Ex-Goldman exec is Epstein mansion mystery buyer — Associates quitting Apollo — David Breach's rise at Vista

Subscribe to Insider View in browser       Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today: Seven out of 30 of Apollo's New York private-equity associates have jumped ship recently — here's why A former Goldman trading exec is the mystery buyer of Jeffrey Epstein's $51 million NYC home  The PE recruiting cycle is getting pushed back, and that could mean more competition for fewer jobs We've got payments experts from Bain, JPMorgan Chase, Mastercard, and PayPal discussing the future of the space. Join us for our webinar on Thursday, March 18 at 12:00 pm ET. Click here to learn more and sign up. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.  Apollo's hard-driving culture is extreme even by Wall Street standards, and it's burning through young workers. Here's why $450,000-plus pay and rules to ban weekend emails aren't enough to keep them happy. Junior dealmakers at investment giant Apollo Global Management are feeling burnt out after a busy year of deals during the pandemic. Nearly a quarter of Apollo's New York PE associates have left the firm within the past three months.  Get the full scoop on how heavy the workload has been for Apollo employees during the pandemic. A former Goldman Sachs trading exec is the mystery buyer of Jeffrey Epstein's $51 million NYC mansion after raking in big bitcoin gains Goldman Sachs veteran Michael Daffey is the mysterious buyer of Jeffrey Epstein's $51 million NYC mansion. The former Goldman executive paid cash earned off the back of big gains made investing in Bitcoin. Read more here. David Breach has emerged as a clear No. 2 to Robert Smith at Vista Equity Partners. Insiders describe his savvy rise from admin chief to billionaire whisperer. After the firm's founder admitted to tax evasion last year, chief legal officer David Breach has been playing a more public role at Vista. We spoke with Breach's colleagues, clients, and associates, who chronicled his rise and the challenges he faces. Here's what people in his inner circle said. Blackstone struck a secret deal to lock in a $100 million-a-year client, an unsealed lawsuit claims According to a recently unsealed lawsuit, the world's largest private-equity firm struck a deal with at least one major client that makes it almost impossible for the company to get fired. Insider investigated Blackstone's lucrative deal, and this is what we found. Recruiters are pushing the private-equity hiring cycle back to late summer 2021, potentially pitting two classes of investment-banking analysts in a head-to-head competition for lucrative PE jobs Private-equity recruiters are delaying the recruiting cycle until late summer, at the earliest. Here's what that could mean for junior bankers looking to switch to PE. Japan's MUFG nabs senior bankers to bolster its US private equity coverage and direct lending business In keeping with its focus on direct lending and PE coverage, MUFG has hired Michael Klein from Regions Bank, Keith Murray from RBC, and John Timoney from Antares. Learn more about the bank's newest hires. Inside the rise of the $5 billion money-transfer fintech Wise, which has been profitable for years and is exploring an IPO Wise, one of Europe's earliest and most successful fintech firms, is considering going public in 2021. Insider spoke with the company's CEO, CFO, early investors, and analysts to chart its rise. This is what they told us. SPAC mania is kicking into overdrive, and banks like Citi and Goldman Sachs are dominating the game. 5 charts show who's winning the blank-check gold rush. In the first three months of 2021, there have been 258 SPAC IPOs — outpacing last year's frenzy, in which 256 SPACs went public. These investment banks are leading the SPAC race. Odd lots: Visa, Mastercard to Delay Merchant Fee Hikes Another Year (Bloomberg) BofA Is Ready to Compete With Walmart Fintech, Other Tech Startups, CEO Says (Bloomberg) Goldman Taps Matt Verrochi as New Co-Head of Fixed-Income Sales (Bloomberg) Two Sigma to Test Remote Work Twice a Week After Labor Day (Bloomberg) eToro Nears $10 Billion Merger With Betsy Cohen SPAC (Bloomberg)           Was this email forwarded to you? SUBSCRIBE NOW     You received this email because you signed up to this Insider newsletter using the email: ipat39@gmail.com   Email preferences Unsubscribe TERMS OF SERVICE PRIVACY POLICY 1 Liberty Plaza, 8th Floor. New York, NY 10006