Insider finance: Investment banks with the worst hours

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

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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

woman stressed laptop

A woman on her laptop appears to be stressed during the coronavirus pandemic on May 30, 2020 in Rotterdam, the Netherlands. The woman is not associated with the story.

Robin Utrecht/SOPA Images/LightRocket via Getty Images

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.

Find out the big banks stack up against each other.

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.

Bank of America

REUTERS/Shannon Stapleton

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.

The CFO of Citi, the top SPAC bank this year, is predicting ‘normalization’ in the blank-check frenzy

mark mason citi

Shannon Stapleton/Reuters

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


Bitcoin themed balloons float in the air during the “Inside Bitcoins: The Future of Virtual Currency Conference” in New York.

Reuters/Lucas Jackson

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

jane fraser

Julian Restrepo/Citigroup via AP

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. 

How 750 anonymous Coinbase traders have eluded the IRS even after making $100 million

Charles Rettig

Charles Rettig.

Aaron P. Bernstein/Getty Images

The IRS is still tracking down hundreds of Coinbase traders, some of whom used fake names. See more here

Odd lots:

Guggenheim’s Minerd Moves to Miami as Firm Eyes Flexible Work (Bloomberg)

Ex-Navy SEAL and ultramarathoner David Goggins is the toughest man on the planet. His latest challenge: persuading the world to suffer on purpose. (Insider)

JPMorgan is offering rich clients a way to ride the market waves created by massive investors (Insider)

Brevan Howard’s Main Hedge Fund to Start Buying Cryptocurrencies (Bloomberg)

Coinbase’s Retail Buyers Stung After Plowing in at Debut (Bloomberg)

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