Fintechs poach bankers upset with return-to-office policies

New York City, USA – August 1, 2018: Elevated view of the skyline of modern skyscrapers of Manhattan at sunset in New York City, USA
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Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:
JPMorgan is letting go of a trader who fired off a series of late-night tweets. Wall Street’s return-to-office policies are creating a recruiting opportunity for NYC fintechs.We’ve got all the top people moves across the Street.If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.
Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
A hot-headed VIX trader is out at JPMorgan, sources say. A series of late-night tweets may have been the breaking point.

REUTERS/ Larry Downing

Ishan Malik, a JPMorgan trader on one of the hottest desks on Wall Street, is out. In addition to a series of tweets that may have prompted his exit, insiders said Malik had a track record of abrasive and hot-headed behavior that alienated people he worked with.
Here’s what we know about his departure.
NY fintechs are using remote work to poach people from Wall Street banks pushing a return to the office

Samantha Lee/Insider

Fintechs are capitalizing on Wall Street’s strict return-to-work policies by offering flexible work options. Here’s how fintechs are snatching talent from New York’s big banks.
Former Cantor Fitzgerald CEO Shawn Matthews’s hedge fund is outperforming the average manager with commodity and rates bets

Former Cantor Fitzgerald boss Shawn Matthews started his own hedge fund this year
Daniel Acker/Getty

Matthews’s Hondius Capital is up more than 17% in the first half of 2021, sources told Insider. More on that here.
NBA team valuations are soaring thanks to lucrative media deals, and big investing firms are stepping in as even billionaires get priced out

Kevin C. Cox/Pool Photo/AP Images

Dyal HomeCourt just bought a stake in the Phoenix Suns. We spoke with Dyal execs, who shared details about the NBA owners and teams they’re looking at next. Here’s what they told us.
Must-know promotions, exits, and hires at firms like Credit Suisse, Goldman Sachs, and Wells Fargo

David Moss joined JPMorgan in June.
JPMorgan

We’ve compiled some of Wall Street’s biggest people moves this week. Check out our list of hires, exits, and promotions.
Odd lots:Buyer of Jeffrey Epstein’s NYC Home Gets $30.6 Million Citi Loan (Bloomberg)
Credit Suisse Adds Risk Role to Prevent Another Archegos (WSJ)
There’s a bidding war for jobseekers, and it’s getting crazier by the day (Insider)
Read the original article on Business Insider

Source: https://www.businessinsider.com/top-finance-stories-of-the-day-for-july-12-2021-7

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