Affirm's huge IPO pop — Citi wealth shakeup — Bank earnings sneak peek

Affirm's huge IPO pop — Citi wealth shakeup — Bank earnings sneak peek

January 23, 2021

Stop me if you have heard this before: A high-profile tech startup with a well-known founder went public, and the stock went ballistic. 

Affirm made its public debut Wednesday (more on that below). As is the case with other recent tech IPOs, the stock surged once trading began, rising as much as 110% above its initial offering price of $49. 

We're written a lot about the IPO market exploding in recent months, but some of those stories are worth revisiting around why the IPO market is so hot and how Airbnb and DoorDash failed to reinvent the process. 

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefr[email protected] or on Twitter @DanDeFrancesco. 

Bank earnings are around the corner.

We spoke to a bunch of analysts to get a rundown of what to expect ahead of the big US banks reporting fourth-quarter and year-end earnings, which kicks off Friday. 

From Citi's leadership shake up to Wells Fargo shedding more businesses, get the full scoop. 

Click here to read the entire story.

Affirm's big day

As mentioned above, Affirm went public on Wednesday. We got a chance to chat with CEO and founder Max Levchin —formerly of PayPal Mafia fame — about his company hitting the public markets.

Check out all our stories from our convo with Max:

Affirm CEO Max Levchin just told us why Amex will serve as the buy now, pay later's 'North Star' as it navigates the public markets

The Capital riot hurts America's image that elected officials are 'not corrupt,' warns immigrant billionaire Max Levchin

INTERVIEW: Max Levchin couldn't get a car loan, so he founded Affirm. The buy now, pay later fintech raised $1.2 billion in its public markets debut.

Corporations rushed to address the Capitol riot and political donations. Here's how those moves reflect the rise of sustainable investing.

Plenty of companies have come out to address the Capitol riot. Rebecca Ungarino with some nice analysis on how that shows the rise of sustainable investing. Read more here. 

Read the full memo from Citi's top brass revealing its new wealth division

Jane Fraser, Citi's soon-to-be CEO, is already putting her mark on the bank. Here's a series of announcements regarding promotions tied to Citi's new wealth management division. Read more here. 

Billionaire Seth Klarman's Baupost returned less than 5% in what's been called the best year for hedge funds since 2009

Seth Klarman, president and CEO of the The Baupost GroupGetty Images/ Scott Olson

2020 has not been good to Seth Klarman. While plenty of funds have had banner years, the billionaire's hedge fund, Baupost Group, posted just a 5% return. Get the full rundown here. 

TPG Growth and Alphabet's CapitalG just backed a $1.9 billion startup that's helping banks and fintechs build interfaces that are as lovable as big consumer brands

Some funding news out of a fintech that's taking a data-driven approach to the digital experience. Read more about Ryan Caldwell's MX raising a $300 million Series C from some big-name investors. Check it out here. 

How BNY Mellon is looking to fix ESG's 'data problem' and turbocharge the market's record flows

Jaap Arriens/NurPhoto via Getty Images

Speaking of sustainable investing, here's BNY Mellon's approach to growing demand for ESG strategies from investors. Get all the details here. 

Digital-lending startup Blend just nabbed $300 million from backers including Coatue and Tiger and is now valued at more than $3 billion

Another bit of funding news. Nima Ghamsari's Blend just raised a new Series G, raising $300 million. Get all the details here. 

 Odd lots:

Stadiums have been empty. Here's why Sixth Street is making a big bet on Legends, the company behind the New York Yankees and Dallas Cowboys luxury suites. (BI)

This martech company just raised $200 million — here's the deck it uses to nab clients like Lululemon and Western Union (BI)

Elon Musk Loves China, and China Loves Him Back—for Now (Bloomberg)

SPAC Mania Gives Early Investors Steady Returns With Little Risk (WSJ)

Affirm CEO and 'PayPal mafia' member Max Levchin just became the third billionaire minted by the 'buy now, pay later' boom (BI)

Learn more about the financial services industry.

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