| Big bank earnings season was in full swing this week. From top execs laying out the rationale behind dealmaking to shedding light on their plans for the future of the physical office, here are some of this quarter's highlights:
US government-controlled Fannie Mae, a key player in the country's massive mortgage market, is shuffling leadership in its largest business line, according to recent internal memos seen by Business Insider. The changes inside Fannie Mae, which the government took over during the great financial crisis and has become a political football, come just weeks before the US presidential election. You can read all the details on the shakeup here.
Brookfield Property Partners is in talks to take a stake in Blackhall Studios, a production facility with nine sound stages in Atlanta, sources told Business Insider. Dan Geiger and Casey Sullivan chatted with studio owners, private-equity executives and brokers to learn what's been driving a flurry of activity from big investors.
As Alex Morrell reported, Morgan Stanley has had a huge year in credit trading — reaping nearly $1 billion from its investment-grade desk. Despite ranking fourth in underwriting IG debt, the firm is a perennial top competitor when it comes to trading it. Helping its cause: Morgan Stanley has one of Wall Street's top operations in algorithmic and bond portfolio trading, which has accelerated in 2020. You can read all the details on the blowout performance here.
AT&T is conducting a strategic review of WarnerMedia's 1.5 million-square-foot headquarters at 30 Hudson Yards, Dan Geiger reported this week. The reevaluation is expected to be complete early next year and could prompt the $200 billion telecom company to shed some of the space. Here's a look at what this reevaluation could mean for the NYC office market.
For any payments player, tech is a huge part of the budget. Speed and security of a network can make or break a company like Amex or Mastercard. And that means a large part of payments companies' headcount lies in tech. Amex, Mastercard, PayPal, Square, and Visa need to hire the best technical talent to build new ways to pay and keep the systems up and running. Here's a roundup of what they're paying.
Hundreds of lawyers in New York and beyond who made a specialty out of showing up for court appearances on behalf of other lawyers have found themselves out of work as courts have moved online. So-called per-diem lawyers could make about $125 per appearance, and for some of them, the numbers really added up. New York courts have gradually been reopening for in-person trials and arguments, but the events that filled a per-diem's day are mostly virtual, so the lawyers who used to send them work can call in themselves. Jack Newsham took a look at how per-diem lawyers are reinventing themselves.
In Goldman Sachs' quest to move down-market, part of its newly reorganized wealth management division is preparing to expand. Joe Duran, head of Goldman Sachs Personal Financial Management, told Rebecca Ungarino and Dakin Campbell that the business is looking to hire dozens of financial advisors over the next year. Here's more on hiring plans, office expansions, and why the firm is so confident in its push.
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