Marcus exodus — More $$ for burned-out bankers — Wall Street return-to-office updates

Subscribe to Insider View in browser       Happy Saturday, and welcome to Insider Finance. Here's a rundown of the must-know stories from the past week: Inside Goldman's Marcus: key tech exits, new "audio only" Fridays, and big plans for engineer hires Wall Street is in a race to hike pay, and Bank of America and Warburg Pincus are the latest to make a move The latest on returning to the office: Jamie Dimon is over Zoom; Lazard plans post-Labor Day hybrid return Lone Pine, Candlestick, and Holocene were among the big-name hedge funds hit hard in March How Anthony Noto's SoFi could get into the IPO game If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals. Burnout, blown deadlines, and a tech-talent exodus: How Goldman Sachs' Marcus is struggling to live up to its lofty consumer-banking ambitions Employees of Goldman Sachs' consumer business are quitting in large numbers, sources say. Goldman engineers and product managers are suffering from burnout and top-down management. Marcus instituted "audio only" meetings on evenings and Fridays and is hiring more engineers to offset the crunch. Read more here.  SoFi wants to democratize IPOs by getting into the underwriting game. Here's how that could work out. SoFi has said it is looking to compete against the largest investment banks by underwriting IPOs of certain companies itself, in addition to participating in IPOs like other retail brokerages. Here's how that could work and what the big challenges are.  The cofounder of Greenwood, a digital bank geared toward Black and Latinx users, details the fintech's $40 million Series A and how it's grown a waitlist 550,000 strong Greenwood is a banking app designed for Black and Latinx communities. In late March, the startup announced a $40 million Series A round. Cofounder Ryan Glover and Truist Ventures head Vanessa Vreeland detail how the deal came together. Lone Pine, Candlestick, and Holocene among the big-name hedge funds hit hard in March March was a rocky month, partially thanks to the implosion of Bill Hwang's family office Archegos. Big-name managers stumbled, including long-running Tiger Cub Lone Pine. Here's a rundown. Wall Street firms are trying to outdo each other with pay and perks  Across Wall Street, firms are competing with one another to retain junior talent. The push to incentivize young workers to stay comes after a grueling year of working from home on rapid-fire deals.  Here's a look at the latest moves: Warburg Pincus is bumping pay by up to 30% for junior workers  Bank of America is raising US investment-banker salaries by $25,000 for associates and VPs, $10,000 for analysts William Blair told IB analysts, associates, and VPs they'll receive special bonuses of up to $20,000  Wall Street return-to-office updates JPMorgan CEO Jamie Dimon says remote work can undermine the "character" of a company and lays out the bank's plans  Lazard's investment-banking summer interns will be virtual as the firm eyes a hybrid return to office after Labor Day Goldman interns are scrambling to find housing in New York City as the bank prepares them to head into the office Must-know Wall Street hires and exits Humana hired a veteran Goldman Sachs banker  Balyasny poached a top derivatives trader from Goldman Sachs  Houlihan Lokey nabbed two healthcare dealmakers from RBC  Get our full rundown here Other stories readers loved this week How the wealthy streamed into under-the-radar cities and towns Mega LBOs are back, with Apollo and Stone Point raising billions Confessions of Big Law's burned-out associates           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