Happy hump day.
Wall Street’s attempt at returning to some form of normalcy has already hit its first roadblock.
JPMorgan had to send some employees home after someone on its equities trading team tested positive for the coronavirus, as reported by Bloomberg.
It was difficult timing for Wall Street’s biggest bank, as its chief executive, Jamie Dimon, had just finished speaking at a conference about the importance of returning to work and reopening cities.
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Back again with another great story out of Dakin Campbell, who has a scoop about Citigroup freezing out the firms it’s locked in a legal battle with over the $900 million wire it mistakenly sent.
In case you missed it, Citi is currently at odds with about a dozen hedge funds and investment firms that refuse to return money the bank mistakenly sent to them last month on behalf of Revlon.
Most financial firms in that position would look to the legal system to try and claw their money back, something Citi has already done
But, Citi has another trick up its sleeve. Being one of the most powerful banks on Wall Street has its perks. And the bank has leveraged its position as a key trading partner to freeze out the firms it’s at odds with.
Click here to read the full story.
AP Photo/Wilfredo Lee
Daniel Geiger has an absolute must-read story about home-listing site Zumper. Daniel got his hands on some data that shows how the startup, which has big-name backers like Blackstone and Kleiner Perkins, screens lower-income tenants who receive government assistance. This is one you want to give a read.
Think you have what it takes to be a portfolio manager? Balyasny Asset Management has a program for you. Reed Alexander and Bradley Saacks have all the details on how the $8.3 billion hedge fund finds its next money managers. Here’s the full story.
BlackRock’s Aladdin is arguably one of the most successful tech platforms since the wake of the 2008 financial crisis. So, it’s no wonder others would look to challenge its business. Enter $1.9 trillion PIMCO. Bradley Saacks and Rebecca Ungarino have a memo outlining the giant asset manager’s plans.
Biden over Trump. Instagram over TikTok. Dogs over cats. These are some of the takeaways from Goldman Sachs’ annual intern survey. Reed Alexander has the entire story here.
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The rise of another Indian at Masayoshi Son’s SoftBank (The Economic Times)
After Wirecard, Ernst & Young Says Auditors Should Focus More on Fraud Prevention (WSJ)
Viral videos of a ‘UFO’ in New Jersey really captured a Goodyear blimp (Insider)