Finance

The Wall Street crowd is flocking to oyster bar happy hours and running up $6,000 wine tabs

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

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Dealmaker dinners are back, and interns are ready to hit up the bars. Wall Street’s appetite is returning and New York City restaurants are gearing up for a rush.

Return of bankers and other finance workers to the office in New York City with a rise in happy hours and work dinners

Tayfun Coskun/Anadolu Agency via Getty Images; Nicolas Economou/NurPhoto via Getty Images; Samantha Lee/Insider

As New York’s bankers return to the office after a year away, restaurants and bars are once again seeing upticks in customers.

Read up on Wall Street’s latest signs of life.


Security firms for the ultra-rich are staffing up with vaccinated bodyguards and brushing up on clients’ laundry list of demands as the wealthy fuel up their jets and superyachts

summer pandemic in the US 4x3

Samantha Lee/Insider

Security firms for the ultra rich had to pivot when travel halted last year. They are now getting ready for the return of luxury vacations. Security execs discussed how they’re prepping for a travel surge.


Andy Saperstein, who made Morgan Stanley’s wealth unit a cornerstone of the bank, is in the running to replace James Gorman. Here’s the memo with all the details.

Andy Saperstein, the head of Morgan Stanley Wealth Management.

REUTERS/Brendan McDermid

Morgan Stanley unveiled sweeping leadership changes on Thursday, in which wealth head and longtime executive Andy Saperstein will become co-president with Ted Pick. More on the bank’s massive leadership shuffle.


JPMorgan is trying to disrupt healthcare again just 3 months after its previous attempt went up in smoke

jamie dimon jpmorgan

Mike Blake/Reuters

The bank is launching Morgan Health, an internal business unit for healthcare solutions — and its second attempt at changing the healthcare landscape as a self-insured employer. Get the full rundown.


Apollo announces that cofounder Josh Harris is stepping down, 2 months after former CEO Leon Black quit

Josh Harris

Heidi Gutman/CNBC

Harris will step down once Apollo merges with its insurance affiliate Athene, which is expected to take place in 2022. More details on his departure here.


The battle to be JPMorgan’s next CEO is heating up. Here are 5 people in the running to succeed Jamie Dimon.

Lori Beer CIO JP Morgan Chase

Lori Beer, CIO of JP Morgan Chase
JP Morgan Chase

Meet the five executives across JPMorgan who could be next in line to step in Dimon’s shoes when he retires. Check out the full list here.


Wells Fargo just poached a Merrill MD to help manage clients across its CIB as the bank looks to leverage relationships across segments

Wells Fargo chief executive Charlie Scharf

Tom Williams/CQ-Roll Call/Reuters

John Bell, formerly a market executive for venture services at Merrill Lynch Wealth Management, will now manage client relationships at Wells Fargo. Read more about his new role.


Wells Fargo’s investment institute is in the final stages of onboarding an active crypto strategy for its wealthy clients. Its president told us why the firm changed its mind on crypto — and shared the key merits and risks of the ‘investable asset.’

darrell cronk

Wells Fargo Investment Institute

Darrell Cronk explains the bank’s shifting perception of crypto, saying that the cryptocurrency space has hit an evolution. Read his full explanation here.


Bill Gates and Warren Buffett got 211 billionaires to pledge half their wealth to charity. Now some are falling short — and still getting massive tax breaks.

warren buffett bill gates

Frederic J. Brown/Getty Images; Insider

Bill and Melinda Gates and Warren Buffett started the Giving Pledge to encourage more charitable giving by America’s richest families, and billionaires like Mark Zuckerberg signed on — but some haven’t yet fulfilled their promise. Get the scoop in our exclusive report.


‘I was screaming’: Top CEOs reflect on the shocking death of George Floyd one year ago and how it changed their perception of being a business leader

George Floyd in the center surrounded by CEOs including Brian Niccol of Chipotle, Zander Lurie of Taco Bell, Lisa Ross of Edelman, and Jamie Dimon of JP Morgan Chase with a red background with Black Lives Matter protest signs.

Robin Marchant/Getty; Anadolu Angency/Getty; George Floyd Facebook; Jeenah Moon/Reuters; Ben Hider/Getty Images for Concordia Summit; Imeh Akpanudosen/Getty; Skye Gould/Insider

CEOs of JPMorgan Chase, Chipotle, and SurveyMonkey all agree their roles have changed in the wake of George Floyd’s murder. In exclusive interviews, the execs told us how his death — and the reckoning that followed — transformed their roles. Here’s what they said.


Wells Fargo marketing head is exiting amid a wider restructuring of its marketing function and the scrapping of the CMO role

wells fargo

REUTERS/ Shannon Stapleton

Michael Lacorazza, top marketer at Wells Fargo, is heading for the exits. Here is what we know.


Odd lots:

60 Wall to exit the ’80s dated FiDi tower set for makeover (NY Post)

Goldman’s Ambition to Match JPMorgan on AT&T Deal Meets Reality (Bloomberg)

Affirm is planning a new ad campaign to stand out from rivals in the crowded buy now, pay later category (Insider)

Why Stripe, Silicon Valley’s $95 billion gorilla, is getting into the new creator economy powered by the likes of Clubhouse (Insider)

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