On the agenda in the present day:
Let’s get began.
The variety of Black staff holding executive-level roles at Morgan Stanley Funding Administration has remained unchanged since 2019, regardless of CEO James Gorman’s dedication to range after George Floyd’s loss of life final 12 months. Here’s what else we learned from data the firm disclosed to an investor.
JPMorgan is axing upfront charges from the 529 schooling financial savings plan, a preferred funding account meant to assist folks save for school. The transfer is a part of the financial institution’s bigger plans to set itself aside in a extremely crowded wealth trade. Get the full rundown here.
GlobeNewswire printed a press launch claiming Walmart would permit consumers to pay utilizing cryptocurrency starting in October — but it surely turned out to be faux (and prompted litecoin to spike then sharply fall). So regardless of the retailer signalling an interest in crypto earlier this 12 months, you still can’t use litecoin to check out at Walmart.
For the primary 90 days of the pandemic, Jason Mudrick had his analysts work 12- to 14-hour days — together with on weekends — to seek out high distressed debt alternatives. Why they spent the first three months of the pandemic “working as hard as we’ve ever worked.”
JPMorgan’s buy of restaurant-review web site The Infatuation might be Wall Road’s weirdest — and smartest — deal of the 12 months. Monetary corporations are more and more leaning on content material and perks to woo prospects, and for JPMorgan, buying The Infatuation is a approach to increase its perks and retain customers in the process.
Hedge funds have piled into personal markets at a report tempo, in keeping with Goldman Sachs. Personal market knowledge is usually a robust discover, however startups like Forge International and Cyndx, amongst others, consider they’ve discovered a approach in. Here are some tools they’re using to provide private market data to investors.
On our radar: