Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:
From 100-hour weeks to deteriorating mental health, nearly 500 employees at top investment banks reveal the extent of burnout among junior talent in a new survey
A survey of nearly 500 people shows burnt-out junior bankers might be ready to head for the exits. Wall Street Oasis released a side-by-side comparison of conditions at 10 top investment banks.
Merrill Lynch’s advisor force is shrinking and junior hiring has slowed. Now the firm is looking to make changes to its key training program.
A senior executive for the Bank of America-owned wealth manager said advisor headcount has dipped in the first quarter largely due to slower hiring into its development program. Read more here.
Mason said that while the bank remained “well-positioned” in the
space, the pace of IPOs for blank-check companies will soon slow. Here’s why.
These 6 fintechs are betting consumers want to earn crypto rewards from their spending in lieu of points and miles
Consumers are increasingly looking for ways to pay for things with crypto. As a result, fintechs are scrambling to offer cash-back rewards with crypto. Read more here.
Citi CEO Jane Fraser is making her mark, exiting markets across Asia and Europe and shuffling leadership in its new wealth division all with an eye on attracting the ultra-rich
Citi announced it was departing 13 consumer-banking franchises across Asia and Europe, in keeping with the bank’s plans to refocus its efforts on wealth management outside the US. These are the markets it’s exiting.
The IRS is still tracking down hundreds of Coinbase traders, some of whom used fake names. See more here.