Good morning, Wall Streeters. Aaron Weinman’s out today — this is Lisa Ryan filling in. I oversee newsletters here in Insider’s newsroom, so figure I’ll kick things off by touting a few great ones I think you’ll be into.
First, there’s Insider Weekly, curated by our business editor in chief Matt Turner. Each Sunday, Matt highlights our top reads of the week — from markets and economy to tech and finance — and takes you behind the scenes of one of our major stories. (Sneak peek: This week it’s our inaugural Climate Action 30 list.) Sign up here.
And if you’re a fan of 10 Things, then you’ll love our other newsletters in the franchise: 10 Things in Tech, bringing you the scoops and innovations in Big Tech and beyond, and 10 Things Before the Opening Bell, our morning markets rundown.
Now, let’s get into what everyone’s talking about on the Street.
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1. David Solomon is working hard to build up David Solomon. On a Friday in late July, the Goldman Sachs CEO boarded the company’s Gulfstream G650 for Chicago. He had meetings scheduled that day with Goldman clients and employees.
But in the evening, Solomon — who moonlights as an electronic-music DJ — performed a high-profile set at Lollapalooza. He posted a video of the set, complete with smoke machines and sweaty bodies, on his personal Instagram.
And that’s the latest in a string of actions showing the intertwining interests of David Solomon the CEO and chairman and the interests of Goldman Sachs itself, my colleague Dakin Campbell reports.
Insiders say they worry that Solomon is too focused on his vanity projects right now — especially as parts of the business like Marcus are struggling or need focused attention. Staffers say they’ve been asked to help with his DJ account and they’ve noted a new emphasis on sports endorsements.
As one Goldman insider told Dakin: “The thing that everyone grapples with is the DJ, the McLaren sponsorship, all the flashy stuff. You can do that if you’re performing, but he hasn’t gotten book value up. The stock is near a low.”
In other news:
Larry Fink/Reuters, Tyler Le/Insider
2. BlackRock faces an employee exodus after acquiring a money manager to expand in private credit. Former staffers say underwhelming pay and unfulfilled promises led to widespread frustration and departures, Danielle Walker and Rebecca Ungarino report. Get the scoop here.
3. The Fed committed even more to inducing a “growth recession” as it raised interest rates. Yesterday’s 0.75 percentage point rate hike was the third such increase in a row. Meanwhile, JPMorgan CEO Jamie Dimon warned about inflation in front of Congress – and also slammed bitcoin as a Ponzi scheme.
4. Millennium Management tapped Goldman Sachs alum Olga Naumovich to build out its Miami tech hub. The war for local investing and tech talent is heating up as more hedge funds move South.
5. Citigroup is planning to close its UK retail bank. The Financial Times reports that this comes as the bank’s rivals ramp up their own UK offerings – and after Citi already nixed its global consumer banking division. Read more.
6. Fancy a $300 poncho or handmade crochet cardigan? Check out Cash App’s merch. The fintech is outfitting customers to drum up brand loyalty, as it competes in the cutthroat financial app landscape.
7. Ex-Cravath lawyer Andy Klein wants to raise $5 million for his new startup. Here’s his pitch to his “affinity group” of investors — in this case, we’re talking about attorneys.
8. Stash announced the launch of a new core banking system and refreshed debit card. The investing and banking app inked new partnerships with Mastercard, Stride Bank, Marqeta, and other fintech names. Here’s the latest.
9. People are losing it over this 8-foot-wide Toronto house that’s on the market for $1.95 million. And that’s despite having a toilet in the middle of a bedroom. Ah, life in a major financial hub.
10. Eataly is selling a majority stake to a European private-equity firm. The deal with Investindustrial involves an investment of nearly €200 million, per the WSJ, and will help the Italian marketplace-chain (and site of many a business lunch) expand globally.
Curated by Lisa Ryan (tweet @lisarya) in New York. Edited by Jeffrey Cane (tweet @Jeffrey_Cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.