-march-29-jpmorgan-goldman-spacs-2021-4#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/pikes-peak-hill-climb-colorado-most-dangerous-racetrack-2020-2">Why Pikes Peak is the most dangerous racetrack in America</a></p>
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