Monday, July 26

How to start a family office


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

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These are the 21 advisors, accountants, and lawyers to know if you’re thinking about starting your own family office

Todd Angkatavanich, Natasha Pearl, Bill Bjiesse, and Lisa Featherngill on a pink background.


Courtesy of Todd Angkatavanich; Courtesy of Natasha Pearl; Courtesy of Bill Bjiesse; Courtesy of Lisa Featherngill; Shayanne Gal/Insider


As global wealth surges, more people are looking to start family offices to take control of their finances. We spoke to more than a dozen industry insiders to compile a list of people you’ll want to know before starting a new family office.

See our exclusive list here.


JPMorgan’s top AI research exec details the 7 challenges her PhD-packed task force are trying to solve for the bank

Manuela Veloso, JPMorgan's head of AI research, poses in a room wearing a red sweater.


JPMorgan Chase


From financial crime to employee empowerment, Manuela Veloso outlined the main challenges her team is trying to solve with AI. Here’s what else she and her team are working on.


Goldman Sachs CEO David Solomon just hinted at a raise for junior bankers in a matter of weeks

david solomon


Reuters / Shannon Stapleton


The CEO suggested the firm might look to raise comp in line with competitors in August during the bank’s second-quarter earnings call. Here’s what he said.


Fifth Third just tapped FIS to replace its $165 billion deposit system with a cloud-native one that’ll cut its development cycle to 1 month

Jude Schramm, Fifth Third Bank


Fifth Third Bank


Fifth Third is modernizing its legacy core with a shift to the cloud. Get the full rundown here.


Banks are rethinking their bond-trading tech as MarketAxess and Tradeweb help create a more competitive market

Workers on a trading floor


Simon Dawson/REUTERS; Samantha Lee/Business Insider


The growth of third-party trading firms are pushing banks to up their own tech capabilities. Read more on that here.


Goldman Sachs’ Marcus is rolling out its biggest ad campaign as it launches more products to take on other consumer banks

Marcus Goldman Sachs

Marcus offers savings and credit products online and through its app.

Reuters


Ads feature Hollywood actress Rosamund Pike taking digs at other banks’ perks like free pens and coffee, and tout an annual percentage yield that is four times the national average. Find out more here.


Odd lots:

Behind the Lordstown Debacle, the Hand of a Wall Street Dealmaker (NY Times)

Corporate Climate Efforts Lack Impact, Say Former Sustainability Executives (Bloomberg)

Citi Debuts No-Fee Stock Trading to Compete With JPMorgan, Robinhood (Bloomberg)

3G’s merger of Kraft and Heinz is killing morale, causing burnout, and choking innovation, some employees say (Insider)

As it prepares to go public, Bird says business is rebounding. But a big mutual fund marked down shares by half. (Insider)

15 of the most promising digital advertising and media startups of 2021, according to top VCs and insiders (Insider)





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