Welcome back! dan de francesco in New York, and I’m fascinated by this first-person perspective from Insider’s Lydia Warren about being in Hawaii when an alert about an incoming missile was mistakenly issued five years ago.
Today we have stories about the biggest lessons KKR learned from building on the public cloud, a rising star at Goldman Sachs, and what you need to do to stop feeling tired all the time.
But first, we have some newcomers.
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1. Let’s get you settled.
Wall Street’s summer internship is officially here as investment banks open their doors to eager college students.
The 10-week internship program represents a critical time for aspiring Wall Streeters. Success means coming out with a full-time job offer for the following summer.
This year’s class has added pressure, as a dealing drought means banks could be a bit more selective about who they ask back.
Lucky for you, Insider’s Emmalyse Brownstein has a foolproof guide on how to navigate your Wall Street internship, mapping out the key pros and cons.
From my perspective, making sure you get a full-time offer has a lot to do with being average. I realize that may sound sacrilegious to a bunch of ultra-competitive Type-A wannabe Wall Streeters, but standing out is a risk.
Obviously, you don’t want to be seen as someone at the bottom of the barrel.
But aiming for the stars also comes with its own challenges. Banks were built on bureaucracy and corporate politics. Trying to “surprise” everyone could end up failing. (Don’t believe me? Read about tall poppy syndrome.)
Here are some tips from Brad Pitt’s character in “Ocean’s 11”:
“Don’t use seven words when four is enough. Don’t shift your weight. Always look at your mark but don’t stare. Be specific but not memorable. Be funny but don’t make him laugh. He has to like it then you forget the moment you you have left his sight.”
And whatever you do, for God’s sake, don’t TikTok about your first day.
Read more about all the do’s and don’ts of your Wall Street internship.
In other news:
2. Everyone wants an internship at the Citadel. The hedge fund, which has been on an incredible run of late, saw a 65% increase in applicants this year. Learn more about this year’s intern class, which begins today.
3. Everything you ever wanted to know about migrating to the public cloud, but were afraid to ask. Leo Bogdanov, KKR’s Head of Digital Customer Experience Engineering, details the things you want to know before building a new customer portal on AWS. He sees the three most important lessons learned.
4. One to watch at Goldman Sachs. Nishi Somaiya, Goldman Sachs’ global head of private banking, lending and deposits, was recognized by John Waldron, the bank’s chief operating officer, during a recent speech. The executive described her as “one of our young and talented leaders of the next generation.” This is how Somaiya fits into Goldman’s broader strategy.
5. Inside the fintech effect at JPMorgan. Daniel Pinto, the bank’s chief operating officer, said the threat that digitally-focused startups pose to big banks pushed JPMorgan to consider expanding its consumer banking footprint outside the US. More on that strategy.
6. Hedge funds are now rolling out compensation packages reportedly worth more than $100 million. The war for talent between multi-strategy firms like Millennium, Citadel and Balyasny has reached a fever pitch, with eye-popping salary offerings. Why the buy side might be the best side.
7. The Citi CEO says his technology investments have helped him avoid “big toe” mistakes. The bank, which has a history of making costly human business errors, has relied on new technology to solve the problem, according to Jane Fraser. Here’s what the bank has done to reduce its error rate by 86%.
8. Private credit simplified. Percent is a startup that seeks to optimize the hot world of private credit through its three-sided marketplace. Take a look at the launch pad he used to raise a $30 million Series B.
9. Most family offices don’t seem to be very good at the most important part of their job. Most family offices said they do not have an estate plan, according to a UBS survey, despite acknowledging that is the only reason they exist. Why no one wants to tell the ultra-rich how to pass their fortunes on to their heirs.
10. Why you are always tired and how to fix it. We’ve got six things that might be causing you to feel a little out of sorts, and how to get back on track. Read more here.
Curated by Dan DeFrancesco in New York. Comments or advice? Email [email protected], tweet @dandefrancescoor connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.
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