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Hello readers,
Happy Saturday, and welcome to Insider Finance. Here's a rundown of our must-know stories from the past week:
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JPMorgan and Morgan Stanley leadership shake-ups put CEO candidates in the spotlight
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SVB Leerink poached a team of senior UBS tech bankers, including Jason Auerbach, the group head
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Kirkland & Ellis has offered up to $250,000 signing bonuses amid nonstop M&A and capital-markets work
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Lone Pine's Mala Gaonkar is one of the hedge-fund industry's most interesting characters
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Cathy Bessant, Bank of America's top tech exec, added a new direct report
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Restaurants and bars rejoice as New York's bankers return to the office
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SVB Leerink has poached a team of senior UBS tech bankers, including group head Jason Auerbach, as it continues splashy expansion
SVB Leerink has hired a team of technology, media, and telecommunications investment bankers from UBS, including Jason Auerbach, the group head, as the upstart dealmaking operation continues its rapid expansion.
Auerbach, who was promoted to global cohead of TMT in July, is among a team of four TMT bankers that joined UBS from Jefferies in 2015. Chris Montgomery, an MD who joined alongside Auerbach, is also leaving for SVB. Get the full rundown here.
Wall Street's appetite is returning, and New York City bars and restaurants are gearing up for a rush
A Goldman Sachs partner, at the encouragement of CEO David Solomon, has recently been busy entertaining groups of partners at cocktail outings. The idea is that the events could help bring people together and remind them of the fun and camaraderie that come with working side by side.
Meanwhile, one New York City steakhouse owner recently hosted their first IPO celebration dinner since last year. Read more here.
Succession in the spotlight at JPMorgan, Morgan Stanley
JPMorgan named consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak as coleads of the firm's massive consumer and community banking business. Among the executives who have been shortlisted as possible successors to CEO Jamie Dimon — including Lori Beer, the CIO, and Mary Callahan Erdoes, the head of asset and wealth management — Lake and Piepszak in recent years have emerged as top contenders.
And in the most sweeping leadership shuffle inside Morgan Stanley in years, the bank announced a slate of promotions across divisions that makes way for four men likely to succeed chief executive James Gorman.