Banking job cuts are back — Meet mall-king David Simon — PE recruiting drama

Banking job cuts are back — Meet mall-king David Simon — PE recruiting drama

October 1, 2020

At the height of the pandemic, when seemingly everything remained up in the air, some Wall Street banks looked to offer employees comfort. 

Many on the Street pledged to hold off on layoffs for the remainder of the year, vowing to weather the storm together with their employees. 

Six months later, times have changed.

Bloomberg reported Goldman Sachs will start cutting jobs again. The bank joins peers Wells Fargo, Citigroup, and JPMorgan in a return to downsizing.  

The news comes on the same day CNBC reported Citigroup is making cuts to its equities trading division, some of which include senior staffers.

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The man with the plan: Simon Property Group's David Simon

Daniel Geiger has a great profile on David Simon, Simon Property Group's chief executive and chairman. 

Daniel spoke to more than a dozen insiders who have worked with Simon to get a peak inside his world. 

Simon led the group set to acquire bankrupt department store JCPenney and is a key player in the mall business. 

Click here for the full story.

Inside this year's private-equity recruiting drama: how PE firms and headhunters are trying to enforce a new pact to delay a fierce battle for young talent

Reed Alexander and Casey Sullivan have a nice follow up to their report last week that headhunters and private-equity firms are holding off on recruiting for 2022 jobs. Turns out at least one recruiting firm has already broken the informal agreement made by the industry's top players. Read more about all the drama here. 

Gusto, a $3.8 billion small-business payroll startup, is muscling in on fintechs like Earnin by adding a feature to let workers get paid early

Gusto, the $3.8 billion payroll platform, is offering free earned wage access. Shannen Balogh spoke to the startup's CEO about why the company decided to launch the offering, and what it could mean for the future of the red-hot company. Check out the story here. 

Lawyers who specialize in cannabis are eyeing the burgeoning psychedelics industry as companies studying magic mushrooms go public

Forget cannabis. Psychedelics are the new frontier. Yeji Jesse Lee spoke to top law firms already advising cannabis companies about the rise of psychedelic companies. You should totally check it out. 

Odd lots:

Meet the 30 young leaders who are forging a new future for healthcare in the pandemic's shadow (BI)

Palantir insiders struggled to sell shares at debut because they couldn't access trading platform (CNBC)

5 tax law and accounting experts weigh in on Trump's $70,000 hairstyling writeoff and how his personal brand could factor into rolling over his $421 million in debts (BI)

Investment bank's analyst class said to be hit by COVID-19 (eFinanicalCareers)

Barclays memo names new head of markets in massive senior reshuffle (FinancialNews)

Parrots were removed from a UK safari park after teaching each other to swear and then laughing about it (Insider)

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